{"id":78545,"date":"2024-09-12T05:30:07","date_gmt":"2024-09-12T12:30:07","guid":{"rendered":"https:\/\/www.redfin.com\/news\/?p=78545"},"modified":"2024-09-11T11:17:25","modified_gmt":"2024-09-11T18:17:25","slug":"second-home-purchases-august-2024","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/second-home-purchases-august-2024\/","title":{"rendered":"Demand for Second-Home Mortgages Falls to Eight-Year Low"},"content":{"rendered":"<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><strong><i>Mortgage-rate locks for second homes have dropped 13% since last summer\u2014more than twice as much as rate locks for primary homes.<\/i><\/strong><\/li>\n<\/ul>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><strong><i>Demand for second-home mortgages is likely cooling in part because some buyers are paying in cash to avoid elevated mortgage rates. But high prices, economic jitters and a sluggish rental market have also made second homes less attractive.<\/i><\/strong><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Mortgage-rate locks for second homes fell 13.1% year over year in August to the lowest level since March 2016 on a seasonally adjusted basis. By comparison, mortgage-rate locks for primary homes declined 5.2%.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Rate locks for second homes were down 59.2% from pre-pandemic levels, compared with a 31.9% drop in rate locks for primary homes.<\/span><\/p>\n<p><img fetchpriority=\"high\" decoding=\"async\" class=\"alignnone wp-image-78547\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2024\/09\/rate-locks-second-homes-1024x711.png\" alt=\"\" width=\"800\" height=\"556\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2024\/09\/rate-locks-second-homes-1024x711.png 1024w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2024\/09\/rate-locks-second-homes-300x208.png 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2024\/09\/rate-locks-second-homes-768x534.png 768w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2024\/09\/rate-locks-second-homes-1536x1067.png 1536w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2024\/09\/rate-locks-second-homes.png 1727w\" sizes=\"(max-width: 800px) 100vw, 800px\" \/><\/p>\n<p><span style=\"font-weight: 400;\">This is according to a Redfin analysis of <\/span><a href=\"https:\/\/www2.optimalblue.com\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Optimal Blue<\/span><\/a><span style=\"font-weight: 400;\"> data. A mortgage-rate lock is an agreement between a homebuyer and a lender that allows the homebuyer to lock in an interest rate on a mortgage for a certain period of time; roughly 80% of rate locks result in purchases.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Mortgage demand is sluggish across the board due to high home prices and elevated interest rates, but mortgage demand for second homes is especially slow for several reasons:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Second-home buyers are more likely to have the funds to pay in cash <\/b><span style=\"font-weight: 400;\">to escape the sting of elevated mortgage rates. While rates have ticked down in recent months, they\u2019re still more than double the all-time low hit during the pandemic. When mortgage rates are low, many second-home buyers will take out mortgages even though they can afford to pay cash so that they have more cash to invest elsewhere, like the stock market. But when rates are elevated, it&#8217;s often more financially prudent to put that cash toward a home purchase to avoid large interest payments.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Second homes are more expensive, and aren\u2019t a necessity like primary homes.<\/b><span style=\"font-weight: 400;\"> That means when housing costs rise, many prospective second-home buyers back off. The typical home in a seasonal town\u2014where a lot of second homes are located\u2014sold for $589,162 in August, up 4.1% from a year earlier. That compares with $437,787 for homes in non-seasonal towns, up 4.7%. The government also <\/span><a href=\"https:\/\/www.fhfa.gov\/Media\/PublicAffairs\/Pages\/FHFA-Announces-Targeted-Increases-to-Enterprise-Pricing-Framework.aspx#:~:text=For%20second%20home%20loans%2C%20upfront,loan%2Dto%2Dvalue%20ratio.&amp;text=%E2%80%8BThe%20Federal%20Housing%20Finance,11%20Federal%20Home%20Loan%20Banks.\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">raised loan fees<\/span><\/a><span style=\"font-weight: 400;\"> for second homes in 2022, increasing the cost of buying one.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Employers are asking workers to return to the office<\/b><span style=\"font-weight: 400;\">, meaning people have less time to spend in vacation homes.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Asking rents have stagnated <\/b><a href=\"https:\/\/www.redfin.com\/news\/rental-tracker-august-2024\/\" target=\"_blank\" rel=\"noopener\"><b>below<\/b><\/a><b> their record high,<\/b><span style=\"font-weight: 400;\"> so buying a second home to rent it out has become less attractive. Owners of short-term rentals on sites like Airbnb are generally <\/span><a href=\"https:\/\/www.newsweek.com\/airbnb-revenue-falling-fastest-nine-cities-data-reveals-1809799\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">earning less revenue<\/span><\/a><span style=\"font-weight: 400;\">, and many cities have imposed restrictions on short-term rentals.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Economic jitters: <\/b><span style=\"font-weight: 400;\">The labor market is weakening and Americans are concerned about a recession, making them especially wary of moving forward with large purchases.<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">\u201cMost of the homes that are sitting on the market right now are second homes\u2013especially those in the $400,000 to $800,00 price range, which tend to be more stagnant,\u201d said <\/span><a href=\"https:\/\/www.redfin.com\/real-estate-agents\/shay-stein\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Shay Stein<\/span><\/a><span style=\"font-weight: 400;\">, a <\/span><a href=\"https:\/\/www.redfin.com\/premier\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Redfin Premier<\/span><\/a><span style=\"font-weight: 400;\"> real estate agent in <\/span><a href=\"https:\/\/www.redfin.com\/city\/10201\/NV\/Las-Vegas\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Las Vegas<\/span><\/a><span style=\"font-weight: 400;\">.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The slowdown in the second-home market comes after a surge in demand during the pandemic. Mortgage-rate locks for second homes skyrocketed a record 96.2% above pre-pandemic levels in October 2020 as wealthy Americans took advantage of ultra-low mortgage rates at a time when many of them could work remotely from vacation towns.\u00a0<\/span><\/p>\n<h3><b>Methodology<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">The data in this report is from a Redfin analysis of mortgage-rate lock data from real estate analytics firm <\/span><a href=\"https:\/\/www2.optimalblue.com\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Optimal Blue<\/span><\/a><span style=\"font-weight: 400;\">. It does not include cash purchases. Redfin created a seasonally adjusted index of Optimal Blue\u2019s data to adjust for typical seasonal patterns and allow for simple comparisons of second-home demand before, during and after the pandemic. We define \u201cpre-pandemic\u201d as January and February 2020 and set the index for that period to 100. We used early 2020 as a comparison point because it provides a baseline for mortgage demand before homebuyer activity fluctuated wildly during the pandemic. Any data point above 100 represents second-home demand that\u2019s above pre-pandemic levels and any data point below 100 represents demand below pre-pandemic levels. This data is subject to revision.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">A mortgage-rate lock is an agreement between a homebuyer and a lender that allows the homebuyer to lock in an interest rate on a mortgage for a certain period of time, offering protection against future interest-rate hikes. Homebuyers must specify whether they are applying to secure a mortgage rate for a primary home, a second home or an investment property.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Mortgage-rate locks for second homes have dropped 13% since last summer\u2014more than twice as much as rate locks for primary homes. Demand for second-home mortgages is likely cooling in part because some buyers are paying in cash to avoid elevated mortgage rates. But high prices, economic jitters and a sluggish rental market have also made [&hellip;]<\/p>\n","protected":false},"author":13346,"featured_media":74302,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"default","adv-header-id-meta":"","stick-header-meta":"default","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"set","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[8],"tags":[20,623,691,80],"coauthors":[125],"class_list":["post-78545","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-housing-market-news","tag-housing-affordability","tag-national","tag-second-homes","tag-vacation-homes"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v24.7 (Yoast SEO v27.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Demand for Second-Home Mortgages Falls to Eight-Year Low<\/title>\n<meta name=\"description\" content=\"Mortgage-rate locks for second homes have dropped 13% since last summer\u2014more than twice as much as rate locks for primary homes.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.redfin.com\/news\/second-home-purchases-august-2024\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Demand for Second-Home Mortgages Falls to Eight-Year Low\" \/>\n<meta property=\"og:description\" content=\"Mortgage-rate locks for second homes have dropped 13% since last summer\u2014more than twice as much as rate locks for primary homes.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.redfin.com\/news\/second-home-purchases-august-2024\/\" \/>\n<meta property=\"og:site_name\" content=\"Redfin Real Estate News\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/redfin\" \/>\n<meta property=\"article:published_time\" content=\"2024-09-12T12:30:07+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/05\/vacation-homes-april-2022.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1920\" \/>\n\t<meta property=\"og:image:height\" content=\"1280\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Lily Katz\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@redfin\" \/>\n<meta name=\"twitter:site\" content=\"@redfin\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Lily Katz\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.redfin.com/news\\\/second-home-purchases-august-2024\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.redfin.com/news\\\/second-home-purchases-august-2024\\\/\"},\"author\":{\"name\":\"Lily Katz\",\"@id\":\"https:\\\/\\\/www.redfin.com/news\\\/#\\\/schema\\\/person\\\/61b1278179ed9d76570212c0c595396f\"},\"headline\":\"Demand for Second-Home Mortgages Falls to Eight-Year Low\",\"datePublished\":\"2024-09-12T12:30:07+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.redfin.com/news\\\/second-home-purchases-august-2024\\\/\"},\"wordCount\":728,\"publisher\":{\"@id\":\"https:\\\/\\\/www.redfin.com/news\\\/#organization\"},\"image\":{\"@id\":\"https:\\\/\\\/www.redfin.com/news\\\/second-home-purchases-august-2024\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.redfin.com/news\\\/wp-content\\\/uploads\\\/2022\\\/05\\\/vacation-homes-april-2022.jpg\",\"keywords\":[\"Housing Affordability\",\"national\",\"second homes\",\"vacation homes\"],\"articleSection\":[\"Housing Market News\"],\"inLanguage\":\"en-US\",\"copyrightYear\":\"2024\",\"copyrightHolder\":{\"@id\":\"https:\\\/\\\/www.redfin.com/news\\\/#organization\"}},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.redfin.com/news\\\/second-home-purchases-august-2024\\\/\",\"url\":\"https:\\\/\\\/www.redfin.com/news\\\/second-home-purchases-august-2024\\\/\",\"name\":\"Demand for Second-Home Mortgages Falls to Eight-Year Low\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.redfin.com/news\\\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\\\/\\\/www.redfin.com/news\\\/second-home-purchases-august-2024\\\/#primaryimage\"},\"image\":{\"@id\":\"https:\\\/\\\/www.redfin.com/news\\\/second-home-purchases-august-2024\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.redfin.com/news\\\/wp-content\\\/uploads\\\/2022\\\/05\\\/vacation-homes-april-2022.jpg\",\"datePublished\":\"2024-09-12T12:30:07+00:00\",\"description\":\"Mortgage-rate locks for second homes have dropped 13% since last summer\u2014more than twice as much as rate locks for primary homes.\",\"breadcrumb\":{\"@id\":\"https:\\\/\\\/www.redfin.com/news\\\/second-home-purchases-august-2024\\\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/www.redfin.com/news\\\/second-home-purchases-august-2024\\\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/www.redfin.com/news\\\/second-home-purchases-august-2024\\\/#primaryimage\",\"url\":\"https:\\\/\\\/www.redfin.com/news\\\/wp-content\\\/uploads\\\/2022\\\/05\\\/vacation-homes-april-2022.jpg\",\"contentUrl\":\"https:\\\/\\\/www.redfin.com/news\\\/wp-content\\\/uploads\\\/2022\\\/05\\\/vacation-homes-april-2022.jpg\",\"width\":1800,\"height\":1200},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/www.redfin.com/news\\\/second-home-purchases-august-2024\\\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/www.redfin.com/news\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Demand for Second-Home Mortgages Falls to Eight-Year Low\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/www.redfin.com/news\\\/#website\",\"url\":\"https:\\\/\\\/www.redfin.com/news\\\/\",\"name\":\"Redfin Real Estate News\",\"description\":\"The latest real estate news and research from technology-powered residential real estate company, Redfin.\",\"publisher\":{\"@id\":\"https:\\\/\\\/www.redfin.com/news\\\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\\\/\\\/www.redfin.com/news\\\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\\\/\\\/www.redfin.com/news\\\/#organization\",\"name\":\"Redfin\",\"url\":\"https:\\\/\\\/www.redfin.com/news\\\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/www.redfin.com/news\\\/#\\\/schema\\\/logo\\\/image\\\/\",\"url\":\"https:\\\/\\\/www.redfin.com\\\/news\\\/wp-content\\\/uploads\\\/2020\\\/10\\\/Redfin-News-Logo.png\",\"contentUrl\":\"https:\\\/\\\/www.redfin.com\\\/news\\\/wp-content\\\/uploads\\\/2020\\\/10\\\/Redfin-News-Logo.png\",\"width\":1100,\"height\":235,\"caption\":\"Redfin\"},\"image\":{\"@id\":\"https:\\\/\\\/www.redfin.com/news\\\/#\\\/schema\\\/logo\\\/image\\\/\"},\"sameAs\":[\"https:\\\/\\\/www.facebook.com\\\/redfin\",\"https:\\\/\\\/x.com\\\/redfin\",\"https:\\\/\\\/www.instagram.com\\\/redfinrealestate\\\/\",\"https:\\\/\\\/www.linkedin.com\\\/company\\\/redfin\",\"https:\\\/\\\/www.pinterest.com\\\/redfin\\\/\",\"https:\\\/\\\/en.wikipedia.org\\\/wiki\\\/Redfin\"]},{\"@type\":\"Person\",\"@id\":\"https:\\\/\\\/www.redfin.com/news\\\/#\\\/schema\\\/person\\\/61b1278179ed9d76570212c0c595396f\",\"name\":\"Lily Katz\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/www.redfin.com/news\\\/wp-content\\\/uploads\\\/2023\\\/09\\\/Lily_Katz-150x150.jpg170bf170d167b138a07120b77fbb41ab\",\"url\":\"https:\\\/\\\/www.redfin.com/news\\\/wp-content\\\/uploads\\\/2023\\\/09\\\/Lily_Katz-150x150.jpg\",\"contentUrl\":\"https:\\\/\\\/www.redfin.com/news\\\/wp-content\\\/uploads\\\/2023\\\/09\\\/Lily_Katz-150x150.jpg\",\"caption\":\"Lily Katz\"},\"description\":\"As a data journalist, Lily is passionate about helping readers understand complex facets of the housing market. She is particularly interested in the issues of climate change, race and gender equality and housing affordability. Prior to working at Redfin, Lily spent four years as a reporter at Bloomberg News in New York City.\",\"url\":\"https:\\\/\\\/www.redfin.com/news\\\/author\\\/lily-katzredfin-com\\\/\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Demand for Second-Home Mortgages Falls to Eight-Year Low","description":"Mortgage-rate locks for second homes have dropped 13% since last summer\u2014more than twice as much as rate locks for primary homes.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.redfin.com\/news\/second-home-purchases-august-2024\/","og_locale":"en_US","og_type":"article","og_title":"Demand for Second-Home Mortgages Falls to Eight-Year Low","og_description":"Mortgage-rate locks for second homes have dropped 13% since last summer\u2014more than twice as much as rate locks for primary homes.","og_url":"https:\/\/www.redfin.com\/news\/second-home-purchases-august-2024\/","og_site_name":"Redfin Real Estate News","article_publisher":"https:\/\/www.facebook.com\/redfin","article_published_time":"2024-09-12T12:30:07+00:00","og_image":[{"width":1920,"height":1280,"url":"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/05\/vacation-homes-april-2022.jpg","type":"image\/jpeg"}],"author":"Lily Katz","twitter_card":"summary_large_image","twitter_creator":"@redfin","twitter_site":"@redfin","twitter_misc":{"Written by":"Lily Katz","Est. reading time":"4 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.redfin.com\/news\/second-home-purchases-august-2024\/#article","isPartOf":{"@id":"https:\/\/www.redfin.com\/news\/second-home-purchases-august-2024\/"},"author":{"name":"Lily Katz","@id":"https:\/\/www.redfin.com\/news\/#\/schema\/person\/61b1278179ed9d76570212c0c595396f"},"headline":"Demand for Second-Home Mortgages Falls to Eight-Year Low","datePublished":"2024-09-12T12:30:07+00:00","mainEntityOfPage":{"@id":"https:\/\/www.redfin.com\/news\/second-home-purchases-august-2024\/"},"wordCount":728,"publisher":{"@id":"https:\/\/www.redfin.com\/news\/#organization"},"image":{"@id":"https:\/\/www.redfin.com\/news\/second-home-purchases-august-2024\/#primaryimage"},"thumbnailUrl":"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/05\/vacation-homes-april-2022.jpg","keywords":["Housing Affordability","national","second homes","vacation homes"],"articleSection":["Housing Market News"],"inLanguage":"en-US","copyrightYear":"2024","copyrightHolder":{"@id":"https:\/\/www.redfin.com\/news\/#organization"}},{"@type":"WebPage","@id":"https:\/\/www.redfin.com\/news\/second-home-purchases-august-2024\/","url":"https:\/\/www.redfin.com\/news\/second-home-purchases-august-2024\/","name":"Demand for Second-Home Mortgages Falls to Eight-Year Low","isPartOf":{"@id":"https:\/\/www.redfin.com\/news\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.redfin.com\/news\/second-home-purchases-august-2024\/#primaryimage"},"image":{"@id":"https:\/\/www.redfin.com\/news\/second-home-purchases-august-2024\/#primaryimage"},"thumbnailUrl":"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/05\/vacation-homes-april-2022.jpg","datePublished":"2024-09-12T12:30:07+00:00","description":"Mortgage-rate locks for second homes have dropped 13% since last summer\u2014more than twice as much as rate locks for primary homes.","breadcrumb":{"@id":"https:\/\/www.redfin.com\/news\/second-home-purchases-august-2024\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.redfin.com\/news\/second-home-purchases-august-2024\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.redfin.com\/news\/second-home-purchases-august-2024\/#primaryimage","url":"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/05\/vacation-homes-april-2022.jpg","contentUrl":"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2022\/05\/vacation-homes-april-2022.jpg","width":1800,"height":1200},{"@type":"BreadcrumbList","@id":"https:\/\/www.redfin.com\/news\/second-home-purchases-august-2024\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.redfin.com\/news\/"},{"@type":"ListItem","position":2,"name":"Demand for Second-Home Mortgages Falls to Eight-Year Low"}]},{"@type":"WebSite","@id":"https:\/\/www.redfin.com\/news\/#website","url":"https:\/\/www.redfin.com\/news\/","name":"Redfin Real Estate News","description":"The latest real estate news and research from technology-powered residential real estate company, Redfin.","publisher":{"@id":"https:\/\/www.redfin.com\/news\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.redfin.com\/news\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/www.redfin.com\/news\/#organization","name":"Redfin","url":"https:\/\/www.redfin.com\/news\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.redfin.com\/news\/#\/schema\/logo\/image\/","url":"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2020\/10\/Redfin-News-Logo.png","contentUrl":"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2020\/10\/Redfin-News-Logo.png","width":1100,"height":235,"caption":"Redfin"},"image":{"@id":"https:\/\/www.redfin.com\/news\/#\/schema\/logo\/image\/"},"sameAs":["https:\/\/www.facebook.com\/redfin","https:\/\/x.com\/redfin","https:\/\/www.instagram.com\/redfinrealestate\/","https:\/\/www.linkedin.com\/company\/redfin","https:\/\/www.pinterest.com\/redfin\/","https:\/\/en.wikipedia.org\/wiki\/Redfin"]},{"@type":"Person","@id":"https:\/\/www.redfin.com\/news\/#\/schema\/person\/61b1278179ed9d76570212c0c595396f","name":"Lily Katz","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/09\/Lily_Katz-150x150.jpg170bf170d167b138a07120b77fbb41ab","url":"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/09\/Lily_Katz-150x150.jpg","contentUrl":"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/09\/Lily_Katz-150x150.jpg","caption":"Lily Katz"},"description":"As a data journalist, Lily is passionate about helping readers understand complex facets of the housing market. She is particularly interested in the issues of climate change, race and gender equality and housing affordability. Prior to working at Redfin, Lily spent four years as a reporter at Bloomberg News in New York City.","url":"https:\/\/www.redfin.com\/news\/author\/lily-katzredfin-com\/"}]}},"_links":{"self":[{"href":"https:\/\/www.redfin.com\/news\/wp-json\/wp\/v2\/posts\/78545","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.redfin.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.redfin.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.redfin.com\/news\/wp-json\/wp\/v2\/users\/13346"}],"replies":[{"embeddable":true,"href":"https:\/\/www.redfin.com\/news\/wp-json\/wp\/v2\/comments?post=78545"}],"version-history":[{"count":0,"href":"https:\/\/www.redfin.com\/news\/wp-json\/wp\/v2\/posts\/78545\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.redfin.com\/news\/wp-json\/wp\/v2\/media\/74302"}],"wp:attachment":[{"href":"https:\/\/www.redfin.com\/news\/wp-json\/wp\/v2\/media?parent=78545"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.redfin.com\/news\/wp-json\/wp\/v2\/categories?post=78545"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.redfin.com\/news\/wp-json\/wp\/v2\/tags?post=78545"},{"taxonomy":"author","embeddable":true,"href":"https:\/\/www.redfin.com\/news\/wp-json\/wp\/v2\/coauthors?post=78545"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}