What we’re seeing

Nearly four in five (79%) digital banking Americans agree it is more difficult for families or individuals to purchase a first home in their area than it was a year ago. More than a quarter (26%) of millennials say that buying a home hinders wealth building, as opposed to helping it. And only 10% of digital banking Americans without a mortgage are extremely or very interested in purchasing one in the next twelve months. It’s no surprise that mortgage originations have been on a steep decline, with 72.5% fewer originations in December 2023 compared with December 2020.

Takeaway and Call to Action

Download the 2024 Alkami Telemetry Report, The High Interest Rate Environment and its Impact on Consumers and Financial Institutions to read more insights about how the housing market is impacted by high interest rates.