According according to a recent Redfin analysis of mortgage-rate lock data from real estate analytics firm Optimal Blue, demand for second homes remains well above pre-pandemic levels as affluent buyers continued to take advantage of remote work and low mortgage rates. A mortgage-rate lock is an agreement between a homebuyer and a lender that allows the buyer 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.
“The wealthy are still flush with cash and have access to cheap debt, which is why second-home purchases remain far above pre-pandemic levels,” said Redfin Chief Economist Daryl Fairweather.
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