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Editor:
Published: May 13, 2024 4 min read
Aerial view of a three friends relaxing by the pool at a home
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The demand for vacation home mortgages has plunged to around an eight-year low, declining 65% since 2021.

Factors that have led to fewer homebuyers purchasing second homes include the rise in mortgage rates, high prices in vacation home markets and decreased flexibility for remote work, according to a new report from Redfin.

“People who would need a mortgage are still sitting on the sidelines, waiting for rates to come down–especially because rates are typically even higher for second homes than primary homes,” Heather Mahmood-Corley, a Redfin agent in Phoenix, said in the report.

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