In August, mortgage rate locks for second homes fell 13.1% year-over-year to the lowest level since March 2016 on a seasonally adjusted basis
Mortgage-rate locks on second homes were down 47% from pre-pandemic levels in August as market factors have made owning a second home more costly and complicated in the last year
Second-home mortgage rate locks were most common in Washington County, Utah, and Osceola County, Florida, according to luxury co-ownership company Pacaso's research
More buyers were seriously considering a second-home purchase last month, and locked in mortgage rates to prepare for the transaction