"The decline in purchase activity was driven mainly by weaker conventional purchase application volume, as limited housing inventory and rates still close to 7 percent are crimping affordability for many potential homebuyers. The refinance market continues to feel the impact of these higher rates, and applications trailed last year’s pace by over 30 percent with many homeowners not looking for refinance opportunities." --MBA Vice President and Deputy Chief Economist Joel Kan

In 2022, 2,242 different multifamily lenders provided a total of $480.1 billion in new mortgages for apartment buildings with five or more units, the Mortgage Bankers Association’s annual report of the multifamily lending market said.