High prices and tighter lending restrictions have started to curb demand for second homes in the U.S., according to a report Thursday from Redfin. 

The number of home buyers locking in mortgage rates for second homes in May was up 48.1%, compared to the same time in 2020, slowing considerably from previous months, the data showed. The report also noted that second-home mortgage locks were unusually low in May 2020 because of economic shutdowns caused by the pandemic, so the year-over-year comparison may be “exaggerated.”

Second-home mortgage locks—when lenders guarantee a mortgage interest rate for a set amount of time as a buyer searches for a property—spiked after the shutdowns lifted, rising 110% year over year in June 2020.

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