With the current economic downturn, consumer interest in mortgages has seen a 34% decline between the 11th of October and the 11th of December 2022 according to MoneyTransfers.com.
The site reports that the term’s search volume dropped from 83% to 55% in this period.
The data is based on a Google trends report which measures search interest intensity across various topics.
Jonathan Merry, MoneyTransfers CEO voiced his concerns surrounding this lack of search activities.
He said: “Mortgages are important financial instruments, and a decline in their search interest suggests an underlying economic problem.
“With prices of homes and other real estate increasing at an unsustainable rate, there’s no surprise why more people are apprehensive about searching for these opportunities.”
This development could be symptomatic of broader economic trends which suggest slowdowns in credit availability or reduced consumer spending power.
Furthermore, there could be social factors at play – with the rising cost-of-living, people may no longer have enough disposable income to make large investments like buying homes or taking out large loans.
