Mortgage Applications Are Being Rejected as Rates Reach 8% — How to Get Approved

With mortgage rates reaching 8% and home prices increasing, it is becoming increasingly difficult for potential homebuyers to qualify for a loan. The Consumer Financial Protection Bureau reported that the overall denial rate for home purchase applications was 9.1% in 2022. To get approved, homebuyers should consider programs such as down payment assistance, set realistic budgets, and keep track of their credit score.