Persistently high mortgage rates have forced many prospective homebuyers to shelve their dreams of homeownership, slowing the mortgage market and dialing up the competition for lenders. Understanding what’s driving the remaining customers to alternative lenders—and what innovations are on the horizon—will help traditional lenders better navigate this environment.

Key Question: How can traditional mortgage lenders better attract and retain customers amid a market slowdown and evolving competitive landscape?

Key Stat: Mortgage rates have more than doubled since 2021, per the Federal Reserve, forcing a mortgage market slowdown and pressuring traditional lenders to find new ways to stand out from the competition.