Taylor Morrison CEO Sheryl Palmer told CNBC on Wednesday the housing shortage that began before the pandemic will stick around for many years as demand soars.
"As the economy continues to improve, we're going to see mortgage rates move up, and I think that should be expected. They're not going to stay under 3% forever," CEO Sheryl Palmer said on
Earlier Wednesday, the Mortgage Bankers Association's seasonally adjusted index showed that mortgage demand, dropping by 1.8% to their lowest level since the beginning of 2020. Home purchase applications and mortgage applications to refinance a home both dropped for the week, even though mortgage rates dipped.
"Certainly we are seeing some numbers around mortgage applications, but I think we really have to separate the supply and the demand that we're seeing out there," said Palmer, who has led Arizona-based Taylor Morrison since 2007.