We noticed a massive increase in interest in a our san diego short sale listings when interest rates dropped. Now that they are rising again we see that mortgage applications hit a new 8 month law.
We new buyers were payment sensitive but not this much.
This should be a note for the administration and the Fed. If inflation gets out of control and rates increase real estate prices may start falling again.
REALTOR® Magazine-Daily News-Mortgage Applications Hit 8-Month Low
We new buyers were payment sensitive but not this much.
This should be a note for the administration and the Fed. If inflation gets out of control and rates increase real estate prices may start falling again.
REALTOR® Magazine-Daily News-Mortgage Applications Hit 8-Month Low
Mortgage Applications Hit 8-Month Low
Mortgage applications declined 18.9 last week compared to the previous week, hitting the lowest level since Nov. 21, 2008, according to the index compiled weekly by the Mortgage Bankers Association.
Application volume decreased from 548.2 the previous week to 444.8 last week on an adjusted basis. On an unadjusted basis, the index declined 18.5 percent and was down 7.4 percent compared with the same week a year ago.
The decline was driven by refinances, which fell 30 percent compared to the previous week. The purchase index was down 4.5 percent.
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