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Message
Mortgage demand drops to a 25-year low as interest rates climb
Posted on 10/19/22 at 9:50 am
Posted on 10/19/22 at 9:50 am
quote:
LINK
Mortgage demand, which has suffered four straight months of declines, fell last week to the lowest level since 1997, as interest rates continued to rise.
Homebuyers' demand for mortgages dropped 4% for the week and was 38% lower than the same week one year ago, according to the Mortgage Bankers Association. Applications to refinance a home loan fell 7% compared with the previous week, in seasonally adjusted terms. Demand was 86% lower than the same week one year ago.
quote:
The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($647,200 or less) increased to 6.94% from 6.81%, with points decreasing to 0.95 from 0.97 (including the origination fee) for loans with a 20% down payment. That is the highest rate since 2002 on the MBA's index.
"The speed and level to which rates have climbed this year have greatly reduced refinance activity and exacerbated existing affordability challenges in the purchase market," Joel Kan, an MBA economist, said in a release Wednesday. "Residential housing activity ranging from new housing starts to home sales have been on downward trends coinciding with the rise in rates."
As potential homebuyers struggle to afford a house, given higher interest rates and still high home prices, more are now turning to adjustable-rate loans, which offer lower rates. The ARM share last week rose to 12.8% of all applications, which was the highest share since March 2008.
Posted on 10/19/22 at 9:51 am to member12
I'm seeing price cuts on Zillow all over my area now.
Posted on 10/19/22 at 9:52 am to member12
I really wish I could have sold in August/September, but I didn't want to move again so soon.
Posted on 10/19/22 at 9:52 am to member12
quote:
As potential homebuyers struggle to afford a house, given higher interest rates and still high home prices, more are now turning to adjustable-rate loans, which offer lower rates.
shite, I'd probably rent before this shite. at least wait until prices start dropping. 2 houses on my block for sale and they're still at prices they were asking for last summer with 3-4% rates.
This post was edited on 10/19/22 at 9:53 am
Posted on 10/19/22 at 9:54 am to member12
Economy is "strong as hell."
Posted on 10/19/22 at 9:55 am to member12
Haven't seen shite for price drops in my hood.
Which is great. Keep the riff raff out
Which is great. Keep the riff raff out
Posted on 10/19/22 at 9:55 am to member12
Bad day to be a realtor.
Good day to do some shopping on OnlyFans.
Good day to do some shopping on OnlyFans.
Posted on 10/19/22 at 9:56 am to member12
quote:
25 years
quote:
1997
Posted on 10/19/22 at 9:56 am to member12
All part of the liberal plan
Posted on 10/19/22 at 9:57 am to member12
Yup, we’re looking and our realtor, a good friend, just advised us to wait a bit bc a market correction is coming.
Starting to see home prices drop some. You can tell the sellers who are trying to get ahead of it by slashing big time, but not all.
Starting to see home prices drop some. You can tell the sellers who are trying to get ahead of it by slashing big time, but not all.
Posted on 10/19/22 at 10:01 am to member12
If people couldn’t afford 200k houses circa 2010, then how the hell are the supposed to afford 600k house in 2022? Remember they still earn the same amount of w2 money in 2022 ad they did in 2010.
Posted on 10/19/22 at 10:01 am to TH03
quote:
shite, I'd probably rent before this shite. at least wait until prices start dropping.
I locked a 10/1 ARM at 3.25% in July with my credit union. Same loan is up to 5.00% today. I’d pass if we were shopping today.
Posted on 10/19/22 at 10:01 am to member12
I'm buying a house right now. I don't know who I like less, realtors, mortgage brokers, Biden, or Saddam Hussein.
This post was edited on 10/19/22 at 10:02 am
Posted on 10/19/22 at 10:01 am to GetCocky11
quote:
I'm seeing price cuts on Zillow all over my area now.
I look at FB Marketplace all the time for listings and there are some who are still holding out hope. I think I saw one cut its asking price (which was 330k+) $1500 recently
Posted on 10/19/22 at 10:01 am to ibldprplgld
We sold our old house for $425K in July 2020 right before things started to really climb. Missed that.
The people who bought our home sold it in May 2022 for $615K.
Now, in looking at the pictures it sure looked like they put a bunch into remodel (new flooring and carpet, every room was painted, new kitchen cabinets, new fixtures and finished the unfinished part of the basement).
But still, that's a huge jump in 2 years, and they had it listed for $575K and sold for $615K
The people who bought our home sold it in May 2022 for $615K.
Now, in looking at the pictures it sure looked like they put a bunch into remodel (new flooring and carpet, every room was painted, new kitchen cabinets, new fixtures and finished the unfinished part of the basement).
But still, that's a huge jump in 2 years, and they had it listed for $575K and sold for $615K
Posted on 10/19/22 at 10:02 am to member12
Unless the appraisals come down drastically, the housing market is gonna slow down drastically
Posted on 10/19/22 at 10:03 am to SG_Geaux
quote:
All part of the liberal plan
The policies that caused this inflationary bubble span DEM and GOP admins, including Trump.
Also, the spending that super-heated inflation, which is popping the post-2008 bubble, came under Trump
This is bigger than any party or political ideology
This post was edited on 10/19/22 at 10:03 am
Posted on 10/19/22 at 10:04 am to Fat and Happy
quote:
Unless the appraisals come down drastically, the housing market is gonna slow down drastically
Naw dude, we have a supply issue. That's why housing was so expensive. It had nothing to do with demand (created by super low rates)
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