- My Forums
- Tiger Rant
- LSU Recruiting
- SEC Rant
- Saints Talk
- Pelicans Talk
- More Sports Board
- Fantasy Sports
- Golf Board
- Soccer Board
- O-T Lounge
- Tech Board
- Home/Garden Board
- Outdoor Board
- Health/Fitness Board
- Movie/TV Board
- Book Board
- Music Board
- Political Talk
- Money Talk
- Fark Board
- Gaming Board
- Travel Board
- Food/Drink Board
- Ticket Exchange
- TD Help Board
Customize My Forums- View All Forums
- Show Left Links
- Topic Sort Options
- Trending Topics
- Recent Topics
- Active Topics
Started By
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 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 10:02 am to member12
Unless the appraisals come down drastically, the housing market is gonna slow down drastically
Posted on 10/19/22 at 10:08 am to member12
Refinanced to 2.625% last year. I might never move again.
Posted on 10/19/22 at 10:15 am to member12
i really wish i was in the financial situation i am now, in 2019 or so, so i could have just bought a house with a good rate with a (still too high) decent price.
Posted on 10/19/22 at 10:17 am to member12
Looks like I’ll be renting out my 4 bedroom soon.
Posted on 10/19/22 at 10:19 am to member12
If she has “realtor” in her profile, she’s 50 Basis Points away from starting an Only Fans.
Posted on 10/19/22 at 10:21 am to member12
This is the OT. We pay cash for houses.
Posted on 10/19/22 at 10:28 am to member12
Our house now should be complete by Feb. can’t lock in a rate until ~60 days out. Can’t wait to get fricked by that rate
This post was edited on 10/19/22 at 10:32 am
Popular
Back to top
Follow TigerDroppings for LSU Football News