I get it, supply of homes is low. Demand is dropping though,

Feb 23, 2022
4:37:43pm

BikeGuy Playmaker

and the fed hasn't even started raising rates yet.

Mortgage applications drop to lowest level in over 2 years

Total mortgage applications decreased 13.1% last week to the lowest level since December 2019, according to the Mortgage Bankers Association.

https://www.cnbc.com/2022/02/23/mortgage-applications-drop-to-lowest-level-in-over-2-years.html

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BikeGuy

Previous username: SweetBabyG
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Last login: May 29, 2024
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Messages

Author

Time

I get it, supply of homes is low. Demand is dropping though,

BikeGuy

2/23/22 4:37pm

Because people are frustrated at competing with 20 offers?

Babyboy

2/23/22 4:38pm

I think I agree in part. We just told our realtor, we aren't interested in

BikeGuy

2/23/22 4:44pm

But banks have started raising rates in anticipation. Nearly up 1% since the Fed

panacablue

2/23/22 4:40pm

4% loan is high for everyone except boomers who have seen 18%. Half the battle

Nat Gas Man

2/23/22 4:43pm

My parents bought a new house in 1980 and rates were like 16%. Crazier times.

Turnpike Lane

2/23/22 4:46pm

I'm GenX and my first mortgage was at 7%, so 4% still seems pretty low to me.

cougarmeister

2/23/22 4:58pm

If you owned a home before 2004 then 4% is a great number.

kimdaddy35

2/23/22 5:03pm

Only 3 years ago rates were in the 4s on a 30-year

JDBlue

2/23/22 5:03pm

One week is definitely not a cause for concern. I work with a builder who builds 3500 sq ft homes for

kimdaddy35

2/23/22 4:42pm

$300/sqft for semi custom is an all-time high

Nat Gas Man

2/23/22 4:44pm

Mortgage rates have already jumped substantially. They started jumping as soon as the Fed started rolling back QE.

Pimpin4Paradise

2/23/22 4:42pm

Refis dropped 15%, purchase applications 10%, 6% lower than a year ago

Socrates Johnson

2/23/22 4:46pm

Doubt it, it's middle of winter, buyers are just exhausted, and the market is

Mitty

2/23/22 4:46pm

Based on anecdotal evidence, supply is starting to rise as well. An agent I know

Mortgage applications drop to lowest level in over 2 years

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