Homebuyer mortgage demand fell once again as average mortgage rates increased. According to the Mortgage Bankers Association (MBA) mortgage purchase applications fell 4.8% from the previous week and decreased by 26% from a year ago. However, based on my own analysis this is also the lowest pre-COVID levels since approximately February 2015.
In today’s video, I also shared the true impacts of rates more than doubling from 2021 as well. For example, when comparing a $400k loan today (5/17/23) at 6.7% versus a 3% rate, the monthly mortgage payment would rise from $1,686 to $2,581 (+$895 more per month). Due to this increase in rates you would pay a whopping $322k more in interest paid over the life of the 30yr fixed rate loan.
Also in today’s video, I share a detailed look at early indications of home buyer demand such as real estate showings, Google searches for “homes for sale”, pending home sales and more!
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To give you a quick mortgage interest rates update, according to the Mortgage News Daily the average 30yr fixed rate mortgage is around 6.7% for the current mortgage rates (at the time of filming this video for those with excellent credit).
Comment below: what’s your housing market forecast? Do you think a housing crash will happen or are your housing market predictions that the real estate market and home prices will continue to surge?
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*** Jason Walter, CPA (lic 103885) Sacramento real estate agent and native Realty ONE Group Complete (DRE 01923240) [email protected]
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Disclaimer: Jason Walter is not a practicing tax accountant or a licensed attorney or financial adviser. Therefore, the information in these videos shall not be relied upon as tax, legal, or financial advice from a qualified perspective. If you need such advice, please contact a qualified tax accountant, attorney, or financial adviser. We have taken reasonable steps to check that the information in this video is accurate but we cannot represent that it is free from errors. You expressly agree not to rely upon any information contained in this video - it is for entertainment purposes only.
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