Despite the fact that interest rates decreased slightly last week, applications for home loans decreased. However, this marks the 6th week in the last 9 that purchase applications have been on the rise. However, mortgage purchase demand is on par with the lowest pre-pandemic levels going back to approximately February 2015. This is based on a new report from the Mortgage Bankers Association (MBA). In today’s video, I share that report as well as a detailed look at early indications of home buyer demand. Also despite the fact that prices are down approximately 3%YOY on a national level the average monthly housing payment of would-be home buyers buying a $450k home putting 5% down are going to pay about $273 more per month compared to a year ago due to rates increasing from 5.5% to 6.5%. That equates to an 11% increase in one year.
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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 6.5% 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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