Mortgage demand tumbled to the lowest level since 1996 as mortgage rates have been skyrocketing. Demand for home loans to buy houses dropped to lowest level of activity since 1995 and average mortgage interest rates are the highest since November 2000. This is based on a report from the Mortgage Bankers Association. Demand for mortgages is at a stand still as housing affordability dropped to another record low in September (per Black Knight).
Real estate home tours have been trending down and Google searches for “homes for sale” is down by double-digits from a year ago. I also share Black Knight’s latest Mortgage Monitor report for the month of August which showed that home prices nationwide reached a new record high.
In today’s video I also share some additional leading indicators of our US housing market to gauge which direction we are headed.
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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 7.7% (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?
*** Jason Walter, CPA (inactive 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.
This video description may contain affiliate links that allow you to easily find the items mentioned in my videos as well as support the channel at no cost to you. Thank you for your support! Jason Walter is a licensed real estate agent with Realty ONE Group Complete in California under DRE 01923240.
