The number of US mortgage applications increased to a 5-week high as mortgage rates decreased slightly last week. However, despite this increase, the number of people submitting loan applications to buy houses remains at extremely low levels. Excluding the previous 2 weeks, purchase applications haven't been this low since February 1995 so nearly a 29-year low. Also, purchase apps are down approximately 50% compared to late-2019 (pre-COVID). This is based on a new report from the Mortgage Bankers Association (MBA) that was published on 11/15/23 (link below).
I also provide a mortgage rate update as well in today’s video and why mortgage interest rates increased on 11/15/23. Hint: it was related to mixed economic news that was announced today. The Producer Price Index (PPI = a measure of the prices producers pay for goods and services) came in cooler than expected and showed that inflation was falling. However, US consumer retail sales came in higher than what was forecasted.
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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 7.5% (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.
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