Mortgage application rates plummeted last week in the latest sign rising interest rates have started to temper demand in the booming housing market, but experts note plunging demand won’t quickly pull prices down due to historically low levels of inventory, with some forecasting prices should continue to rise throughout the year.... [+]Mortgage applications fell 6.
Though they plunged early in the pandemic, mortgage rates have skyrocketed since the Fed started hiking rates in April, with the“Persistently low” housing inventory has also fueled prices and stunted demand, Kan said, adding that the"worsening affordability challenges have been particularly hard on prospective first-time buyers.”
In a note last week, Bank of America economists told clients that affordability has fallen to lows last seen during the housing crisis that spurred the Great Recession and warned that low supply will likely drive prices up another 15% this year. The latest data comes after S&P CoreLogic reported last week that home prices skyrocketed at the highest rate in 35 years in March, with S&P DJI managing director Craig LazzaraSurprising Fact
The median new house price hit a record $450,600 in April, soaring nearly 20% year over year, according to the Census Bureau.Historically high savings rates, government stimulus measures, low supply and interest rates helped ignite a home buying frenzy during the pandemic, but signs of a slowdown have
Yes! And people have lots of equity… as long as they don’t think they’re slick and try to do a cash out refi, then we’re good… but inflation really hurting people