The Curious Case of the Missing Mortgage Mojo

Rates take a tiny tumble, but applications just mumble.                                                                                                                                                                                                                                                                                                                                                                                                                 June 08, 2024 | [Read Online]( [Discover How Inside]( Hey there, real estate enthusiasts! Are you paying attention to the housing market this spring? Well, get ready because things are getting interesting! Let's talk about what's happening now. ANTICIPATION Flatlining Mortgage Demand Despite Moderate Interest Rates [2-minute read]( The spring housing market is active, but mortgage applications are slowing down. The Mortgage Bankers Association (MBA) reports a slight decrease of 0.7% in applications compared to the previous week. Changes in interest rates are a big deal, but you'd expect a different way. Even though the average rate for 30-year fixed-rate mortgages dropped slightly from 6.97% to 6.93%, people aren't rushing to get mortgages. This might seem strange because lower rates usually mean more people want mortgages. But, for some reason, it's not happening this time. Refinance requests dropped by 2% this week and fell by 9% compared to last year. This decline is because mortgage rates are around 0.5% higher than last year. So, people who got loans more recently need extra convincing to refinance their homes. Are you thinking about buying a house? Well, fewer people are applying for home loans lately. The number of applications has dropped by 0.2% compared to last week and a massive 16% compared to the previous year. Joel Kan, an economist for the MBA, explains what's going on: many people who want to buy a house are waiting. They're hoping that interest rates will decrease and more houses will become available for sale. So, they're still deciding whether to buy a home. Experts like Matthew Graham from Mortgage News Daily say mortgage rates are like a seesaw, moving up and down with changes in the bond market. The bond market watches closely for important economic data to understand inflation and overall financial conditions which helps predict how mortgage rates might change. Graham thinks that if inflation goes down a lot or the economy starts to look shaky, mortgage rates might also go down even more. Spring is here which means it's time to pay attention to what's happening with houses. It is essential to stay informed whether you want a new home or love the one you're in. Keep listening for updates because knowing about mortgages can give you an advantage. Are you following what's happening with houses this spring? Well, get ready because it's getting exciting! We'll give you updates and smart tips to help you better understand how to own a home. Until next time, The Real Estate Investing News P.S. Are you curious about the housing market? Let us know if you have any questions or want to learn more, and we'll share all the latest information with you! Must-Watch [[How Did Detroit Beat Out Miami?](🎬]( [[Mortgage Demand Spikes Despite Rising Rates](🎬]( Ready to turn your real estate dreams into reality? [Sign Up]( for our newsletter for more insider tips and expert advice on funding your investment journey! 🏠[tw]( [yt]( Update your email preferences or unsubscribe [here]( © 2024 REAL ESTATE INVESTING NEWS 228 Park Ave S, #29976, New York, New York 10003, United States [[beehiiv logo]Powered by beehiiv](