Mortgage Apps Spike - Real Cap Daily #31
It’s not uncommon to see a flurry of new activity in the new year. January is when all the new years resolutions start. Things were unusually quiet at the end of last year. However, Mortgage applications rose in January. How much?
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New Years is usually that time of the year when husbands and wives hear that familiar term, ‘honey, let’s go find a house.’ The reasons may vary, but it is uncanny that it starts around this time.
Mortgage applications had run flat for the latter part of last year falling as much as 10% over the holidays. Not uncommon for Christmas week. However, looking at this chart, we can see Mortgage Apps spiked almost 28% in mid January, and then held at 7% increase for the 3rd week.
One can interpret the information in several ways. Are buyers checking out what they can afford? Have prices retracted enough that buyers are becoming more interested?
What are your thoughts on the housing market? Do you think buyers and sellers have adjusted to the new reality of higher rates? Please post your comments below. As always, if you need help buying, selling, or investing in real estate, please give us a call. My team is ready to help.