Do fewer mortgage applications portend trouble? Probably not
Some real estate naysayers suggest a 12 percent weekly decline in mortgage applications foreshadows a slump in home sales.
I wouldn't be so sure of that. If you look more closely at this press release from the Mortgage Bankers Association, the drop off was largely from lack of interest in home refinancing, not home purchases.
Besides, mortgage rates rose to 5 percent the past two weeks after residing in the 4.8-4.9 percent range. People are waiting for a better deal.
Maybe. I hope. Cross your fingers.
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Housing market news is the focus of the (Un)Real Estate blog. It offers an inside look at the Florida housing market and real estate news, with a focus on Tampa Bay. Its goal? Simple: To help you keep a roof over your head without losing your shirt.
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