Freddie Mac said the uptick might put "downward pressure on home prices," but any decreases won't be large because there's still a shortage of homes for sale.
New mortgage applications have dropped nearly 30% since the same period last year, according to data from the Mortgage Bankers Association, obtained by"For real estate markets, the rising costs of borrowing are further cooling demand for homes and deepening the affordability crisis," said George Ratiu,"The buyer of a median-priced home is looking at a monthly payment of $2,100 at today’s mortgage rate, a 66% jump from last year," Ratiu said.
Pricing has gotten out of control, maybe higher rates will bring them back to reality. Still a long way from the 18% rates of the 80's.
Obviously it’s to stabilize home prices and inflation. It will Come down prob next year. In live in Fl and the market is nuts here. Nobody is buying bc the prices and rates.
“it’s Go’n Down Y’all !?!” “This is Not a Drill !?!”
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You all remember the Great Recession of 2008, right? Economy in shambles. Millions out of work. Fed Chair Powell is attempting to duplicate this great feat.
Thanks Joe.