Not a surprise refis are way down. I'm surprised its not down 90%. Why would you be refinancing now when you didn't 6 months ago at 1.5-2% lower rates (maybe their refinancing into 7/1 ARMs?)
This is how recessions start. I don’t always agree with Sanders, but he seems to be on the right track here. I don’t think this is the Fed’s mistake as much as it is the natural consequences of Biden’s mistake with ARPA, but the slowdown is not only going to kill inflation, it’s going to also kill the economy.
dim-0s have put us in a very bad situation. INFLATION!!! The only way to stop inflation is to raise interest rates, making spending money more expensive. HOWEVER, the national debt is tied to interest rates. IF they go up, the national debt SKYROCKETS without even being able to spend the money!
As I understand it, INTEREST is the biggest part of national debt. IF interest rates double, so does the debt.
We’re SCREWED.
If you have a mortgage and a house already, and you don’t plan on squeezing equity for a HELOC, then this won’t affect you directly.
Interest rates are rising, so loan apps are falling. No mystery there.
Not a surprise refis are way down. I'm surprised its not down 90%. Why would you be refinancing now when you didn't 6 months ago at 1.5-2% lower rates (maybe their refinancing into 7/1 ARMs?)
I miss Hydroshock
If banks can't find borrowers they believe will pay them back then it doesn't matter what the interest rate is.
I wonder if you eliminated all the houses being bought in Red States what the statistics would be, my gut feeling is the statistics would go sky high, OMG jump out the window the world is coming to an end. I live in the out of control growth area of Middle Tennessee and I’ve been shaking my head at the growth in this area the last couple of decades, but it been in the last couple years where the growth has really gotten out of hand. But I’m seeing a slight slow down of houses being built, and most of those being built are people who have sold their houses in Blue States like California and are taking their profits and buying new houses in Red States. I’m seeing less and less houses being built now and more and more Townhouses being built. My gut feeling is even the building of Townhouses are going to start slowing down, and then we got something to really worry about.
Back in the 1970’s, a 7% mortgage rate was considered a bargain.
The approve people, raise their rates and then deny people!