Demand for mortgage refinancing skyrocketed in the first week of February, increasing by 18% compared to the week prior. This dramatic rise in demand for refinancing is attributed primarily to decreases in mortgage interest rates, which have been steadily declining for a month. As a result, the prospect of refinancing seems more appealing to many, especially to those who bought mortgages when interest rates were at their peak.
Mortgage demand dramatically increased in the second week of January, rising by more than 25% compared to the week prior. This is the most significant increase in the number of people seeking mortgages since September, when the housing market began…
The Chair of the Federal Reserve, Jerome Powel, announced that it would be raising interest rates by half a percentage point in its meeting on December 14. This constitutes the seventh rate hike that the Federal Reserve (also known as the Fed) has implemented this year, a stark reversal to years past where interest rates have been deliberately kept low. The result of these higher interest rates is that borrowers will be left with more expensive loans, potentially discouraging them from taking out mortgages and having a cooling effect on the housing market.
The number of people seeking mortgages increased slightly in the second week of November, according to a report by the Mortgage Bankers Association. This increase in mortgage applications is attributed to a decline in mortgage interest rates, which spurred some additional demand. However, there are still concerns about the state of the housing market, as some analysts fear that a much sharper decline may be on the horizon.
According to data from the Mortgage Bankers Association, mortgage demand has dropped to nearly half of what they were at the same time in 2021. This dramatic drop in demand for mortgages is largely attributed to rising interest rates, which…
As interest rates on mortgages have increased over the past few months, people have increasingly looked to adjustable-rate mortgages (often referred to simply as ARMs) as a way of getting more affordable mortgage payments. This has helped to keep housing demand from falling too much overall, despite rising mortgage interest rates. However, there is a potential cost to the growth of ARMs, which may lead to economic problems in the future.