"Mortgage applications have increased for three consecutive weeks as borrowers continue to take advantage of mortgage rates around 6%, Broeksmit said in a statement. Despite ongoing geopolitical tensions and broader economic uncertainty, overall demand remains strong. Applications to both refinance and buy a home are running far above year-ago levels."
"Until oil prices settle back down we're in trouble, Cohn said. There's been an incredible loss of wealth, and if you're feeling poor, you're not going to be buying. People seemed to be happier about getting back into the real estate market, and that's all been shot out of a cannon."
"Rates are expected to remain in the range of 6% to 6.5% in the near term as the Federal Reserve weighs economic data such as employment and inflation. The Fed finishes its two-day meeting on Wednesday, and the CME Group's FedWatch tool shows that interest rate traders are nearly unanimous that benchmark rates won't be touched."
Interest rates are projected to stay between 6% to 6.5% in the near term as the Federal Reserve evaluates employment and inflation data. Mortgage applications have risen for three consecutive weeks, with borrowers capitalizing on rates around 6%. The Mortgage Bankers Association reports strong overall demand, with refinance and purchase applications significantly exceeding year-ago levels. However, market volatility, rising oil prices, and geopolitical tensions create uncertainty. Stock market losses and increased oil prices are dampening buyer confidence and wealth perception. The Federal Reserve's vice chair for supervision advocates revising Basel capital rules to encourage mortgage lending and servicing by banks, suggesting regulatory changes may influence future mortgage rate direction.
Read at www.housingwire.com
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