Business is booming.

Thirty-year mortgage rate creep closer to 8%

“The good news is that the economy and incomes continue to grow at a solid pace, but the housing market remains fraught with significant affordability constraints,” Khater said in the report. “As a result, purchase demand remains at a three-decade low.”

According to the Mortgage Bankers Association, purchase loan applications remain almost 20% behind last year’s rate.

Doug Duncan, Fannie Mae’s chief economist, commented: “Mortgage rates persistently over 7% appear to be deepening the malaise consumers feel about the home purchase market. In fact, high mortgage rates surpassed high home prices as the top reason why consumers think it’s a bad time to buy a home, a survey first. Notably, the share of consumers expressing pessimism about homebuying conditions hit a new survey high in September, with 84% now indicating that it’s a bad time to buy a home.

Stay updated with the freshest mortgage news. Get exclusive interviews, breaking news, and industry events in your inbox, and always be the first to know by subscribing to our FREE daily newsletter.

Source link

Comments are closed, but trackbacks and pingbacks are open.