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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsMortgage applications weaken further as interest rates rise
The Columbus Day holiday appears to have messed around with the mortgage numbers, but a week later the numbers are now clearer, and so is the message. Higher interest rates are hitting homeowners hoping to refinance and homebuyers hoping to get in on the fall housing market.
Total mortgage application volume rose 4.9 percent last week from the previous week, according to the Mortgage Bankers Association's seasonally adjusted index. This followed a large drop the week before, when the mortgage numbers were not adjusted for the Columbus Day holiday. Taking that out now, mortgage volume is lower than it was two weeks ago for refinances and purchases. Volume was also 16 percent lower than the same week one year ago. - CNBC
Related.
Panic-like selling takes hold on NYSE as stock-market slump gathers steam
https://www.democraticunderground.com/100211316232
Bank of Canada raises interest rate to 1.75%
https://www.democraticunderground.com/10142185795
DOW now off 500 points and over 2,200 points in 3 weeks.
Wellstone ruled
(34,661 posts)community of Fourteen Hundred Homes. Have not seen this many on the Market at one time,looking like 2008,and the Broker who has the bulk of the listings,is not able to get the job done,people are not buying,and new homes have slowed to a crawl according to Neighbor who sells for one of the Big developers.
Shades of 2007 here,and we are usually on the tail end of Housing downturn events.
Pity Puddles
(98 posts)Dropped about 100k from the median a few years ago.
Not comfortable investing in properties while Trump's the asshole of the land.
Wellstone ruled
(34,661 posts)fire sale purchases in 2010 to 2015 and are Rentals. Those investors want out and hunch is,these will turn and will hurt those who really need to sell.
Mr. Ected
(9,670 posts)Not that it isn't fully expected; I simply don't know what to do if faced with another crisis so soon after the one Obama bailed us out of.
Achilleaze
(15,543 posts)republicans have made a fine mess of everything they've touched with their greazy fingers.