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Online mystery-ak

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Mortgage rates near 8% as demand drops to lowest level in almost 3 decades
« on: October 04, 2023, 02:16:21 pm »
 Mortgage rates near 8% as demand drops to lowest level in almost 3 decades
By Shannon Thaler   
Published Oct. 4, 2023, 9:01 a.m. ET

Mortgage demand plummeted to a 28-year low as the average long-term mortgage rate climbed further above 7% this week.

According to leading real industry group Mortgage Bankers Association, the average rate on the benchmark 30-year home loan climbed to 7.53% this week — the highest rate since 2000.

A separate report on Bankrate showed that Thursday’s average on a 30-year fixed mortgage rate was even higher, 7.88%.

The same week last year, the rate was 6.75%.

As a result, mortgage applications and applications to refinance a home stalled dramatically, falling 6% and 7% for the week, respectively, according to MBA.

“The purchase market slowed to the lowest level of activity since 1995, as the rapid rise in rates pushed an increasing number of potential homebuyers out of the market,” MBA’s deputy chief economist Joel Kan said in a news release shared with The Post.

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https://nypost.com/2023/10/04/mortgage-rates-near-8-as-demand-drops-to-28-year-low/
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Offline Weird Tolkienish Figure

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Re: Mortgage rates near 8% as demand drops to lowest level in almost 3 decades
« Reply #1 on: October 04, 2023, 02:17:26 pm »
We're locked in at 3.5%. I told my wife we probably won't refinance for a very long time, and we won't be moving either.
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Offline Polly Ticks

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Re: Mortgage rates near 8% as demand drops to lowest level in almost 3 decades
« Reply #2 on: October 04, 2023, 02:18:32 pm »
I am SO glad we closed on Mom's house a couple of months ago.
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Offline LMAO

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Re: Mortgage rates near 8% as demand drops to lowest level in almost 3 decades
« Reply #3 on: October 04, 2023, 03:26:28 pm »
We bought our parents house 2 1/2 years ago because they’re going to move into an apartment at some point and my wife will move into their house when they retire

Our interest rate is  2% fixed. We got lucky. Of course that was during the heat of the pandemic in November 2020.  When we built the house that we live in now, the interest rate was between six and 8%. And we refinanced and brought it down to 4%. Now it’s paid off.

 
« Last Edit: October 04, 2023, 03:28:00 pm by LMAO »
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Offline Wingnut

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Re: Mortgage rates near 8% as demand drops to lowest level in almost 3 decades
« Reply #4 on: October 04, 2023, 03:32:31 pm »
On nice turn is we've stopped receiving offers on refinancing our home. 333cleo
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Offline Fishrrman

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Re: Mortgage rates near 8% as demand drops to lowest level in almost 3 decades
« Reply #5 on: October 04, 2023, 09:32:58 pm »
THIS IS A GOOD THING.

Higher rates (actually, they aren't really all that "high") equals more responsible borrowers.

It will also result in deflating home prices -- as in "deflating" back to reality.

Again, THIS IS A GOOD THING.

(BTW, I'm not sure if I'll be buying another home, but if I do... I'll just pay cash. No muss, no fuss...!)
« Last Edit: October 04, 2023, 09:33:51 pm by Fishrrman »
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