Mortgage interest rates just hit a level not seen since the year 2000. As a result, mortgage demand is now sitting near a 27-year low.
Total mortgage application volume fell 1.3% last week compared with the previous week, according to the Mortgage Bankers Association’s seasonally adjusted index. Volume was 25.5% lower than the same week one year ago.
The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($726,200 or less) increased to 7.41%, from 7.31%, with points decreasing to 0.71 from 0.72 (including the origination fee) for loans with a 20% down payment. The rate was 6.52% one year ago.
The 30-year fixed jumbo mortgage rate increased to 7.34%, the highest rate in the history of the MBA’s jumbo rate series dating back to 2011.
I have to move in around 6 months for work. Really not looking forward to making the impossible decision between spending 3000/mo for rent or seeing if I’m even eligible for a 450k mortgage @7%+ on a 40 year old property. I know renting would be cheaper now, but the mortgage won’t increase every single year.
I miss paying 1400/mo for a whole ass house in a nice area.
People with 2.5% locked in for 30 years really won the lottery.
We can never move. Ever.
Yeah but we can never refinance!
Ever!!!
Boo fuckin hoo
Why would you want to. You wouldn’t gain anything.
Cash out refi. Wish I had done it when we refied 2 years ago.
Funny that’s what mine is listed for now. 4br 2 bath 1 car garage. $1400/month.