Mortgage Demand Inches Higher
MBA: As interest rates move lower, home loan demand is ticking up. Mortgage applications to buy a home rose 4% for the week, though still 38% lower year-over-year. WASHINGTON – According to the Mortgage Bankers Association (MBA), mortgage application volume rose 3.2% last week after a month of declines. Mortgage applications to purchase a home rose 4% for the week but were 38% lower than the same week one year ago. Meanwhile, refinancing applications rose 3% last week as well, but they were still 85% lower than the same week last year. The drop in rates from a high of just over 7% in October added to the still-tiny pool of potential borrowers who could benefit from a refinance. MBA economist Joel Kan says, “The ongoing moderation in home-price growth, along with further declines in mortgage rates, may encourage more buyers to return to the market in the coming months.” Demand for adjustable-rate mortgages dropped to 7.7% of total applications last week from just under 13% in October, when rates were much higher. Source: CNBC (12/14/22) Olick, Diana © Copyright 2022 INFORMATION, INC. Bethesda, MD (301) 215-4688
Should Sellers List Now or Try to Wait It Out?
With home prices’ peak likely in the rear-view mirror, should sellers waiting to maximize profit jump in before it’s too late or wait and hope for another market reversal? FORT LAUDERDALE, Fla. – As the housing market has cooled considerably, sellers are now wrestling with whether to sell their homes as soon as possible or hold off on selling. Two years ago, it was an easier decision: Prices were at record highs, interest rates were lower than they had been in years, and buyers were so desperate to get into a home that they often bid up on homes and waived any appraisals. But now, with more homes coming to the market and higher interest rates, buyers have started to reclaim more of the power, throwing sellers into unfamiliar territory. With the market having shifted, is it more beneficial for them to sell now or wait for another boom? “We ask them a simple question: ‘Do you think your house will be worth more in six months or a year than it is today, looking at the way the economy is and what interest rates are?’” said Alex Platt, a Realtor with the Platt Group at Compass in Boca Raton. **excerpt from Florida Realtors
Florida Still No. 1 for International Buyers
MIAMI – Florida is still the No. 1 choice for international home buyers, according to the Coldwell Banker International Buyers Guide. About one in four 24% of international buyers purchase a home in Florida.