Mortgage Market Drop
Mortgage Market Drop
Year over year mortgage applications dropped approximately 41%.
Yes, mortgage applications to buy a home, are down to a 28 year low!
Mortgage Market Drop
After a slight pullback, home mortgage interest rates are once again climbing. This is perhaps the main reason why we’re now seeing such a low number of new home mortgage applications.
Another reason for the low mortgage application numbers, is because all of the huge layoffs that have been announced by major corporations especially in the high-tech sector.
Obviously this affects those who are laid off, but, it also puts a scare into those who still remain on the job, because they are probably wondering how secure their future employment is going to be. If one is concerned about their employment situation, probably the farthest thing from your mind is committing yourself to a home mortgage.
Just a few weeks ago when mortgage interest rates pulled back slightly, many were forecasting a bottom to the real estate downturn. Unfortunately, it looks like reality has set in, and the US housing market seems destined to continue it’s downward trajectory.
Mortgage Market Drop
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