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!!!