What's Going on with Mortgage Applications?
The traditional “housing season” has come to a close with the start of school classes and cooler weather beginning to set in. So what’s going on with mortgage applications?
Many contributing factors have affected mortgage applications the last few weeks. Dramatic changes in the stock market paired with the Feds’ postponement of raising interest rates had opposite affects in housing. While one caused potential buyers and borrowers to bow out over their uncertainty in the state of the economy, the other prevented the normal decline in mortgage applications seen this time of year.
Now however, with the rise of rates just around the corner, we are seeing a drop in mortgage applications. While no when knows exactly when it will come or where it will top off, the anticipation alone is influencing the market and mortgage applications today.