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Mortgage Applications Drop as Interest Rates Rise


Higher interest rates are stalling the homebuying market and the number of mortgage applications is decreasing.

According to CNBC, mortgage volume is lower than it was two weeks ago for refinances and purchases.

Mortgage applications are essentially flat compared to a year ago. Demand is strong, but affordability has weakened considerably as interest rates rise. Consequently, the monthly payment on the average home is now 15% higher than it was a year ago,

For homeowners who’d like to refinance, the number of loan applications were 32% fewer than a year ago when mortgage interest rates were a full percentage point lower. Fewer and fewer borrowers are now able to benefit from a refinance because so many already locked in lower rates a few years ago.

Yes, this is not good news for prospective homebuyers, but those in the SFR market can be encouraged.

Read on HERE:

Consider investing in a professionally managed portfolio of single-family homes? Please contact Harold Willig at harold.willig@springviewinvestments.com or 917-209-4452.

Harold Willig is the Manager of SpringView Investment Management, LLC, which he founded in 2012. Mr. Willig also served as HFZ Capital Group’s Chief Financial Officer and was responsible for the oversight of HFZ's Finance and Accounting team. He has over 16 years of finance and accounting experience.

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