Breaking News: Mortgage Rates on the Rise Again!

Mortgage Rates Strike Back

Just when you thought it was safe to take out a mortgage the rates are on the rise again! According to the Mortgage Bankers Association mortgage application volume dropped 2.3% last week due to the increasing interest rates. Looks like homeowners will have to tighten their belts a little harder.

The Skyrocketing Interest Rates

Hold on to your calculators folks! The average contract interest rate for 30 year fixed rate mortgages has increased to a whopping 6.87%. That's higher than my IQ! Oh wait that's not saying much. But seriously it's the highest rate we've seen since December 2023. Time to start pinching pennies!

Refinancing Takes a Hit

If you were planning on refinancing your home loan think again. Refinance applications fell 2% for the week dashing the hopes of many borrowers looking to take advantage of lower rates. It seems like Sheldon's Law of Mortgage Refinancing predicts disappointment once again.

No Luck for Homebuyers

House hunters beware! Applications for a mortgage to purchase a home dropped 3% for the week. With elevated rates and low housing inventory the odds are not in their favor. It's like trying to find a particle in a quantum field. It's complicated and the odds are against you.

Blame It on the Weather

Winter weather and mortgage rates are a deadly combination for the housing market. Redfin's economic research lead Chen Zhao stated that the demand for homes is lower due to climbing rates and harsh winter weather. Looks like Mother Nature isn't too happy with our mortgage rates either.

Inflation Strikes Back

Inflation strikes again! A government report on inflation showed that it was higher than expected. As a result mortgage rates surged even higher hitting a mind boggling 7.08%. It's like dealing with a never ending equation. There's just no escaping it.