Kratos' Guide to Mortgage Rates and the Unfortunate Plight of Homebuyers

Kratos The Mortgage Maven

By Kratos the God of War and the God of Home Financing

Kratos' Laughable Take on Mortgage Rates Soaring

After a brief reprieve in December and January mortgage rates are once again on the rise. Mortals are surely in for a rude awakening when they find out their dream homes might be drifting out of reach. But fear not for I Kratos am here to shed light on this unfortunate plight.

Borrowers Beware: Mortgage Applications Plummet

In a shocking turn of events total mortgage application volume fell 2.3% last week. The gods of lending are clearly not in favor of mortals seeking shelter. With the average contract interest rate for 30 year fixed rate mortgages hitting a staggering 6.87% it's no wonder applications are dropping faster than Furies on a bender.

Refinance Applications: The Battle of the Rates

Applications to refinance a home loan took a hit falling 2% for the week. However they remain 12% higher than a year ago. It seems mortals are still attempting to navigate the treacherous waters of interest rates. Brace yourselves for the rate hike storm is coming!

Homebuyers Face Ragnarök: Purchase Applications Decline

Applications for a mortgage to purchase a home are not faring well either. They dropped 3% for the week and were 12% lower than the same week last year. It seems mortals are facing a true Ragnarök as elevated rates and low housing inventory continue to hinder their quest for the perfect dwelling.

Chen Zhao and the Harsh Winter Weather

"That's because mortgage rates are climbing again and winter weather has been harsher than usual in much of the country keeping some house hunters at home," said Chen Zhao Redfin's economic research lead. Mortals it seems your plight is intensified by the wrath of both the housing market and Mother Nature herself.

Kratos' Final Battle Cry: Mortgage Rates Soar to New Heights

To add salt to the wound mortgage rates surged even higher after a government report on inflation revealed it to be higher than expected. The average rate on the 30 year fixed reached a mind boggling 7.08%. Mortals brace yourselves for a battle against financial hardship and the mighty gods of interest rates.