Mortgage applications on the rise.
This, of course, is great news. We’ve been seeing the market come around more and more over the last couple of months. Just through chatting with people, it’s plain to see that consumer confidence is coming back. Earlier this week I heard a client finally say ‘hey, we can get a really good deal right now.’ He couldn’t be more right.
From Fran and Rowena out in Sunny California.
Article at MortgageBankers.org
Nick’s Take:
Don’t get your hopes up: “for the week ending December 8.”
Either a weekly fluctuation linked to Christmas bills. Realization from homeowners that they need to act before the end of the year. Or carry over from lazy brokers that didn’t want to close during Thanksgiving.
The adjusted inflation rate is low (that is minus all of the auto industry problems) and that means either we will stay at this rate or it will go up.
Until this inventory catches up all of this other stuff really doesn’t matter. We are coming down from the high and with a normal market there is an overcorrection (which ideally would be the best time to buy and the worst to sell). But with our inventory levels this overcorrection might last a few years.