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The housing market generally warms up during spring. However, after months of frantic buying, there are signs that it may finally be slowing down.
There was a decrease of 5% recorded in the number of mortgage applications compared to the previous week following two weeks of minor decreases.
Though the index is still about 51% higher than what it was during the early days of the pandemic a year ago.
The quick growth in home prices and tremendously low inventory has restricted the activities in recent weeks even though a substantial demand for home buying has been created by the swiftly recovering economy and the improving job market.
Sellers of approximately 60% of houses in contract last month accepted offers within two weeks of listing.
The refinance index saw a decrease of 5% compared to the previous week and was about 20% lower compared to the index from a year ago.
The average refinance was recorded at $272,100 as compared to last week’s $275,000 while the applications for refinances made up 60.3% of total applications.
With the volume down by more than 30% over the last 10 weeks, the overall demand for refinancing has decreased.
Compared to last week’s $401,400, the average purchase loan has come down to $399,500 while the average contract interest rates of 30-year fixed-rate mortgages rose from 3033% to 3.36%.
Reference Source: The Real Deal
