Housing buyers believe that even if more lists are on sale, there is almost no reason to jump to a very important spring housing market. Mortgage rates have not been moving much in the last few weeks, and housing prices have continued to rise.
According to the Mortgage Banking Association’s seasonal adjustment index, the mortgage application last week decreased by 4 % compared to the previous week. Demand was flat compared to the same week a year ago.
“The average size of the loan loan has increased from the beginning of the year, and the government has reached the highest level of $ 447,300 since October 2024,” said the MBA economist.
The average contract rate for fixed -interest rates mortgages with a compatible loan balance (766,550 or less) has decreased from 7.02 % to 6.97 %, and points have increased from 0.63 (including the original price) to 0.64, reducing by 20 %. did. payment. The rate was 17 basis points lower than the same week a year ago.
“Last week, the mortgage rate declined, and we moved in line with the Ministry of Finance’s yield after the FOMC meeting and the unstable week of the stock market. “Kan added.
Applications for refinancing mortgages rose 12 % from the previous week and 17 % from the same week ago, one year ago. The rate of increase is large, but most of them are very low. Most borrowers today are far below what they are offered today.
Mortgage applications for purchasing housing are currently 39 % lower than February 2019. Housing sales have been executed at a low price of nearly 30 years, and housing prices continue to reach record highs nationwide.
According to Realtor.com, more and more sellers are offering 15.6 % in January compared to 15.6 % in January. However, most sellers are still seeing enough competition to quickly retain their wrist prices.
On the other hand, the supply of houses for sale increased by 25 % compared to one year ago. Many of the supplier gains are because the house has been sitting in the market longer. According to Redfin, the average time to sell the house in January was 54 days, the longest since March 2020. Sales of housing for sale are still below 25 % in January 2019.
