Summary: Real Estate Loan Requests Takes the High Road…But Only Halfway Up
Key Points:
- Purchase loan applications are playing ‘peek-a-boo’! They saw a 4 percent increase last week when compared to the week prior, says Mortgage Bankers Association.
- Packing a ’20 percent lighter’ suitcase than the same week last year, the requests are playing catch up and not doing a great job at it.
- Mortgage lenders get to do a little ‘ring around the rosy’ as they respond to the weekly survey by the Mortgage Bankers Association, to dish out these stats.
My Spicy Take:
‘Loan-Anxiety’ seems to be the newest addition to trendy terms in the real estate sector, people! Rushing over the recent reports like a kid running for an ice-cream truck, I notice these hot-and-cold trends. A week-on-week 4 percent hike in purchase loan applications sounds solid, right? It’s like scoring an extra brownie at your favorite cafe – feels good!
But wait, there’s a ‘BUT’ here, which, let’s be real, is more like a smack in the face than a bump in the road. Comparing it to last year, we’re down by a whopping 20 percent! This isn’t a sad trombone – it’s a whole orchestra playing a symphony of sorrow.
Now, while lenders are stuck in a ‘survey soiree’ courtesy of the Mortgage Bankers Association, we get to feast on these deliciously contradicting data nuggets. Who knew ‘Rocketing Downhill’ could be a thing in real estate?! A mad game of seesaw this is, and we’re all stuck on the playground!
So, what’s the deal, dear real estate world? Are we going up or down? Maybe it’s time to ditch the rollercoaster and hop on a merry-go-round instead. At least the ride won’t be as confusing and will serve us some consistency… with a side of nausea. Got to love the circular logic in here!
Original article: https://www.inman.com/2023/11/22/homebuyers-perk-up-as-mortgage-rates-hit-lowest-level-in-2-months/
