Key Highlights
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The recent slump in rates sparked a slight bit of positivity in the gloomy real estate market. Buy, sell or hold? That is indeed the question.
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Applications for purchase loans, however, are still pulling a “I don’t want to go to school today” attitude, down 12 percent in comparison to last year’s stats. Kids these days, I tell you.
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Analysts have started rubbing their oracles, forecasting trends for this precarious market. Brace yourself for a torrent of real estate crystal ball reading sessions.
Hot-Take Alert
The recent slide in rates seems like an attempt by reality to get the real estate market to behave. In response, the market seems to be pulling a classic teenage rebellion, with purchase loan applications still 12% lower than last year. The Alice of analysts has jumped down the rabbit hole, hoping to make sense of it all but, you know, as the Cheshire Cat said, “We’re all mad here.” If you feel like adventuring in this Wonderland of unpredictable spikes and drops, make sure to have your tea ready, ’cause it’s going to be one hell of a mad tea party!
Original article: https://www.inman.com/2024/01/03/falling-mortgage-rates-havent-sparked-homebuyer-stampede/