Want to see a funny example of the amazingly tight housing market? This listing will sell for over $800k with a squatter included in the basement!
Higher mortgage rates have pushed refinance applications down 41% from a year ago, but purchase apps were down just 9% due to tight inventory. According to realtor.com, buyers are paying about 30% more for a house than they would have a year ago due to higher sales prices and rates. Unsurprisingly, National Association of Realtors study shows lack of affordable housing is the biggest hurdle to home buying. Among home projects, a new home office and hardwood floor refinishing brought homeowners the most joy, a recent NAR/NARI survey found. Fed members also support multiple half point policy rate hikes this year. Along with balance sheet runoff, this supports higher mortgage rates. Economic signals such as an inverted yield curve for long- and short-term Treasuries point to a possible recession to come in 2023.
Senior Mortgage Loan Originator
NMLS ID 395697 | CO: 100035660
Phone: (720) 512-5496
Zenith Home Loans, LLC
1423 S Pearl Street
Denver, CO 80210