Overall demand for mortgages fell by 2% during the week of August 10, bringing demand to the lowest levels that they have been since 2000. This represents an overall cooling of the market that has brought mortgage rates down over the past few weeks, despite rising interest rates.
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It is a common practice in the real estate industry for sellers to require buyers to get pre-approval for financing for any sale. This is true even in cases where a buyer has the liquid assets available to potentially purchase a property outright, without needing a mortgage. So why do sellers tend to require pre-approval for a mortgage before they will sell, and why should you do the same?
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According to a recent report by the Mortgage Bankers Association, demand for adjustable rate mortgages (also known as ARMs) has doubled over the past three months, making up 9% of all new mortgage applications. This comes at a time when the number of people seeking mortgages overall has fallen, and when interest rates are rising. Some fear this could be the sign of the market cooling in the near future, which may result in prices starting to fall.
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Demand for mortgages has gone down substantially over the past year, with the number of mortgages issued around 40% lower compared to the same time in 2021. Notably, this dramatic fall in mortgages has affected both financing for new homes, as well as people attempting to refinance their old mortgages. This decrease in mortgages being taken out is blamed on a number of factors, including rising interest rates, surging home prices and a lack of available inventory. Continue reading “Mortgage Demand Down 40% From 2021”