These Homebuyers Aren't Waiting! Are You?
Home loan applications are perking up! According to the Mortgage Bankers Association (MBA), it inched up by 0.9% while refinances remained relatively unchanged.
Homebuying typically slows in December. So while this rate of increase may not seem like much, considering the season and higher rates, this increase is notable.
Homebuilders have also responded to the market by offering buying incentives to prospective homebuyers while pulling back on new home construction.
MBA chief economist Mike Fratantoni noted,"... if mortgage rates continue to trend down, as we are forecasting, more buyers are likely to return to the market later in the year, as affordability improves with both lower rates and slower home-price growth."