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Mortgage Demand Hit 25 Year Low as Interest Rates Keep Rising

Mortgage Demand Hit 25 Year Low as Interest Rates Keep Rising

This news should concern everybody because of the significance the housing market plays in the overall economy, which is also wandering out on to thin ice.  According to the Mortgage Bankers association (MBA), in the face of continually rising interest rates mortgage demand just fell to a 25 year low to levels not seen since 1997.  because of the covid induced hysteria that resulted in record low interest rates, it seems the amount of folks who could benefit through refinancing has also reached a record low, the combination of this makes for some rough sledding not only for mortgage lenders, but more importantly for potential Buyers, especially younger generations and first-time Buyers.  It was also recently reported that over one-third of current renters planned shift into ownership as rental rates continue to skyrocket, and this news will clearly make their current challenges even greater.  Contact your Realtor and your Mortgage Lender and make sure you have an action plan in place because it's going to be more important now than ever to be able to find safe and cost-effective ways around this.  More importantly, it's going to be necessary to be prepared to hit the ground running when the right opportunity finally presents itself.  #realestate #buyingrealestate #sellingrealestate #mortgagerates #mortgageapplications #mortgagedemand #interestrates #propertyguerilla #realtor

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