Mortgage applications fell by more than 6 percent last week as key interest rates hit their highest rates in five months, the Mortgage Bankers Association reported this morning in its Weekly Applications Survey for the week ending Feb. 8.
Quicken Loans Chief Economist Bob Walters offers the following comments on the report:
“While you try not to read too deeply into week-to-week changes, the truth is many homeowners may simply be deciding to play the market and wait for their home to appreciate before putting it up for sale. Despite the drop in applications, we have seen anecdotal evidence of homes selling very quickly after entering the market.”
If you would like to talk to Bob in greater detail, please contact us.