Rapidly rising mortgage interest rates are having a direct impact on mortgage application volumes, particularly for mortgage refinance applications. In an article by Adam DeSanctis for the Mortgage Bankers Association (MBA) “The Market Composite Index, a measure of mortgage loan application volume, decreased 8.1 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index decreased 8 percent compared with the previous week. The Refinance Index decreased 14 percent from the previous week and was 54 percent lower than the same week one year ago.”
All posts tagged: Mobile Notary San Diego
Refinance Index is 50 Percent Lower than Same Week in January Last Year
According to the Mortgage Bankers Association (MBA) Market Composite Index, the Refinance Index is 50 percent lower compared to the same week one year ago, in January 2021. During the same week there was a small uptick over last year in purchase mortgage activity.
California’s Hot Real Estate Market Continues to Rise
Sale of residential properties in California continue to perform at the hottest pace in history, resulting in a 65% increase in number of sales over the same period last year. The number of homes sold above asking price, the price per square foot, and the sales-to-list price records are all at industry highs.
The Tiny Home Trend – Things To Consider
As pricing for home purchase or renting a home or apartment have continued to rise over the past few years, many potential buyers are turning to the Tiny Home Trend as a more affordable alternative.