Mortgage rates increased to over 7%, consequently demand drops
- nathaliaventurella
- Apr 30, 2024
- 1 min read
Hi neighbors!
I hope you are doing well and healthy!
According to CNBC, mortgage applications decreased as mortgage rates reach 7.24% for the average contract interest rate for 30-year fixed-rate mortgages. The rates have been rising for the third week straight, hitting the highest level since November.
CNBC says that "Applications for a mortgage to purchase a home fell 1% for the week and were 15% lower than the same week one year ago."
Honestly, the mortgage rates tend to increase gradually over time, don't base your opinion on popular assumptions that real estate prices will be affected by the economic recession. It's safe to base your opinion on facts, and watch real estate market to make a move.
Read the whole article here: https://www.cnbc.com/2024/04/24/mortgage-demand-drops-as-interest-rates-soar-over-7percent.html
Stay tuned! Please reach out to us if we can help you buy or sell your home!
Nathalia Venturella
Realtor® | CalRE# 02124541
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