The Federal Reserve is losing control of the U.S. housing market.
Case in point, the mortgage market.
According to the Mortgage Bankers Association (MBA), the 30-year mortgage rate rose to 7.31 percent for the week ending September 15, up from 7.27 percent.
Despite the leap in mortgage rates, mortgage applications soared 5.4 percent, up from the previous week’s 0.8 percent drop.
Good luck to those applicants because good luck trying to find a residential property because nobody is erecting a for-sale sign on their front lawn any time soon after they bought a single-family home for $300,000 in the early days of the coronavirus pandemic at a three percent fixed-rate mortgage.
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