Mortgage demand rises for the first time in six weeks, despite sharply higher interest ratesThis is not so surprising, based on the lack of meaningful price declines in single family homes. The reported doom and gloom in single family homes is not matching the data. A few super-hot, bloated markets have seen some price reductions, but these super-hot market current prices are still well above single family home prices from one-year ago.
My take- the vast majority of Americans want it- they will buy it. The long-term financial risks are not enough for most Americans to defer any purchase, to include single family homes.
Mortgage demand rose for the first time in six weeks despite interest rates moving sharply higher. Here's why.