WSJ and Rocket Mortgage

[djd09]

I saw a quote from a mortgage broker that said, "trying to sell a 7 1/4% mortgage to someone with a 3% mortgage is like trying to push a rock uphill." Ya think?

Utah housing prices down from spring peak — but they’re still higher than last year​

Utah County is seeing the highest home prices along the Wasatch Front, with a median price of $599,000 in the third quarter. Davis County ranked No. 3, with a median price of $540,000, a 9% rise over this time last year. Tooele County’s median price was $470,000, and Weber County’s was $435,600.

As mortgage rates hover around 7%, the median monthly payment for Utah buyers has exceeded $2,600, according to calculations by Dejan Eskic, chief economist for the Salt Lake Board of Realtors. That’s priced out a startling 76% of Utahns from being able to afford the state’s median-priced home

Utah housing prices down from spring peak — but they’re still higher than last year. Here are the latest figures

Mortgage rates over 7% are smothering the U.S. housing market, and Utah isn’t immune — but don’t expect suddenly affordable homes anytime soon.

www.deseret.com

what is shut no one can open

 

[djd09]

Mortgage Apps Fall for Sixth Consecutive Week​

On the eve of the Federal Reserve’s latest actions to curb the nation’s inflationary issues, the Mortgage Bankers Association (MBA) reported that overall mortgage application volume decreased for the sixth straight week, falling 0.5% week-over-week (for the week ending October 28, 2022).


The MBA’s Refinance Index increased 0.2% over the previous week, and was 85% lower than the same week just one year ago. The seasonally adjusted Purchase Index fell 1% from one week earlier. The unadjusted Purchase Index decreased 2% compared with the previous week, and was 41% lower than the same week one year ago.


“Mortgage applications declined for the sixth consecutive week despite a slight drop in rates. The 30-year fixed rate decreased for the first time in over two months to 7.06%, but remained close to its highest since 2002,” said Joel Kan, MBA’s VP and Deputy Chief Economist. “Apart from the ARM loan rate, rates for all other loan types were more than three percentage points higher than they were a year ago. These elevated rates continue to put pressure on both purchase and refinance activity and have added to the ongoing affordability challenges impacting the broader housing market, as seen in the deteriorating trends in housing starts and home sales.”

Mortgage Apps Fall for Sixth Consecutive Week

On the eve of the Federal Reserve’s latest actions to curb the nation’s inflationary issues, the Mor...

themreport.com

bubbles inflate before they burst