Right now, buyers are facing some challenges when it comes to the home-buying process. In a lot of places nationally, inventory is tight, and there is a lot of competition. Therefore, for the past two weeks, there has been some pressure when it comes to mortgage applications. According to an index tracking applications, they have decreased 2.2%, seasonally adjusted, from the previous week. In fact, it is the second week in a row that mortgage applications have dipped. As of mortgage rates, they have been steadily increasing for about seven consecutive weeks.
Similarly, refinance index also decreased by 3 percent from the previous week. Right now, it is 32% lower than it was the same week one year ago. This is because usually, higher mortgage rates tend to shut down refinance activity. Loan sizes had also been steadily decreasing until last week, when they rose by about 4 percent.
AMG International Realty is a global real estate firm specializing in Florida. If you are you looking to buy, rent, or sell in Miami we are here to guide you through every step of the way. From mortgage applications, to finding your dream home and closing the deal. Contact us today!
Chat with me on WhatsApp: +1 (305) 318 6968 (Heloisa Arazi).