Mortgage Rates Up; Mortgage Applications Down
I actually would think that since we’re nearing the deadline of the First-time Homebuyers Tax Credit of $8,000 that we’d be seeing a sharp rise in mortgage applications. Perhaps that’ll happen over the next few weeks as we get closer.
But instead, with the mortgage rates rising I’m thinking this might be causing people to think a little longer about whether they should buy a home now, or not buy one at all.
There’s also lots of news of the number of foreclosures rising and that’ll create not only more choices, but lower prices on homes.
Here is an article I read recently that talks a little more about the topic of rates and mortgage apps… http://bit.ly/6QLI6
What are your thoughts about the tax credit? Do you think it should be extended?
Make it a great day!
