With Rates Dipping Below 6 Percent, How Much Can Buyers Afford?
A homebuyer on a $2,500 monthly budget can afford a $400,000 home for the first time in four months
A homebuyer on a $2,500 monthly budget can afford a $400,000 home for the first time in four months
The move brings the policy rate to the highest point since 2007
The application index was down 68.7 percent compared to the same period in 2021
Originations are expected to rise despite anticipated slowdown in existing home purchases
Total apps dropped 13.1 percent, while refi apps specifically fell 15 percent
Numbers of have fluctuated since the start of the new year, with all indications leaning toward more impending growth
Year-over-year, rates had been at or near historic lows for much of 2021
A few important mortgage and refi rates dropped off, making way for New Year purchases
Popular options for both mortgage and refinance were back down heading into the holiday week
Following weeks of declines, both mortgage and refi rates inched up for the week ending Dec. 10
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