Sweet Zombie Jesus Rates Are Down!
Good news everyone! It appears those meddling mortgage rates have finally decided to cooperate plunging to depths not seen since last April! Oh my my my... This development has caused quite a stir especially among you current homeowners. It seems you're all suddenly interested in... *squints at PADD*... 'savings'? What's that? Is it edible?
Refinance Frenzy: A Stampede of Savings!
The Mortgage Bankers Association (or as I like to call them the 'Money Bags Appreciators') reports a whopping 7% surge in refinance applications! Yes! Seven! I haven't seen numbers like this since I invented the Smell O Scope! And compared to last year demand is up a colossal 40%! 40%? This is a bigger percentage than I am old! And that is saying something...
Interest Rate Interlude: The Numbers Get Smaller!
Now for the nitty gritty. These 30 year fixed rate mortgages the ones with balances under $806,500 (a pittance really compared to the value of my inventions!) have seen their average contract interest rate plummet to a measly 6.79%. And get this it gets lower! Just a short time ago it was 6.88%! It's all so confusing! What is interest anyway?!
VA Loans and Conventional Conundrums!
According to Joel Kan a clever fellow at the MBA the rate dip has triggered a refinancing spree particularly among those with 'conventional' applications and a massive 22% increase in VA refinance applications! It seems that even our brave veterans are eager to save a buck or two! Or maybe they are buying lasers and flamethrowers to annihilate the aliens... whichever!
Homebuyers Hesitate: A Market of Maybes!
But hold on! While refinances are all the rage the housing market itself remains... 'flat,' as the youngsters say. Purchase applications nudged up a measly 0.1%! What is this a market for ants? And it is only 16% higher than last year. Kan blames 'overall uncertainty,' which sounds suspiciously like... *shudders*... the future!
Brace Yourselves: Volatility is Coming!
Mortgage News Daily is chirping about even further rate drops early this week followed by a stall after some job data came out. Apparently higher job openings can send rates soaring which is all terribly exciting! But the real rollercoaster is expected after the government releases its monthly employment report. So buckle up buttercups! It could get bumpy! Oh and one more thing... I've just invented a device that can predict the future of mortgage rates! But be warned it also dispenses a mysterious green slime. Use with caution! Good news everyone!
Mortgage rates refinance home loan interest rates housing market MBA Joel Kan home purchase economy Professor Farnsworth
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From Professor Hubert J Farnsworth
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