No Fate But What We Make...Of Our Mortgage Rates!

Judgment Day for Housing?

Listen up people. Sarah Connor here. I've seen the future and trust me killer robots aren't the only things you need to worry about. This week's mortgage news is like a Terminator in disguise – seemingly harmless but with a hidden agenda to crush your dreams of owning a home. Rates are down... slightly. A whopping 0.06%! You'd think the streets would be filled with dancing mortgage brokers but no. Demand? Gone. Poof! Like a T 1000 after a grenade party. The Mortgage Bankers Association (MBA) – yeah those guys – they're saying application volume dropped 3.9%. Seriously? It's like these people WANT the machines to win.

Hasta La Vista Refinancing!

Refinancing is where it gets really bleak. It's supposed to be the easiest win right? Rates dip people jump to save money. But no! Applications are down 4% for the week even though they're up 42% compared to last year. Last year rates were 15 basis points higher which really isn't a huge difference but the volumes are so low to begin with that it doesn't take much to move the needle. It’s like trying to outrun a Terminator with a Zimmer frame! People are too scared to commit holding out for bigger drops. I get it though. Who knows what tomorrow brings? Maybe Skynet will offer better rates? Seriously though if the trend continues it's GAME OVER.

Come With Me If You Want Equity

Buying a new home isn't any better. Applications are down 4% week over week despite being 18% higher than last year. The 'spring season' is a joke. More supply on the market is a plus but sales are still sluggish. It's like having more bullets but a broken rifle. Pointless! Joel Kan some MBA economist says people are waiting for rates to drop further. Well good luck with that pal. While you're waiting Skynet is building self aware dishwashers and the housing market is turning into a wasteland.

The Employment Report: Our Only Hope?

Mortgage rates are starting the week flat which is a real snooze fest. So what's next? The all important monthly employment report on Friday. Apparently it's going to be a big deal. Look I've learned one thing from fighting killer robots: hope is a dangerous illusion. But maybe just maybe this report will offer some good news. Or maybe it'll just be another reason for the machines to raise interest rates. Stay frosty people. The future is not set. There's no fate but what we make... unless Skynet's already approved your mortgage application.

Details Details Details!

Let's not get lost in the details. 30 year fixed rate mortgages averaging 6.92% down from 6.98%. Points at 0.66% down from 0.67%. These are for loans of $806,500 or less with a 20% down payment. All numbers. Numbers are not my speciality destroying Robots is. These tiny shifts are supposed to matter. And Joel Kan's of MBA thinks so who am I to question it.

I'll Be Back!

So there you have it. The housing market is a mess rates are teetering and the future is uncertain. I've gotta get back to preparing for the inevitable robot uprising. But remember this: stay informed be prepared and never trust a machine offering you a loan. And for the love of God don't forget to pay your mortgage. Or Skynet might just repossess your house... and your soul.