It's-a Me, Mario! Reporting on Mortgage Rates! Wahoo!

Mamma Mia! Rates are a High!

It's a me Mario! I've been hearing rumblings all the way from the Mushroom Kingdom – mortgage rates are going up! Three weeks in a row can you believe it? They're the highest they've been since January! That's a no good! It's like trying to jump over a flagpole that keeps getting taller! But don't a worry I'm a here to break it down for you.

Some Buyers Still Saying 'Let's a Go!'

Despite the high rates some people are still a buying houses! The applications to purchase a home went up 2% from last week and are 18% higher than last year. That's a like getting a 1 Up mushroom! More houses are available so maybe that's why. But it's a still a risky move like jumping over a bottomless pit! You gotta be careful!

The Numbers: Not as Fun as Collecting Coins

So the average interest rate for a 30 year mortgage is now 6.98% up from 6.92%. And these are for loans under $806,500 meaning like not Bowser's castle! Points went down a little bit but who's counting? It's all numbers numbers numbers! Where are my coins when I need them?

Refinancing? Maybe Not So 'Super' Right Now

Refinancing took a bigger hit. Applications went down 7% for the week! Ouch! But remember even though this week is a "NO" it's still 37% higher than last year so it will be a ok. Conventional refinances went down 6% and VA refinances dropped even more 16%!

Consumer Confidence: A Mixed Bag

The news isn't all bad. Mortgage rates dipped a little this week because the Consumer Confidence Index was higher than expected. But there was some worry about the labor market which tends to push rates lower. It's a complicated! It's like trying to understand what Princess Peach is saying sometimes... Always something! Wahoo!

So What's a Mario to Do?

Well it's a simple. Keep an eye on the market! Do your research! And maybe find a power up or two along the way! "Here we go!" Even with high rates there are still opportunities to find your dream home. Just remember to be careful and don't jump into any pipes without looking first! It's a me Mario signing off! Wahoo!