Mortgage Rates Skyrocket! A Trap, It Is! Will Your Dreams of Homeownership Vanish?

A Great Disturbance in the Force There Is!

Hmm troubling news I bring young Padawans. The Force it is disturbed! Mortgage rates they have jumped to levels not seen since February. Like a Sarlacc pit the housing market is becoming devouring dreams of homeownership! Mortgage application volume it has fallen 8.5%. A sign this is that even the bravest Jedi Knights are hesitant to jump into the abyss.

Riskier Loans a Dark Path They Are

Lower rates some seek. The path to the Dark Side this can be! Adjustable rate mortgages or ARMs they are called. Tempting they are with lower initial rates. But beware! Like a Rancor these rates can turn on you adjusting higher and higher. 9.6 percent the ARM share is the highest since November. Desperate many are but remember fear is the path to the dark side. Fear leads to anger. Anger leads to hate. Hate leads to suffering. Or in this case foreclosure!

Higher Prices the Banks Have Greedy!

Home prices they are higher than a year ago. Higher the banks want them! The dark side of capitalism this is. Borrowers they are struggling to lower their payments. Refinancing applications down 12%. But worry not! 68% higher than last year they are! Hope there still is!

Uncertainty Clouds the Future hmm?

Economic uncertainty it looms. Volatility it surrounds us. Mike Fratantoni the MBA's chief economist wise words he speaks. Hesitant prospective buyers are becoming. A wise decision this is! Patience you must have young ones. The Force it will guide you.

Active Inventory Up! A Chance This Is!

More active inventory there is! 30% higher than last year it is. Opportunity this presents! Low inventory it was blamed for weak sales. A chance to strike this is when the moment is right. Control your destiny you must!

Volatility the Only Constant Is

Markets calmer they are this week. But a trap this could be! More volatility it is likely to come. Matthew Graham he warns us. Take nothing for granted you must not. The Force always in motion it is. Be prepared you must be. May the Force be with you...and your wallet!