Great Responsibility, Rising Rates: Spidey's Guide to the Housing Market!

My Spidey Sense is Tingling...and It's Saying 'High Rates'!

Alright web heads Spidey here swinging into your lives with the latest on something almost as scary as facing Doc Ock: mortgage rates! Seems like they've been climbing faster than I can scale the Empire State Building. We're talking the highest they've been since January. Seriously Aunt May's frugality is starting to make a lot of sense right now!

Hope Springs Eternal: Purchase Applications Defy Gravity!

But hold on! Even with rates looking like they're auditioning for the Sinister Six some brave souls are still out there looking to buy. Purchase applications actually went UP 2% from last week! And a whopping 18% higher than last year! Apparently a little thing like crippling debt isn't stopping folks from chasing the American Dream. You go Glen Coco! More houses on the market are helping apparently which is great because even I'm getting tired of crashing at Harry's place! Seriously that guy has a weird obsession with green...

The Devil's in the Details: Decoding the Rate Hike

So what are we talking about exactly? The average interest rate for a 30 year fixed mortgage (you know the kind that doesn't change on you like a Chameleon disguise) jumped to 6.98%. From 6.92%! Every decimal counts folks. Points decreased but let's be real it's like trading one supervillain for another slightly less annoying one. Still gotta fight right?

Refinance? More Like 'Refi NOPE'!

Now refinancing? Ouch. Those applications took a nosedive faster than I do when Mysterio messes with my Spidey Sense. Down 7%! But...and there's always a 'but,' isn't there? Still 37% higher than last year. So it's complicated. Like my relationship status with Mary Jane. One minute we're swinging through the city the next...well let's just say I need a good lawyer. Speaking of which...anyone know a good lawyer?

Even Spidey Gets the Monday Blues: A Slight Rate Dip!

Alright things are starting to look up slightly! Rates inched DOWN to start the week after the Consumer Confidence Index was released. This report wasn't perfect though as Matthew Graham mentioned the labor market. Weaker job market usually bring rates down so not all good news. Even bond market improved! Maybe there's hope for us after all! Time to celebrate with a churro from that one cart in Queens? You know the one.

With Great Power Comes Great...Financial Confusion!

Look I'm Spider Man not an economist. I fight bad guys I sling webs I make questionable fashion choices (seriously who decided blue and red was a good combo?). But I do know this: buying a house is a big deal. So do your homework talk to the experts (not me!) and remember even if things look tough there's always a way to swing through it. Excelsior!