Yo Adrian! Homebuyers Still Punching Despite Mortgage Rate Jab!

Gonna Fly Now... But Can You Afford To?

Yo Adrian check this out! Seems like these mortgage rates are climbin' faster than I used to run up those Art Museum steps! They went up for the third week in a row hitting the highest they've been since January. I'm talkin' 'bout nearly 7%! 6.98% to be exact for a 30 year fixed. But get this Adrian! Some folks ain't backin' down they’re still in the game!

The Eye of the Tiger... and a Good Realtor

These homebuyers see? They're like 'I didn't hear no bell!' Mortgage applications to buy a house actually went UP 2% from the week before! And get this it's 18% HIGHER than last year! Maybe it's like Mickey said 'Every champion was once a contender who refused to give up.' They ain't givin' up on that dream home Adrian!

Inventory's Up! It's a Jungle Out There!

Joel Kan from the Mortgage Bankers Association a smart fella he says it's 'cause there's more houses on the market in a lot of places. More houses more chances to find that perfect spot even with all this economic mumbo jumbo goin' on. 'Tis like Apollo said 'To beat me he's gotta kill me!' Well these buyers are tryin' to beat the odds not kill nobody ya know?

Refinancing? Ouch That's Gotta Hurt!

Now refinancing? That's a different story. That took a hit like one of Clubber Lang's punches. Applications went DOWN 7%. Even though it's still higher than last year seems like folks are thinkin' twice 'bout messin' with their current loans. VA refinances especially took a nosedive down 16%. Ouch!

Consumer Confidence: Feeling Good or Just Fooling Ourselves?

Now this holiday shortened week things got a little weird. Mortgage rates dipped slightly after a report on consumer confidence came out. This Matthew Graham fella at Mortgage News Daily said the report was good but there was some worry about the labor market. So less jobs lower rates at least that's the idea. It's like life Adrian. One minute you're on top of the world the next you're getting knocked down. It ain’t about how hard you can hit but how hard you can get hit and keep moving forward.

Go For It!

So there you have it Adrian! Homebuyers are still out there fightin' the good fight. They see a good house they’re gonna go for it! Mortgage rates are like Apollo Creed a tough opponent but these buyers got the heart of a champion. Just remember what I always say Adrian: 'It ain't over 'til it's over!'