Homebuyers Are Back Baby! (And Maybe I Can Sell You a House… Or a Defense)

Show Me The Money (Lenders)

Alright folks Saul Goodman here your favorite attorney/problem solver/unofficial real estate guru. Turns out even with all the financial mumbo jumbo swirling around like a dust storm in Albuquerque people are still lining up to buy houses! Mortgage applications are up for the second week in a row. I'm talking a whole 1.1% jump according to the Mortgage Bankers Association. Seems like even with rates doing the limbo (how low can you go?) folks are getting itchy to slap down some cash on a new casa.

Interest Rates? More Like Interest…ing

Now let's not sugarcoat it. Interest rates are creeping up like a bad rash. We're looking at an average of 6.86% for a 30 year fixed mortgage. Ouch! But hey what's a little interest when you can finally ditch your landlord and paint the walls whatever color you want? Personally I'd go with a nice calming shade of 'Better Call Saul' blue. It's very soothing...and marketable!

House Hunting Bonanza!

The real kicker here is that there are actually MORE houses to choose from! We're talking a 14% jump in listings compared to last year. That's right folks inventory is up meaning you've got a better chance of finding that dream home...or at least a place that's not infested with termites (check that seriously!).

Uncle Sam Wants YOU (To Buy A House)

Turns out Uncle Sam is in the house selling game too. Government purchase applications are through the roof. Up almost 5% in a week and a whopping 40% compared to last year! These loans are perfect for first time buyers and folks with a little less cheddar in the bank. Low down payments? Sounds like a deal even *I* couldn't refuse!

Refinancing? Maybe Later Gator

Now refinancing is taking a bit of a backseat. Applications are down a tad but still higher than last year. So if you're thinking about tweaking your current mortgage maybe hold your horses. Or you know call me. I might have a guy who knows a guy who can... you know what nevermind.

Saul's Sage Advice: Just Buy It!

So what's the takeaway here folks? The housing market is still kicking despite the economic jitters. More houses government assistance and the burning desire to own a piece of the American dream are driving the bus. Just remember due diligence is key. Don't end up with a money pit! And if you need any legal advice you know who to call. Better Call Saul! (Disclaimer: Saul Goodman is not a licensed real estate agent. Side effects may include excessive charm and questionable ethics.)