Mama Mia! Mortgage Rates in Limbo - Will They Ever Jump?

It's a Me...A Homeowner?

Mamma mia! Mario here reporting live from the Mushroom Kingdom... well not really I'm checking out these mortgage rates. Turns out even saving Princess Peach isn't as tough as buying a house these days! These mortgage rates are like a Goomba stuck in a pipe – they just won't budge! According to the Mortgage Bankers Association applications to buy a home are down 4% last week. That's a no good!

Subdued Homebuyers? More Like Shy Guys!

Joel Kan from the MBA says homebuyers are "subdued by broader economic uncertainty." I say they're probably just scared of Bowser's high prices! It's like trying to jump a flagpole with no Super Mushroom – almost impossible! Even though rates are a tad lower than last year (6.89% now used to be higher!) people are still waiting for a bigger drop. What is this waiting for the invincibility star? You could be waiting a while.

Refinancing? More Like Re Financing...My Pockets!

And what about refinancing? Down 4%! Looks like everyone's holding onto their coins tighter than I hold onto a Fire Flower. Apparently people aren't too keen on refinancing when rates are still hovering near 7%. I get it. Who wants to pay more just to save a few coins? No one! It's like paying Luigi twice for the same job!

The Mystery Box of Economic Data

Now the experts say things might change after Wednesday when they release a whole bunch of “economic data.” Sounds like a Mystery Box! Will it be a Super Star (good news)? Or a poisonous mushroom (bad news)? Only time will tell! I'm a hoping for that Super Star because these rates need a serious power up!

The All Important Employment Report

And don't forget the big boss battle the employment report on Friday! This thing could make or break the housing market. Let's a hope there are plenty of jobs out there! Otherwise it's game over for affordable housing...or at least a longer level to complete.

So What's a Mario Gonna Do?

So what's the moral of the story? Keep an eye on those economic indicators and maybe collect a few more coins before jumping into the housing market. And remember sometimes you gotta take a chance! Just don't end up like a Goomba flattened by a Thwomp! Wahoo!