According to the Mortgage Bankers Association's Weekly Applications Survey, average mortgage rates were mostly flat last week after four weeks of consecutive declines. In fact, rates for 30-year fixed-rate mortgages with conforming loan balances were unchanged from the week before, while rates for jumbo loans, loans backed by the Federal Housing Administration, and 15-year mortgages all fell slightly. But despite favorable mortgage rates, demand for loans declined 3.3 percent. Joel Kan, MBA's vice president of economic and industry forecasting, said demand may have stalled due to economic uncertainty. “Purchase applications decreased for the third straight week, but remained more than 7 percent higher than a year ago,” Kan said. “It is possible that the trade dispute is causing potential homeowners to hold off on buying, with the fear that further escalation – or the lack of resolution – may have adverse impacts on the economy and housing market.”
Although the housing market may be a little bit off, the areas of Eastern, NC, are still booming. This area has continued to build many new homes, in different sizes and styles, offering something for most buyers. Because of the good inventory in this area it has also been able to keep prices down and more competitive. To see some of the homes available go to: https://www.firstcarolina.com/listings/
Or join social media at: https://www.facebook.com/fcrhavelock/?notif_t=page_admin. The MBA's weekly survey has been conducted since 1990 and covers 75 percent of all retail residential mortgage applications. More here.
