According to the Mortgage Bankers Association's Weekly Applications Survey, demand for loans to buy homes fell last week. In fact, purchase application demand was down 2.3 percent from one week earlier. Joel Kan, an MBA economist, told CNBC there are a couple of factors that could be contributing to the decline. “Recent volatility in the financial markets and increasing rates continue to adversely impact mortgage application activity, even as the general economic outlook remains positive,” Kan said. In other words, potential home buyers are feeling cautious, despite being relatively confident about their financial situation and the overall economy. Part of that has to do with rising mortgage rates and the recent ups-and-downs of the stock market. Another factor could be the normal sales slowdown that usually follows the summer season. Whatever the case, purchase demand is now 3 percent lower than at the same time last year. One area that doesn’t seem to be experiencing as much of a purchase let down is in Eastern, NC. This area has continued to build many new homes and that has kept prices moderate and kept homes on the market for most buyers that are looking. The selection is good, prices are good and finances are more in order so homes are selling. 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.
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