Mortgage application volume dropped 10.6% for the week last week, following the news that rates moved back up over 7%.
The MBA Refinance Index dropped 11% from the previous week and was NEARLY identical to the week one year ago today.
The seasonally adjusted Purchase Index fell 10% from a week earlier.
Still, housing values HOLD.
Zillow is predicting a competitive home-buying season this spring. According to its latest market report, well-priced homes are being snapped up quickly, right now in just 29 days on average, but that will shorten as the spring buying season begins to pick up.
But those that aren’t so well priced? Well, not so much. One in five sellers of mispriced homes is cutting prices to find buyers, leaving those not willing to reduce prices stagnating on the market for months,
Right now, the national average time on the market for Zillow listings is 72 days.
This is a sign of a healthier housing market, not a sign of a crash.
Fundamentally, supply still does not keep up with demand.
While rates may have ticked up, the market remains resilient.
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