Newsfeed: Weekly mortgage demand from homebuyers tumbles 12%, as higher interest rates take their toll
Mortgage rates actually fell slightly last week, but the damage has already been done to housing affordability.
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Newsfeed: NAR Warns Rising Mortgage Rates “Will Be Problematic” As US Existing Home Sales Unexpectedly Soar In Jan
After December’s unexpected tumble, analysts expected existing home sales to continue to slow (-1.3% MoM) in January as mortgage rates rose, omicron hit, and homebuilder sentiment began to slow (catching down to homebuyer’s record low confidence). However, despite the soaring rates and slumping confidence, NAR expects us to eblieve that sales exploded 6.7% higher MoM (a massive beat, even more so given that December was revised slightly better)…