Mortgage Application rates are now below where they were during the mortgage crises yet we are in a booming job market and economy right? At least that's what Trump and Washington wants us to believe. They also want us to believe the Fed is going to keep hiking into 2019 & 2020 all the while housing in the US just implodes and interest payment on the US Federal Debt go parabolic. Because the economy is Yyuuuge!!! Good luck with that...
And all it took was mortgage rates to top 5% in the US. Still almost half the historic average and yet we are now at 18 year lows in new mortgage origination. New housing starts are also collapsing so its not just due to the refi market.
According to Zerohedge...
The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($453,100 or less) increased to its highest level since February 2011, 5.10 percent, from 5.05 percent, with points increasing to 0.55 from 0.51 (including the origination fee) for 80 percent loan-to-value ratio (LTV) loans.
New housing starts are also rolling over after a record 10 year run...
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It is a scary time right now...
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