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Today, in the Calculated Risk Real Estate Newsletter: Thoughts on Housing Supply and Demand With 30-year mortgage rates above 4%
A brief excerpt:
So far, there has been no obvious impact on demand from 30-year mortgage rates above 4%.
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I’ve spoken to several mortgage brokers over the last few days, and they are reporting purchase demand remains strong. They did mention a decline in refinance activity due to higher rates, and several brokers mentioned appraisals are falling short – and buyers are having to fill the “appraisal gap”.Other measures of demand – like the MBA purchase index – have weakened a little – but are still showing solid purchase demand
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Meanwhile, homebuilders are struggling with both price increases and supply constraints. The most recent new home sales report showed that the Inventory of homes under construction highest since 2007 and the most recent housing starts report showed Most Housing Units Under Construction Since 1973
There is much more in the article. You can subscribe at https://calculatedrisk.substack.com/
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