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Mortgage rates start to go up more quickly than they did a year ago
Mortgage rates are “critical” to the path of the housing market in the year ahead, Jeff Tucker, senior economist at Zillow, said. “Mortgage application activity sunk to a quarter-century low this week as high mortgage rates continue to weaken the housing market,” said Sam Khater, Freddie Mac’s Chief Economist. US home prices dropped for the…
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Mortgage rates went up
Mike Fratantoni, SVP and Chief Economist at the Mortgage Bankers Association, said that mortgage rates are expected to come down next year. The long-term rates like 30-year mortgage rates are a function of market expectations for the economy, he added. Mortgage application activity was at a 25-year low this week due to high mortgage rates,…
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It is not likely that we will have a repeat of 2008 in a few years.
US home prices dropped for the fifth month in a row in November as rising mortgage rates pushed prospective buyers out of the housing market late last year. US mortgage rates topped 7% last month for the first time since 2002. Mortgage rates in 25 major cities have gone up on average since last year,…