Wichita KS Realty News

National Mortgage Applications Fall 4%

mortgage applications rise graphic

WICHITA, KS:  (wichitaksrealty.news) Weekly mortgage applications fell 4% from last week on a seasonally adjusted basis, even with national interest rate averages sitting near record lows.  This according to the Mortgage Bankers Association.  Year on year averages are still up though, roughly 48% higher compared to 2015 numbers.  The weekly over week fall could  possibly be an effect from the Brexit vote earlier in the year, as some economists have stated.Both new home and refinancing averages fell in this period.

Rates, however, have stayed low and have been credited with many metropolitan areas seeing low supply and rising prices.

Awaiting minutes from the July Federal Reserve Open Market Committee (FOMC) meeting later today, the potential of tightening talk and the Federal Reserve setting the stage for upcoming interest rate hikes may have dramatic future implications on mortgage applications and financing rates.  This coupled with the upcoming election provides a level of uncertainty that can effect interest rates and mortgage applications.

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Richard Wood

Richard Wood, our Editor and contributing Author shares his insights of the national economic data and helps identify trends in the economy and specifically how they effect the local real estate markets in and around Wichita Kansas.
With a top down approach, his focus starts with the Federal Reserve policy makers and their direction on interest rates. Employment, housing starts, and refinancing of current mortgages all come into play when trying to understand how they fit together. Even generational housing trends are important and will be discussed.
Richard brings more than 30 years of knowledge of these markets and will assist the reader in better understanding how they come in to play.