WICHITA, KS: (Wichita KS Realty News) A 2.4 percent week over week increase for mortgage applications has been reported in the current Mortgage Bankers Association weekly survey. Even seasonally adjusted figure are showing an increase, which is a good sign for buyers and sellers alike. With what feels like a trickle of new listings hitting the market and many people interested in buying, this uptick is welcome news.
Along with the slight increase in week over week mortgage applications, the refinance share of mortgages also increased .3 percent from the previous week to 41.9 percent. And in what can be seen as the consumer’s belief that rates may continue to rise, there was a 8.2 percent decrease in in the amount ARM (Adjustable Rate Mortgages) in those figures. With traditional 30 year fixed rate mortgages slightly above 4 percent, the overall affordability of the interest rate component of buying a home is not keeping potential buyers away. Many areas are still reporting anemic listings in relation to interested buyers.
At the time of the writing of this article, here are the rates quoted by a couple of our local lenders on their websites;
Capitol Federal 30 year fixed rate mortgage- 4.125 percent*
Credit Union Of America 30 year fixed rate mortgage- 4.246 percent*
* Please visit their sites for the details, limitations, and other restriction on their quoted rates
With spring buying in full swing, Wichita’s residential real estate market is dealing with many of the issues we are seeing in other parts of the country. Inventories are low and prices are rising. Homes are going under contract relatively quickly. As always, time will tell as to the long term health of our real estate market, but in the short term, the trend seems to already be established. We will be looking into the new home market and will be talking to builders to find out what they are seeing, soon.