Mortgage applications ticked up 0.8% last week after two straight weeks of declines. Not exactly a surge, but it's something.
What caught my eye: ARMs now make up 8% of mortgage activity—highest in five weeks. When people start reaching for adjustable-rate mortgages, it usually means they're stretching to afford the payment. They're betting rates will fall later. Maybe they're right. Maybe not.
30-year fixed sitting at 6.79%, basically flat. Still expensive by recent memory, but we're a long way from the panic of late 2023.
Housing is always about affordability and expectations. Right now, buyers are cautiously stepping back in, but they're not confident enough to lock in long-term. That tells you something about where sentiment really is.
What caught my eye: ARMs now make up 8% of mortgage activity—highest in five weeks. When people start reaching for adjustable-rate mortgages, it usually means they're stretching to afford the payment. They're betting rates will fall later. Maybe they're right. Maybe not.
30-year fixed sitting at 6.79%, basically flat. Still expensive by recent memory, but we're a long way from the panic of late 2023.
Housing is always about affordability and expectations. Right now, buyers are cautiously stepping back in, but they're not confident enough to lock in long-term. That tells you something about where sentiment really is.
