CoreLogic’s chief economist Selma Hepp agreed, saying that “the continued volatility in mortgage rates and the results of the recent banking crisis are more likely to hamper the spring home-buying season, especially if credit tightening affects mortgage availability. However, with price growth slowing down further quickly, potential buyers could reap advantages after years of being locked out of the market.”
As a result, mortgage applications rose 2.9% and rates of interest continued to fall, based on the Mortgage Bankers Association.
“App activity has picked up as mortgage rates have fallen for the third straight week,” noted Joel Kan, deputy chief economist for the MBA. “While the 30-year fixed rate remained 1.65 percentage points higher than a yr ago, homebuyers responded, resulting in a fourth straight increase in requests to purchase.”
