Are Higher Interest Rates Hitting the Housing Market?

[This is a snippet of a blog post from Wall Street Cheat Sheet — we think you’ll find it very helpful!]

The real estate market is taking a breather from the recent rise in interest rates, but mortgage applications continue to decline. According to the Mortgage Bankers Association’s latest report for the week ended July 19, loan application volume dropped 1.2 percent on a seasonally adjusted basis from one week earlier. That’s the tenth weekly decline in only 11 weeks, and comes after a 2.6 percent decline in the previous week. The figures include both refinancing and home purchase demand, and cover more than 75 percent of all domestic retail residential mortgage applications… Read Original

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Jennifer Crosby is an award-winning Realtor in Colorado Springs and a Military relocation specialist. She has consistently made the list of the top 10% of real estate professionals in the El Paso County, Colorado area. She is known for her knowledge of the real estate market, and her ability to keep the home buying process exciting. Contact Jennifer today to buy or sell a home in Colorado Springs.