Home Buying Applications Lowest in 13 Years
Homebuyers seem to be uninterested in buying homes lately or so says the Mortgage Bankers Association. Of course, we all know people personally buying or looking for a house to buy but mortgage applications have fallen to a thirteen year low. The Association claims that the last time volume was so low was back in July of 1996.
Most of the homebuyers seem to be taking a break after the deadline for the tax credit passed so it may be that anyone who was considering buying a home this year definitely pushed for the tax credit which ended April 31st., 2010. The deadline for closing on a home purchase transaction which is already in escrow by April 31, 2010 has now been pushed to September 2010.
Mortgage rates for a 30 year fixed hover around 4.5% this week.
