Number of Mortgage applications is going down since May of 2013. And the reason is increase in mortgage rates. In January 2013 we saw the record level low rates which made people refinance to lower their monthly payments. But now rates have gone up and number of people applying for refinance down.
Housing has been a bright spot in the U.S. recovery, with prices rising steadily since early 2012. Economists, however, expect the pace of the price gains to slow down for the remainder of this year and in 2014Nevertheless, rates remain low by historical standards and most economists do not expect the higher costs to halt the recovery altogether. In fact, in the short-term, it could motivate potential buyers to act before rates rise even more
But real estate values are going up and it is one of the biggest reasons to buy real estate as a primary home or for an investment. Hopefully increasing real estate rates will bring customers in to get refinance to get cash out or buy new properties.
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