The United States mortgage market is an important indicator of the health of the housing market and the economy as a whole which means recent data from Trading Economics and AA News, on the state of mortgage applications in the country provides an important insight into current and future trends in the housing market.
One of the key findings notes that after a fifth consecutive weekly 30-year mortageg rate decline (currently sitting at 6.18%) mortgage applications have been on the rise.
According to AA News, mortgage applications in the US increased by 7.4% in the week ending February 3rd, 2023, a positive indicator for the housing market after a -9% swing in the opposite direction the week previous.
MBA Vice President and Deputy Chief Economist Joel Kan noted in a survey of 75% of all US residential mortgage applications; "Both purchase and refinance applications increased last week and have shown gains in three of the past four weeks because of lower rates," indicating a market buoyed by both mortgages, and those looking to lock in a favourable rate through refinancing.
#Investors should look to these signals as a positive for potential immediate capital appreciation and for short-term #propertyinvestment through house #flipping and or wholesaling there are some obvious and immediate opportunities as long as interest rates continue to trend positively.
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