Mortgage Application Demand Stalls: Housing Market at Risk? And Forbearance Update // Mortgage rates surged to their highest level since July and this has caused mortgage applications to slow recently. In addition, because mortgage interest rates have increased, refinances have also weaned as well. I also give you a loan forbearance update.
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To give you a 2021 housing market update if you’re a homebuyer, mortgage applications increased 0.5% from one week earlier, according to data from the Mortgage Bankers Association (MBA) for the week ending February 26, 2021.
According to the MBA, the average 30yr fixed rate mortgage had their largest single-week increase in almost a year, rising from 3.08% to 3.23%. This is the highest mortgage interest rate since July 2020.
The MBA’s Purchase Index was ONLY 1 percent higher than the same week one year ago. This rate has been decelerating in recent weeks.
Here’s the latest loan forbearance numbers: the rate of mortgage forbearance increased slightly to 5.23%. This is the percentage of the total number of loans in forbearance. Now, approximately 2.6M homeowners are in forbearance mortgage.
Comment below: what’s your housing market 2021 forecast and housing market forecast 2021? Do you think a housing crash 2021 will happen and there will be a housing crash due to a housing bubble, a housing market crash 2021 or do you think the real estate market will continue to surge?
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Jason Walter, CPA (lic 103885)
Sacramento Realtor/Sacramento real estate agent and native
Realty ONE Group Complete (DRE 01923240)
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Jason Walter is not a practicing tax accountant or a licensed attorney or financial adviser. Therefore, the information in these videos shall not be relied upon as tax, legal, or financial advice from a qualified perspective. If you need such advice, please contact a qualified tax accountant, attorney, or financial adviser. We have taken reasonable steps to check that the information in this video is accurate but we cannot represent that it is free from errors. You expressly agree not to rely upon any information contained in this video – it is for entertainment purposes only.
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#housingmarket #mortgagerates #forbearance