I was talking to a couple of mortgage loan officers yesterday. One told me that things have been really slow the last 2 weeks. She blamed the higher mortgage rates, and uncertainty about the economy. The other said he had slowed down a lot especially with re-fi applications. I talked to one of my buyer clients and he and his wife decided not to buy now. His company just laid off a couple hundred employees, and he may be in the next wave. He said he doesn't want to put down $25,000 in down payment and expenses to lose his job and face foreclosure. Also he said that the 29% increase in mortgage payments due to the interest rate increasing made renting a better option for his family.
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