The Mortgage Bankers Association says this happening at a time when homes that are overpriced on the market and or less desirable are having their prices reduced and taking longer to sell.
Mortgage demand is at a 22-year-low right now.But we are still seeing people wanting to buy homes. That’s the case on Garden Street where there are several new houses being built.
According to the Mortgage Bankers Association, the average rate on a 30-year fixed mortgage rate dropped a little bit in May, but rose again this past week to start the month from 5.3% to 5.4%, that’s for homes where buyers put down 20%.Florida is one of the places where supply is lower and prices are higher, but that’s not deterring buyers who are determined to buy a house. It just makes that process tougher and take longer.
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