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Will the Market Surge This Season?

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Mortgage applications to buy homes fell by 2% last week from the week prior, according to the Mortgage Bankers Association (MBA). The MBA metric, known as the purchase index, was still up year-over-year, making it the 21st week the index has posted annual growth. But the slight drop from the previous week could be a sign that Americans’ unexpected urge to buy homes is leveling off.

The decrease came even as mortgage rates continued to fall. The average 30-year, fixed-rate mortgage inched down one basis point to 3%, a new low in the 30-year history of MBA’s survey. Jumbo rates fell to 3.3% from 3.31% the prior week. Some buyers are seeing rates in “the 2’s,” depending on the loan product.

Additionally, last week, the refinance index reached its highest level since mid-August.

Cash is still king in the high-end of the real estate market. And there were significant closed sales at or above $19,000,000 in L.A.’s pricey Westside in September, including:

  • 1148 Napoli Dr., 90272 @ $19,712,500.
  • 124 Udine Way, 90077 @ $26,000,000.
  • 9955 Beverly Grove Dr., 90210 @ $36,750,000.
  • 1001 N. Roxbury Dr., 90210 @ $39,145,000.

Interesting events in otherwise challenging times. Contact me if you would like to talk it through. Have a great weekend!