by Business Insider | September 26, 2013 10:30 am
Rising mortgage rates have many worried about the toll it could take on the housing recovery. The 30-year mortgage rate saw a dramatic run up this summer to a two-year high of 4.58%, but clambered down to 4.32% in the latest survey.
And from the beginning of May to the beginning of September total applications for home purchases and re-financings plummeted by 59.25% to October 2008 levels, writes Brian Jones at Societe Generale (SCGLY).
But, he thinks all the concern about the “rate induced swoon in mortgage applications is overblown,” for three key reasons.
Source URL: http://investorplace.com/2013/09/3-reasons-not-to-freak-about-plunging-mortgage-applications-scgly/
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