Where is demand for mortgages with rates cooling?

Houston Suburban Aerial | mortgage rate news

Demand for mortgages jump

According to recent data from the Mortgage Bankers Association, the demand for mortgages has increased. Total application volume was up 7.1% comparing last week to the previous week, and marked the second consecutive week of a significant increase.

Mike Fratantoni, senior vice president and chief economist at the MBA, said, “Mortgage rates dropped below 7% last week for most loan types because of incoming economic data showing a weaker service sector and a less robust job market, with an increase in the unemployment rate and downward revisions to job growth in prior months.”

Refinance applications were also up 12% for the week and are 5% higher than the same week a year ago.

How’s the Houston market performing?


A recent report on the Houston housing market stated that home sales for the Houston metro area were up 7% in February. The report also indicated that the spring season should be very busy for the Houston area.

The data also showed a stronger market for high-end homes in the Houston area. Sales on homes priced at $1 million or more were up 48% in February 2024 compared to February 2023.

Houston Association of Realtors chairman Thomas Mouton said, “Finally people are getting off the fence and deciding to purchase. We had two months in a row of very strong healthy indicators and I think it’s going to be an indication of more healthy months going forward.”


What does it cost to live like an 11-time All-Star?


Retired baseball player Albert Pujols recently sold his mega-mansion in Irvine, CA. The home came with five bedrooms, eight bathrooms, and offered over 9,200 sq. ft.

The home also comes with two offices, a movie theater, a wet bar, and a meditation room. There’s also a bonus room that can be converted into a wine cellar, playroom, or home gym. The backyard is designed to resemble a high-end resort with a swimming pool, custom rock grotto, a waterfall, a jacuzzi, and various patios, fire pits, and gardens.

The home was originally purchased for $5.5 million in 2012, but Pujols reportedly sold the property for a cool $8.8 million.


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