I do not think this is indicative of housing being strong, but rather that fact that people are expecting rates to rise and they are taking advantage of that.
More Quotes from Celia Chen:
Even if interest rates weren't rising, home prices are very high relative to income. So, people are getting priced out and rising mortgage rates are making it worse.Celia Chen
During the holiday-shortened week, the MBA may have overcompensated its seasonal adjustment of the data.
Celia Chen
Mortgage lending is an opportunistic business and when business declines, the instinct is to consolidate to become more efficient, and that is what we are seeing.
Celia Chen
People who spent money on travel and luxury goods are spending more money entertaining themselves at home.
Celia Chen
It's pretty clear that housing is slowing. Rising mortgage rates and the very fast rising homes prices are constraining home buying. Homes are still considered affordable, but not as much so as a year ago.
Celia Chen
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