Ben Eisen

speaker

1,467 appearances 35 recordings 1 series first heard Jul 2017 last heard Nov 2024

Ben Eisen’s voice in public audio — every appearance, attributed to the second.

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WSJ Your Money Briefing · Housing Market Rebounds as Mortgage Rates Fall · 6 Feb 2023 podcast

But that doesn't mean it won't fall off and fall further from the lows that we've already seen.

We have heard the Federal Reserve say that they are very committed to keeping rates high enough that inflation will come back down to where it was prior to its spike, including if that pushes the U.S.

into a recession.

And if you have the U.S.

in a recession at the same time as you have high interest rates, that's kind of a double whammy for pushing activity out of the housing market.

So home prices are a little bit different than home sales.

They have been falling for the last few months, and most economists and housing market experts expect them to keep falling, you know, at least for a few more months, but nobody really knows.

In some of the very hot markets, you saw prices rise an extraordinary amount, and now they're sort of reversing.

So the direction of prices is definitely something to watch separately.

So you have seen a little bit of a bounce.

Refinancing applications have jumped actually about 50% since the end of last year.

according to the Mortgage Bankers Association.

But it's important to remember that that's off of extremely low levels.

There's been very, very little refinance activity over the past year.

So any uptick is going to look like a lot.

And what lenders tell me is that it really doesn't make sense for that many people unless you're doing a very specific thing, refinancing to take cash out of your home or trying to refinance out of a rate that's even higher than current levels.

Yeah, I mean, it's impossible to tell where rates will go from here.

But yes, the record low rates that we saw are pretty far from where rates stand now.

And so there is sort of a sense that if you want to buy a house right now, you're probably not going to wait around for rates to fall back down to 3%.

What I've heard from real estate agents is that some homebuyers are really already adjusting to this, to the idea that

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