June 9, 2022: -Mortgage rates are back after a short drop in May, and the housing market is still grieving a lack of listings. As a consequence, mortgage demand is declining.
According to the Mortgage Bankers Association’s seasonally adjusted index, complete mortgage application volume decreased 6.5% in the previous week. Demand reaches the lowest level in 22 years.
The average contract interest price for 30-year fixed-rate mortgages with conforming loan balances grew to 5.40% from 5.33%, increasing to 0.60 from 0.51 for loans with a 20% down payment.
The huge majority of mortgage holders have rates considerably less than the existing one. Even those pulling cash out of their homes choose second mortgages rather than refinancing their first liens. Refinance demand, sensitively to weekly rate moves, lost another 6% for the week and was 75% lower than one year ago.
“While rates were still lower than four weeks ago, they remained high enough to suppress refinance activity. Only government refinances experienced a slight increase in the previous week,” said Joel Kan, an MBA economist.
Applications for a mortgage to purchase a home decreased the 7% for the week and were 21% less than the same week one year ago.
“The purchase market is mourning from persistently low housing inventory and the increase in mortgage rates over the past two months. These worsening affordability challenges are particularly hard on prospective first-time buyers,” Kan said.
According to a different survey by Mortgage News Daily, Mortgage rates moved even higher to start this week.
Rates have been slim for a few weeks after moving decidedly higher in the last months.
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Systems thinking is an approach that focuses on understanding how different parts of a system interact and influence one another within a whole. It is a holistic framework considering interrelationships and patterns rather than static snapshots. By expanding perspectives, systems thinking clarifies complex situations and can spur innovation.
A definite ‘NO’ to the question if struggling families had child care asked by a group of committed volunteers in the San Fernando Valley in 1974, urged the volunteers to look for a way to support families struggling to find quality child care, development, and education services for their families. That year, the San Fernando Valley Child Care Consortium and the Mayor’s Child Care and Junior Task Force proposed the first child care resource center in the San Fernando Valley. Doris McLain was elected chairperson as Mayor Bradley accepted the proposal and gave the newly founded Child Care Resource Center (CCRC) space in Van Nuys City Hall Center. CCRC began 45 years to help working moms find child care.
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