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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][b]Mortgage applications sink to their lowest level since before the pandemic hit[/b]

[url]https://www.cnbc.com/2021/07/07/mortgage-applications-sink-to-lowest-level-since-before-pandemic.html[/url]

[quote]Falling mortgage rates didn’t spur demand.[/quote][/quote]

RedFin data shows major slowdown of houses sold in the last month or so while inventory increased. [/quote]

Which is good, all the pandemic did was move up peoples timelines to move from the city to the burbs. They did it all at once hence the scramble. That demand has been satiated to a large part. You aren’t seeing investors buying multiple homes or other nonsense like in 2005. [/quote]
Redfin data also indicates that suburban buyers are very stretched. In Bethesda and Arlington zip codes I checked, down payments are only averaging about 10%. In DC it’s a different story. All of the high demand and competitive neighborhoods have at minimum 20% average down payment and many, like CCDC are 30%+. Suburbs look to be maxed out. 
[/quote]
I find this confusing. Weren’t there covid changes to jumbo loans that required 20% down? Are all these people finding cheap places or what’s the deal?[/quote]

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