Basic Finance

30-Year FRM Rates: Who Says Lower Rates Won't Do Much Good?

Are new mortgage applications really a good measure of buyer demand? I signed my contract for a new condo almost a year ago, but didn't actually finalize the financing until today (at an amazing 4.375 with 3/8 points). I'm certainly happy about the lower rates, but it had NO impact on my buying decision. I think weekly fluctuations in mortgage applications are really just surges from a pool of buyers who have already decided to buy, but who are trying to time the rates, not from "new" buyers.