Monthly Archives: June 2023

Buyer’s remorse is common, especially after making a large purchase. So it’s not unusual for recent home buyers to have some regrets. It’s normal. In fact, a survey of new homeowners found the vast majority said there were things about the home-buying experience that left them feeling dissatisfied. But what were those things? Well, fortunately, the share of respondents who said they feel they bought the wrong house altogether was low. Far more participants said they regret buying too quickly, spending too much, or making an offer under pressure. In a competitive market, that’s no surprise. The home’s location and neighbors also made the list – both named by just over 20 percent of buyers. The number one complaint among recent home buyers, though, was that the home they purchased requires too much maintenance. Thirty-three percent of surveyed buyers listed maintaining their home as the top complaint, with 26 percent responding that they regret buying a fixer-upper. (source)

According to the Mortgage Bankers Association’s Weekly Applications Survey, average mortgage rates rose again last week. Rates were up for 30-year fixed-rate loans with both conforming and jumbo balances, loans backed by the Federal Housing Administration, and 15-year fixed-rate loans. Mike Fratantoni, MBA’s senior vice president and chief economist, says demand for mortgage applications fell as a result. “Application volumes for both purchase and refinance loans decreased last week due to these higher rates,” Fratantoni said. “While refinance demand is almost entirely driven by the level of rates, purchase volume continues to be constrained by the lack of homes on the market.” Demand for loans to buy homes was down 3 percent last week and is now 31 percent lower than it was at the same time last year. Refinance activity, on the other hand, was down 7 percent week-over-week. The MBA’s weekly survey has been conducted since 1990 and covers 75 percent of all retail residential mortgage applications. (source)