Diana Olick of CNBC.com reported on March 1, 2023:
- Mortgage applications have hit a 28 year low
- Mortgage rates have moved 50 basis points higher in the past month
- Mortgage rates were in the 4% range last year – now around 6.7%
- Re-fi applications are 74% lower today than same time last year
This data presents a wonderful opportunity for a real estate investor. There are loads of people who want to buy a home, and some of them are a prospect for you if you have a property in a nice neighborhood and can come to terms that are attractive for your buyer and protective for you. Talk to the realtors and mortgage brokers in your area – maybe they can find your next buyer.