Facing pressures from high interest rates, mortgage applications have plummeted to their lowest level since 1996. Homeowners who bought homes with low mortgage rates are reluctant to sell in a world where mortgages are now high, resulting in a limited supply of available homes.
“Mortgage applications declined to the lowest level since December 1996, despite a drop in mortgage rates. Both purchase and refinance applications fell, with the purchase index hitting a 28-year low, as prospective buyers remain on the sidelines due to low housing inventory and elevated mortgage rates.”—Mortgage Bankers Association deputy chief economist Joel Kan
How might this shift in the housing market affect consumers, and what can they do to help protect their portfolios?
Click on the video link below for exclusive executive insights on this topic from Edmund C. Moy, 38th Director of the U.S. Mint and Senior IRA Strategist for U.S. Money Reserve.
Related headlines from around the web:
- MarketWatch: “Housing affordability is now at its worst level since 1984, Black Knight says”
- Fox Business: “Mortgage demand plummets as high rates squeeze buyers”
- Reuters: “Gold gains as dollar slips, focus shifts to Fed meeting next week”
Protect your portfolio with precious metals today.
Gold has historically been used as a hedge against economic uncertainty and market turbulence. As paper-based assets like stocks continue to experience volatility and inflation continues to deflate the dollar’s purchasing power, now may be the perfect time to add wealth protection to your portfolio in the form of physical gold.
Watch U.S. Money Reserve’s “Market Insider” each week for more economic insights. Nothing herein should be considered as portfolio or retirement advice as U.S. Money Reserve (“USMR”) cannot and does not offer financial advice. Clients should consult a financial advisor for specific advice. This commentary is provided by USMR for informational purposes only and is provided on an “as is” basis without any warranty of any kind, whether express or implied. Your use of the information provided in this commentary is entirely at your own risk. In no event will USMR be held liable for any