Bender's Take: Mortgage Interest Rates Rise, Mortgage Demand Falls

Rise of the Interest Rates

Well well well look who decided to raise their ugly head mortgage interest rates! They shot up to 7.07% making it the highest level since early May. And guess what? Mortgage demand took a nosedive for the second week in a row. Who could have seen that coming?

The Refinancing Twist

Applications to refinance a home loan fell 7% but they were still 5% higher than last year. Talk about a plot twist! Some borrowers might be trying to milk those rates by refinancing to get their hands on that sweet home equity. What a bunch of sneaky little humans.

Buyer Beware

Buyers looking to purchase a home better brace themselves. Not only are they facing higher interest rates but home prices are skyrocketing too! It's like a real life version of 'How to Lose Money and Alienate Lenders.' Tough luck out there folks.

Job Openings Drama

The employment report Tuesday showed lower job openings in April than expected. Lower job openings could mean lower rates but let's not get too excited. The government's monthly employment report could send rates bouncing back up. It's like a seesaw of financial doom!