. Meanwhile, mortgage applications surged 16.8% last week from 6.9% the week prior. Mphasis Digital Risk founder and managing director Jeff Taylor joins Market Domination Overtime to discuss"What we saw in the refinance market was the biggest one-week jump in almost two years. And if we look at the broader rate market right now, we're down a full point to 6.%5, down from a high in April of 2024.
And yes, you know what we saw in the refinance market was the biggest one week jump uh in almost two years. You know, when you look at historical trends at times when mortgage rates have been high, I mean, mortgage rates have not come down very much this cycle around.And so we recently just committed uh uh completed our annual uh us market housing survey here at the risk emphasis.They're ready to start buying and these people have been on the sideline for a couple of years now, the 20% say their sweet spot is a little bit higher into the sixties.
Uh, by the end of the year heading into the fives in January, February Jeff, even if we see mortgage rates start to come down and unlock some demand in the housing market.So you know, if I look at uh mortgage housing, right? The other thing that really factors in to affordability though is insurance and that's the thing where you look like the state of Florida insurance costs have doubled in many instances and that's a big driver to the overall housing number that people can afford.But again, with more inventory that's gonna be better.
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