Mortgage applications plunged to 4-year low as interest rates hit 8-year high - Tough Housing Market Ahead

Total mortgage application volume fell 4 percent last week from a week earlier and plunged 16 percent from a year ago, according to the Mortgage Bankers Association's index. Also, mortgage applications to purchase a home led the volume lower, falling 5 percent for the week to the lowest level in 2 years.

This is obviously due to the rising interest rates that are clearly scaring away potential homebuyers.

The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($453,100 or less) increased to 5.15 percent. That is the highest rate since April 2010.

In this environment, it is hard to sell your house fast.

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New Home Sales Dropped 5.5 % to 2 Year Low

New home sales plunged in September, falling 5.5 percent to an almost two-year low due to the pressures from rising interest.

The Commerce Department reported that sales for the month came in at 553,000 on seasonally adjusted basis. That's 5.5 percent below the downward revised August rate of 585,000 and a 13.2 percent tumble from the 637,000 reported for the same period a year ago. September represented the worst month since December 2016.

In this environment, it is really hard to sell your house fast.

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But there is always a way to sell your house fast for Cash. As a local cash buyer in the Bronx, We Buy Houses As Is for Cash and Close Quick.

If you are interested, please visit our website at WeBuyHousesNYC.com or email us at contact@WeBuyHousesNYC.com