Home remodeling project. Home remodeling project. (Source: Shutterstock)

Mortgage applications dropped to their lowest point in 28 years in February, according to the Mortgage Bankers Association, which means more homeowners are staying put. This doesn’t mean all homeowners think their house is perfect, but rather they want to keep their current mortgage rate.

The average 30-year rate jumped from 3.22% in January 2022 to a high of 7.08% at the end of October 2022 according to Freddie Mac, which is an increase of nearly 400 basis points (4%) in 10 months. Economists are split as to what will happen in our economy in the coming months, causing uncertainty, but we could see further mortgage rate hikes, depending on what happens.

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