The Mortgage Bankers Association's Weekly Applications Survey covers more than 75 percent of all U.S. residential mortgage applications and is a measure of both refinancing and home purchase demand.

According to the most recent release, total mortgage loan application volume fell by 5.5 percent last week from one week earlier. Both the Refinance Index and the Purchase Index fell 6 percent from the previous week. Mike Fratantoni, MBA's vice president of research and economics, said the market index fell to its lowest level in more than a dozen years. According to Fratantoni, purchase and refinance demand dropped due to increasing interest rates. The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances edged up last week, reaching its highest level since September.

This time of year low mortgage demand in the Taos real estate market is normal! Our busy selling season ends in late October and doesn't pick up markedly until late spring. The Taos real estate market is normally immune to national market statistics.

However, it does look like interest rates are rising a bit. So, be thinking about buying in early spring before interest rates rise further. Remember, you WILL find your piece of paradise here in Taos! Remember, your casita, condo or second home awaits!