For the third week in a row, according to the Mortgage Banker's Association, mortgage applications are down. Additionally, mortgage rates are down, which did increase the refinancing share of new mortgage applications. Combined, this data seems to reflect that buyers are not flocking into the real estate market.

Ironically, however, new home sales were up in March more than 13%, the biggest increase in 13 years. Additionally, the National Association of Realtors reported better than expected existing home sales. (more)

Still, the real estate market does seem to be slowing, but not as much as many analysts have expected. Moreover, many so-called bubble markets continue to see higher than expected home price appreciation.

Yes, it is taking longer to move inventory and incentives are helping to move those homes that are selling, but a huge drop in home prices doesn't appear to be near.

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For the 2nd week in a row, according to the Mortgage Broker's Association, mortgage applications are down as we head into the hottest buying season of the year. So, has the real estate bubble finally burst? Perhaps it hasn't burst, but the market is certainly slowing down.

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Do you think the commissions that real estate agents and mortgage brokers receive are too high?

You're not alone, and this is leading many entrepreneurial brokers to change their commissions - some are even willing to rebate a large percentage of their commissions back to you. One of this companies is Buyside.

"People selling homes typically pay commissions of 5% to 6% of the price, which is split between brokers representing the buyer and seller. On a $300,000 home with a 3% cut for the broker representing the buyer, BuySide would earn $9,000 and pay 75% of that, or $6,750, as a rebate to the buyer."

More on this article, (RealEstateJournal)

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Mortgage rates continue their move upward and consumers are taking notice. According to the Mortgage Banker's Association, 30-year fixed mortgage rates have risen to an average of 6.49%, while 1 year ARMs have fallen to 5.96%. Thus, it appears, potential home buyers are now trying to lock in rates before they rise too high, as applications for new home loans went up around 8% compared to last week. More important, while refinancing activity was up based on the previous week, there is much less refinancing activity now compared to the same time last year. Therefore, applications are being driven by potential home buyers.

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