Mortgage Industry News
Mortgage Application Activity Down by 2.6%
The refinance share of mortgage activity increased to 37.3% of total applications from 36.7% in the previous week. Continue Reading Mortgage Application Activity Down by 2.6%
Mortgage Applications for New Home Purchases Down in May
The average loan size for new homes increased from $376,992 in April to $379,209 in May. Continue Reading Mortgage Applications for New Home Purchases Down in May
Mortgage Rates Record Uptick
The 30-year fixed-rate mortgage averaged 6.12% as of Oct. 3, up from last week when it averaged 6.08%. Continue Reading Mortgage Rates Record Uptick
Market Spotlight: Four New Regional Programs for Borrowers
A quartet of new regionally focused programs for current and prospective homeowners have been announced this week. Westerly, Rhode Island-based Washington Trust has expanded its RI Community Lending Program with the addition of I Luv RI Home Improvement Loans as home...
Mortgage Application Activity Drops by 1.3%
The VA share of total applications dropped to 15.4% from 18.3%. Continue Reading Mortgage Application Activity Drops by 1.3%
Big Shift in Housing Numbers. Scary or Welcome?
Source: Mortgage News Daily --- The housing market has been keeping its head down, keeping calm, and carrying on in the face of the biggest rate spike since the 1980s. The ability to tune out rising rates is nothing new for home prices, as discussed a few weeks...
Affordability slips again as mortgage application payments rise nearly 9%
Source: Scotsman Guide --- Homebuyer affordability continued to erode in April, with the Mortgage Bankers Association (MBA) reporting that the national median payment applied for by mortgage seekers rose to $1,889. That’s up 8.8% from the $1,736 figure in March and up...
‘Highest and Best’ vs. ‘Best and Final’: A Homebuyer’s Guide to Offers and Winning a Bidding War
Source: Realtor --- There are signs that the housing market is easing off the record-high prices it’s seen during the past few years, but bidding wars for homes are far from over—especially in competitive markets. And the difference between landing your dream home and...
Home Sellers in Migration Hotspots Increasingly Turn to Price Drops
Source: Redfin --- The sudden surge in mortgage rates has reduced homebuyers’ budgets in many markets, forcing sellers to reset their price expectations. Price drops are becoming increasingly common, particularly in relatively affordable places that have seen home...
US mortgage rates see biggest fall for over two years
Source: MPA --- US mortgage rates posted the biggest drop in more than two years, offering homebuyers a slight reprieve from this year’s massive surge in borrowing costs. The average for a 30-year loan declined to 5.10% from 5.25% last week, Freddie Mac said in a...
Housing Market Update: Nearly 1 in 5 Sellers is Dropping Their Price, the Highest Rate Since October 2019
Source: Redfin --- Measures of homebuying competition are plateauing as early-stage demand posts its biggest annual decline since April 2020. However, mortgage rates may have leveled off, which could prevent demand from dropping even further. The housing market is...
The housing market just slid into a full-blown correction, says top economist Mark Zandi
Source: Fortune --- Moody's Analytics chief economist Mark Zandi is ready to call it. He tells Fortune that we've officially moved from a housing boom into a "housing correction." The real estate data rolling in for April and May shows that the U.S. housing market is...
Prequal, Profitability, Due Diligence, Underwriting Tools; FHFA News: Appraisal Management
Source: Mortgage News Daily --- Yesterday I visited Sacramento to speak to an audience of real estate agents and originators in a joint MGIC/Golden 1 Credit Union event. The mood was good, and much of the discussion was about rent (give or take a little, 50 percent...
‘A challenging mortgage market environment’: IMB profits plummet in first quarter
Source: Scotsman Guide --- Independent mortgage banks and mortgage subsidiaries of chartered banks posted a net gain of $223 on each loan they originated in the first quarter, according to the latest Quarterly Mortgage Bankers Performance Report from the Mortgage...
U.S. New Home Sales Dive 27 Percent Year-Over-Year in April
Source: World Property Journal --- According to the National Association of Home Builders, in a further sign of a housing slowdown, new home sales posted a double-digit percentage decline in April 2022, falling to their weakest pace in two years, as rising mortgage...
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