News
December New Home Purchase Mortgage Applications Up 42% From Year Ago
The Mortgage Bankers Association’s Builder Application Survey data for December shows mortgage applications for new home purchases edged up by just 0.2 percent from November but improved by 42.2 percent from a year ago. The survey does not include any adjustment for typical seasonal patterns. By product type, conventional loans composed 73.3 percent of loan…
Read MoreMortgage refinance demand spikes 20% as borrowers fear missing out on record-low rates
After setting more than a dozen record lows last year, mortgage rates began 2021 on an upward climb, and that lit a fire under borrowers, fearing they might miss the last of the lowest rates. Mortgage applications to refinance a home loan spiked 20% last week compared with the previous week, according to the Mortgage…
Read MoreVeros: Home Prices Set to Increase Nearly 6% in 2021 as Nation Emerges From Pandemic
Veros Real Estate Solutions, Santa Ana, Calif., released its Q4-2020 VeroFORECAST data, projecting home price appreciation will increase significantly during the next 12 months in the 100 most-populated markets. The overall average forecast is 5.9% by Q4 2021, an additional increase of 0.9 percentage points compared to 5% just a quarter ago. This level of change from one…
Read MoreCould 2% define mortgage rates for the next decade? Mortgage rates have fallen from 12% in the 1980s
The end of 2020 won’t necessarily mean saying goodbye to the favorable 2% mortgage rates that hit historically low levels 16 times over the past 12 months. In fact, most industry observers believe rates will remain at the same low levels in 2021 as the Federal Reserve uses low rates as a weapon to combat the economic effects of the COVID-19 pandemic. This…
Read MoreBidding Wars Strong for 7th Straight Month; Homes Selling at Fastest Pace in 8 Years
The national median home price rose 14% year over year to $335,519 in November, according to Redfin, Seattle. And in many housing market hotspots, bidding wars persist for more than half of home sales. The Redfin report (https://www.redfin.com/news/november-housing-market-update-14-pct/) said the huge jump in home prices marked the second-largest annual increase since at least 2012, bested…
Read MoreGenworth: Largest First-Time Homebuyer Purchase Market in 20 Years
Historically low interest rates, change in home preferences, flexible work schedules and increased housing affordability triggered substantial rebound in first-time homebuyer market in the third quarter, said Genworth Mortgage Insurance, Richmond, Va. The company’s quarterly First-Time Homebuyer Market Report (https://miblog.genworth.com/first-time-homebuyer-market-report) also said private mortgage insurance financed more first-time homebuyers than any other low-down payment mortgage…
Read MoreRefinance demand jumps 105% annually, as mortgage rates set 15th record low of 2020
Mortgage rates set yet another record low last week — the 15th this year and the second record in as many weeks. The drop, however, did not spark any significant change in weekly mortgage applications, but demand is substantially stronger than it was a year ago. Total mortgage application volume increased 1.1% week-to-week according to…
Read MoreRedfin: 14.5 Million Americans Will Move Out of Town in 2021, Fueling 10% Sales Growth
It’s that time of the year, folks, when prognosticators dust off their crystal balls, consult the oracles and offer their predictions for the coming year. Redfin, Seattle, kicks things off with a bold prediction: after nearly a year of the devastating effects of the coronavirus, more people will relocate in 2021 than in the previous…
Read MoreSuburbs See Greatest Gain in Single-Family Construction in Q3
The National Association of Home Builders‘ Home Building Geography Index found that during the third quarter, the exodus from big cities to the suburbs and less expensive areas increased as people continue to work remotely. According to the HBGI, suburbs of medium-sized cities posted the greatest single-family gains in Q3, as there was a 15% growth rate over the last…
Read MoreAnother record low mortgage rate just caused demand to jump for both refinances and home purchases
The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($510,400 or less) decreased to a survey low of 2.92% from 2.99%. Mortgage applications to purchase a home rose 4% for the week and were 19% higher than the same week one year ago. Mortgage interest rates have set record lows more…
Read More