Mortgage Applications Rise in Latest MBA Survey Mortgage applications saw a significant increase of 16.8% for the week ending Aug. 9, 2024, according to the Mortgage Bankers Association (MBA). This growth was driven by a 35% rise in refinance applications, which also marked a 118% increase compared to the same week last year. The Purchase…

Housing Industry Awaits Fed’s Next Rate Cut The Federal Reserve held interest rates steady but hinted at possible cuts in the coming months, keeping the federal funds rate between 5.25% and 5.5%. While acknowledging that inflation has eased and unemployment has risen, the Fed signaled a more balanced risk to the economy, with some experts…

Are Homebuyers Seizing Dropping Housing Payments? The typical homebuyer’s monthly housing payment dropped to $2,671 in the four weeks ending July 21, the lowest in four months and down $166 from April’s peak. This decrease is due to falling mortgage rates, now at 6.77%, and an increase in inventory, giving buyers more options. However, despite…

US Housing Market Hit by “Mortgage Lock-In Gap” The US housing market is experiencing a “mortgage rate lock-in effect,” where homeowners are reluctant to sell due to high interest rates and soaring mortgage prices. This lock-in effect varies across states and is determined by the “lock-in gap,” which is the difference between current mortgage rates…

Gen Zers Regret Buying Fixer-Uppers, New Report Finds About 22% of Gen Zers see the lack of affordable starter homes as a barrier to homeownership, leading some to consider fixer-uppers. A fixer-upper is a house needing various maintenance work, typically offered at a lower price. According to a Clever Real Estate report, 57% of Gen…

Fannie’s Consumer Sentiment Index Rebounds in June Fannie Mae’s Home Purchase Sentiment Index (HPSI) rose by 3.2 points in June, recovering from the previous month’s dip and nearing its high for the year at 72.6. The increase reflects improved consumer confidence in the housing market, with notable rebounds in perceptions of buying and selling conditions.…

Mortgage Application Costs Dip in May Homebuyer affordability improved in May due to slightly lower mortgage rates and increased housing inventory, according to the Mortgage Bankers Association (MBA). The national median payment for purchase applicants dropped to $2,219, reducing costs by $37 month over month. The MBA’s Purchase Applications Payment Index (PAPI) fell 1.6%, indicating…

Next Steps After Your Offer is Accepted and You’re in Escrow Congratulations! Your offer has been accepted, and now you’re in escrow. This exciting milestone brings you one step closer to owning your new home. However, the journey isn’t over yet. Here are the next crucial steps you need to take: 1. Secure Financing Even…