As experts in the mortgage market, we at Maciel Mortgage understand how important it is for families to achieve the dream of homeownership. Unfortunately, many are finding this dream increasingly difficult to attain due to a variety of challenges, including competition from large investors like hedge funds. Here’s a breakdown of a new legislative proposal…

Home Buyers Find Increasing Options as Shopping Resumes In January, falling mortgage rates sparked renewed interest among home buyers, drawing in the first wave of eager purchasers following a significant drop in home sales the previous year. Many prospective buyers, who had paused their search when borrowing rates rose, resumed their hunt, leading to a…

US Mortgage Rates Expected to Fall to 5.5% in 2024 The Bloomberg Markets Live Pulse survey predicts a decline in US mortgage rates, anticipating the 30-year fixed mortgage rate to drop to 5.5% by the end of the year, down from the current 6.69%. This potential reduction sparks optimism for the real estate market, which…

Mortgage Demand Surges Over 10% on Lower Interest Rates According to the Mortgage Bankers Association, a decline in mortgage interest rates led to a notable surge in total mortgage application volume, rising by 10.4% from the previous week. The average contract interest rate for 30-year fixed-rate mortgages dropped to 6.75%, the lowest in three weeks,…

Mortgage Demand Surges Over 10% on Lower Interest Rates According to the Mortgage Bankers Association, a decline in mortgage interest rates led to a notable surge in total mortgage application volume, rising by 10.4% from the previous week. The average contract interest rate for 30-year fixed-rate mortgages dropped to 6.75%, the lowest in three weeks,…

Mortgage Rate Drop Revives Housing Market Interest Increased buyer demand is evident in the housing market, possibly triggered by a significant drop in mortgage interest rates in December. Consumers’ optimism about rates has risen, as reflected in a Fannie Mae survey, where more homeowners anticipate a decline in rates rather than an increase. This shift…

November Pending Home Sales Unaffected by Sharp Mortgage Rate Drop In November, pending home sales remained steady compared to October but showed a 5.2% decline from last year, according to the National Association of Realtors (NAR). Despite a significant drop in mortgage rates, which fell from over 8% in mid-October to around 7.25% by month-end,…

S&P Case-Shiller: October Home Prices Surge Despite Higher Mortgage Rates In October, home prices surged by 4.8% nationally compared to the same month in 2022, marking the most robust annual gain in 2023, surpassing the 4% increase seen in September, according to the S&P CoreLogic Case-Shiller home price index. The 10-city composite reported a 5.7%…

Home Sales Surge: Largest Increase in a Year In November 2023, the Potential Home Sales Model by First American Data & Analytics showcased encouraging trends. Potential existing home sales reached a seasonally adjusted annualized rate (SAAR) of 5.30 million, marking a notable 1.3% month-over-month increase. This surge reflects an impressive 52.1% rise from the market’s…

Refinance Demand Soars 14% as Rates Hit Lowest Since August After an 8% surge in October, mortgage rates have retreated back to around 7%, igniting a revival in the refinance market. Last week, the average interest rate for 30-year fixed-rate mortgages dropped to 7.17%, the lowest since August, prompting a 14% increase in refinance applications…