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New Home Purchase Applications Fall as Construction Costs Rise
The volume of applications for mortgages to purchase newly constructed homes plunged in September, falling 16.2 percent from the September 2020 level according to the Mortgage Bankers Association’s (MBA’s) Builder Application Survey (BAS.) Compared to August the volume of applications was down 4.0 percent. These changes are not seasonally adjusted. Based on the volume of […]
What To Do When 1 in 8 Home Purchases Have A Low Appraisal
When you finance a home purchase, your lender will make the loan based on the lower of the home’s appraised value and your contract price. And right now, CoreLogic data says about 13% of appraisals (1 in every 8) are below purchase contract prices in America. So is your home purchase deal dead if your […]
Existing Home Sales Rise Slightly for the First Time in Four Months
Existing home sales snapped a four-month losing streak in June. Sales of pre-owned single-family houses, townhouses, condominiums, and cooperative apartments, rose 1.4 percent on a seasonally adjusted annual basis to 5.86 million units, 22.9 percent higher than the 4.77 million rate in June 2020. Activity was higher month-over-month in three of the four major regions […]
Exhausting Home Prices; No Big Digital Push From Covid; Big News For Refi Rates As Adverse Market Fee is Removed
It was big, bad news when it came out last summer. Almost a year later, the 50 basis point “adverse market fee,” which affected a majority of refinance mortgages has been eliminated! Backstory In early August 2020, Fannie and Freddie (who collectively buy or guarantee a vast majority of all mortgages) announced that virtually all […]
Pending Home Sales Bounce Back 8.0% in May
Pending Home Sales Bounce Back 8.0% in May All four regions of the U.S. registered both month-over-month increases and year-over-year gains for pending home sales contract transactions in May. Media Contact: Quintin Simmons 202-383-1178
May 2021 Existing-Home Sales Down for Fourth Straight Month as Home Prices Hit Historic High
Existing-home sales data show that housing market activity in May 2021 fell 0.9% from April 2021, but rose 44.6% year-over-year. www.nar.realtor – Research
Vacation Home Sales Surges During Pandemic
In 2020, vacation home sales rose by 16.4%, outpacing the 5.6% growth in total existing-home sales. www.nar.realtor – Research
Bonds Move to Sidelines Ahead of Jobs Report; Rate Volatility Risks; Census Bureau on Home Features
Mortgage rates were higher again today with multiple lenders making additional upward adjustments in the middle of the day in response to bond market volatility. The prices/yields of certain bonds are the primary building blocks for lenders as they determine where to set mortgage rates every day. Bonds respond to a variety of inputs, with […]
Existing Home Sales Post Third Monthly Loss in April
Existing home sales posted their third monthly loss in April, falling 2.7 percent compared to sales in March. The National Association of Realtors® (NAR) said seasonally adjusted sales of single-family homes, townhouses, condominiums, and cooperative apartments were at a rate of 5.85 million units compared to 6.01 million the prior month. The annual rate has […]
Pending Home Sales Rise Less Than Expected as Inventory Remains Ultra Tight; Rates Recover After Bumpy Start; Digital Lending Speeds Things Up
While the degree to which is happened was somewhat disappointing, pending home sales did snap out of a two-month slump in March . The National Association of Realtors’® (NAR’s) Pending Home Sales Index (PHSI) rose 1.9 percent to 111.3 in March and is now up 23.3 percent compared to March 2020. However, NAR points out […]