Single-family home price growth slipped in the second quarter of 2024, reflecting a slowly shifting market dynamic. Prices rose 6.9% from Q2 2023 to Q2 2024, down from Q1’s revised YOY growth of 7.3%, according to Fannie Mae’s Home Price Index. Quarter to quarter, prices were up 1.3% after seasonal adjustment, down from a 2%…
Mortgage rate lock volumes jumped nearly 7% in May despite rates moving very little. Mortgage Capital Trading’s (MCT) latest report revealed that mortgage lock volume increased 6.78% month-over-month in May. Rates have been the primary influence on mortgage activity this year. MCT says the industry is monitoring economic data to see what decisions the Federal…
The first quarter of 2024 brought a significant profitability upswing for independent mortgage banks as production losses simmered down from previous quarters. According to data from the Mortgage Bankers Association, IMBs and mortgage subsidiaries of chartered banks experienced a significant decrease in pretax net loss per loan in Q1 compared to the previous quarter. The…
Inventory is doing best in cities with fewer mortgages and older homeowners, reinforcing the impact of high interest rates on the market. That’s according to a new report from Zillow, which found that metros where more homes are owned outright are seeing the fastest growth in new listings. Pittsburgh, Buffalo, and Cleveland have the highest…
Mortgage applications shot up last week, reversing a slip, as rates remain stable into February. The Mortgage Bankers Association’s weekly survey shows the adjusted Market Composite Index – a measure of mortgage loan application volume – increased by 3.7%, countering the week prior’s 7.2% dip. Adjusted purchase applications slipped by 1%, while the unadjusted index…
By KIMBERLEY HAAS With just weeks left before the Iowa caucus and the presidential primary in New Hampshire, home affordability is weighing on the minds of voters and at least one leading economist says the issue could take center stage as the race for the White House heats up. Daryl Fairweather, chief economist for Redfin,…
The Fed’s preferred inflation measure soared to a four-month high in September, increasing the likelihood of future Fed rate hikes. The personal consumption expenditures price index tracks what Americans buy and for how much, offering a view into their spending habits. The core index, which excludes food and energy components, increased by 0.3% in September. …
Despite recent optimism surrounding the Federal Reserve’s “soft landing” strategy, economists at Fannie Mae are still expecting a mild recession next year. Fannie Mae’s Economic and Strategic Research Group wrote in a note that mixed economic signals this month make it difficult to guess the near future, but a “modest contraction” in early 2024 remains…
As inflation slowly cools, consumers are feeling a lot more secure in their personal finances. But when it comes to homebuying, they’re still in the dumps. Leaders at Fannie Mae said the Home Purchase Sentiment Index increased by 4 points YOY in July as consumers responded positively to the job security and mortgage rate components….
By PATRICK LAVERY When last we heard from the Federal Reserve on interest rates, on June 14, the Federal Open Market Committee agreed not to raise the target range for the federal funds rate for the first time in more than a year. With the Fed’s next meeting now less than a week away, could…
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