Mortgage applications slipped as the initial shock of falling rates wore off and buyers once again approached the market carefully.
The Mortgage Bankers Association’s weekly survey shows the adjusted Market Composite Index – a measure of mortgage loan application volume – fell 1.5%, coming down from the week prior’s 7.4% boost.
Adjusted purchase applications dropped by 1%, while the unadjusted index fell 4% from the week before and was 18% lower YOY.
Americans appear to be losing interest in falling rates, which initially sparked some activity in the market. The 30-year fixed fell to its lowest level since June last week and hit 6.83%.
“At least as of last week, borrowers’ response to this rate move was rather tepid. VA…
Rocket Homes has a new plan for encouraging homeownership: showing Americans homes for sale as they’re driving.
Rocket Homes, the real estate service arm of Rocket Companies, made its iOS app available in cars, trucks, and SUVs through Apple CarPlay in order to turn the “everyday commute into an exciting and natural part of the homebuying journey,” company leaders said in a press release.
Users click the “Nearby” tab of the app on CarPlay to pull up homes listed for sale in the area. Drivers can then get directions to the home, call an agent, or save the listing for later viewing on their iPhone.
“The Rocket Homes app is making house hunting more convenient for busy homebuyers on-the-go,” said…
This year was one of the worst on record for affordability. But with the market at an all-time low, the only move now is up, according to a new analysis by Redfin.
A homebuyer with the median U.S. income needed to spend 41% of their earnings on monthly home costs in 2023, a record high in Redfin’s data (dating to 2012) and fully 10% more than just two years ago.
In some hot markets, like California’s Anaheim and San Francisco, that number jumps to more than 80%.
But Redfin expects mortgage rates and home prices to both cool in 2024, paving the way for more Americans to buy their dream home.
“A perfect storm of inflation, high prices, soaring mortgage…
First-time buyers are clinging to the dream of homeownership despite ongoing market challenges, creating opportunities for relatively affordable markets to explode in 2024.
That’s according to Realtor.com’s 2024 Top Housing Markets forecast, which identifies ten metros primed for increased home sales and listing prices in the new year.
The top markets, listed in order from number one, are Toledo, OH; Oxnard, CA; Rochester, NY; San Diego CA; Riverside, CA; Bakersfield, CA; Springfield, MA; Worcester, MA; Grand Rapids, MI; and Los Angeles, CA.
“Now that we’re seeing the beginning of an affordability turnaround, homebuyers are still looking for markets where they can capitalize on lower prices,” said Chief Economist Danielle Hale. “Even in some of the more expensive markets, we’ll see…
Mortgage applications jumped last week as rates retreated, sending buyers running to complete deals.
The Mortgage Bankers Association’s weekly survey shows the adjusted Market Composite Index – a measure of mortgage loan application volume – increased by 2.8%.
Adjusted purchase applications rose by 3%, while the unadjusted index slipped 0.3% from the week before and was 12% lower YOY.
Rates held steady at 7.61% after seeing their largest single-week drop in more than a year the week prior, down 30 bps in three weeks.
But while buyers mid-sale benefitted from the cooldown, rates have not dropped enough to entice many off the sidelines.
“Both purchase and refinance applications increased to the highest weekly pace in five weeks but remain at…
Even as buying a home is getting more expensive by the day, stock shortages are spurring serious competition among the few buyers on the market.
New listings fell nearly 5% last month, according to Zillow’s latest market report. While inventory is slowly recovering – 5% is actually a smaller decline than seasonally expected – it is still the lowest number of listings in any October recorded by Zillow since 2018.
Still, there are good indicators for inventory. Listings were down 1.2% YOY, the smallest since May 2022, and are down 19% compared to pre-pandemic levels, much better than April’s -35%.
In fact, total inventory actually rose 2.6% from September to October, though this was due to a downturn in sales,…
In a year of housing market horrors for buyers, now may be the best time to buy, according to a new analysis from Redfin.
In the last three weeks, rates have sunk from 8% to 7.4%, giving buyers breathing room after a succession of rate increases. Just last week, the 30-year fixed mortgage rate dropped by 25 bps, the largest single-week decline since July 2022.
At the same time, though inventory remains low it is on the rise. New listings were up 1.5% YOY at the beginning of November, only the second stock increase in more than a year.
Plus, with demand slowing as rates priced more buyers out of the market, the number of sellers cutting prices is on…
Well-to-do buyers are avoiding high interest rates with cash purchases, pushing luxury home prices up even more than regular houses.
The median luxury home price rose 9% YOY in Q3 2023 to $1.1 million, the highest third quarter on record, according to a new analysis from Redfin. It’s also three times faster than non-luxury prices, which were up 3.3% to $340,000 in the same period.
Luxury sales seem to have followed a similar pattern as regular homes, with sales and listings falling last year before reversing course in 2023.
Now, limited inventory has increased competition and pushed prices higher.
But while mid-tier buyers suffer high rates, high-end buyers bypass them with cash, avoiding mortgages altogether. More than two in five…
Scores of workers are being called back to their offices after more than three years of working remotely, influencing homebuyers’ choices as commutes are reintroduced to their lives.
The typical American commute is 26.4 minutes long, according to a new analysis by LendingTree. Based on median hourly earnings of $30.80, commuting costs $27.10 a day in lost time — or $5,724.56 a year.
Losses associated with commuting go beyond working time, according to LendingTree chief credit analyst Matt Schulz. Gas, parking, car maintenance, child care, and the toll on the mind and body add to the overall stresses of a workday involving travel. Price-wise, the typical commute costs nearly 50 cents a mile when total expenses are added together.
“The…
Mortgage applications slipped again last week as treasury yields swelled to new highs.
The Mortgage Bankers Association’s weekly survey shows the adjusted Market Composite Index – a measure of mortgage loan application volume – decreased by 1%, a more moderate decline than the week prior’s 6.9% dip.
Adjusted purchase applications slipped by 2%, while the unadjusted index fell by 2% from the week before and was 22% lower YOY.
Another spike in rates drove the decline. The 30-year fixed mortgage rate rose to 7.90%, the highest level since 2000 and a 20 bps jump from last week. Rates have risen nearly 70 bps in the last seven weeks.
“Ten-year Treasury yields climbed higher last week, as global investors remained concerned…
