Mortgage loan application volume fell last week, with both refis and purchase applications falling as interest rates hit their highest point since mid-June, the Mortgage Bankers Association’s weekly survey shows. The adjusted Market Composite Index, a measure of mortgage loan application volume, decreased by 0.8%. The adjusted purchase index fell 1%, while the unadjusted purchase…
Inventory jumped 18.7% YOY in June, with news listings beating out even typical pre-pandemic levels, Realtor.com reported in its June Housing Report. The number of homes for sale increased at its fastest yearly pace of all time at 18.7%, up 8% from the month prior. This is thanks in part to an influx of new…
The hot housing market has been attributed to historically low-interest rates, Millennials reaching homebuying age, and a desire for spacious living created by the pandemic. Across the industry, experts agree that all of this has been exacerbated by a shortage of houses that started with underbuilding in the aftermath of the 2008 financial crisis. Everyone…
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