May

Originations Up In May, But Not By Much

Posted on by TMN Editor
While May saw a more robust mortgage market, demand is still nowhere near normal. Black Knight’s latest Originations Market report found that though mortgage originations fared better in May than in April, they remain constrained. Overall rate lock volumes were up 14% month-over-month in May due to April having two fewer business days. Production was up 4%. “Indeed, while rate locks on purchase loans rose from April, they also dipped to their lowest level yet relative to 2018/2019 averages as rates rose late in the month,” said Andy Walden, vice president of enterprise research and strategy at Black Knight.  “Mind you, purchase loans have been making up the lion’s share of origination activity for much of the last year, making…

Home Prices Surged In May

Posted on by TMN Editor
Competition for limited inventory has led to surprisingly hot home prices this spring season. Zillow’s latest market report found that home values grew 1.4% between April and May, the highest since June 2022. This is cooler growth than the previous two springs, but more than in 2018 or 2019. The typical home is valued at $346,856, up 0.9% YOY and 3.4% from January’s low point. Buyers are desperate to make this market work for them despite its challenges, with sales up nearly 10% from April to May. At the same time, inventory reached a record low. “Many homeowners are still opting not to sell and give up historically low mortgage rates. But those who do have been rewarded with bidding…