Existing Home Sales Dip Again
For the fourth month in a row, sales of existing homes have dropped according to a report from the National Association of Realtors. The main factor behind the volume of existing home sales dropping is that the inventory of homes for sale continues to dwindle. This low inventory is causing median existing-home prices to rise (23.6% from May 2020 to May 2021) pricing some buyers out of the market. Region by region. the Midwest saw an increase in existing home sales month-over-month, but the Northeast, South, and West fell by 1.4%, .4%, and 4.1% respectively. Year-over-year each of these regions saw a double digit rise in existing home sales. As home builders rush to build on already purchased lots and materials to build remain tough to find, existing home sales may see a bounce back in the next few...Mortgage Application Volume Rises Once Again
In the week ending June 18th, mortgage application volume rose once again. This 2.1% increase is the second consecutive rise in application volume. Refinances also saw a volume jump for the second week in a row, rising by 4% in conventional loan refinances specifically. Refinances made up 62.5% of total mortgage applications this past period. The FHA share of total mortgage applications fell from 9.6% to 9.5% this past week. The VA share of total mortgage applications fell from 11.5% to 11.2% this past...More Mortgage Applications Being Submitted
Following three weeks in a row of decreases, mortgage application number have rebounded for the period ending June 11th. Applications for both new purchase mortgages and refinances rose in volume this week, but refinances saw the biggest increase with a 5.5% gain. Year-over-year purchase application volume is down 17%, but levels remain historically high compared to other years. Refinances made up 61.7% of total mortgage applications in this past period. The FHA share of mortgage application volume increased from 9.5% to 9.6% this past week. The VA share of mortgage application volume increased from 11.2% to 11.5% this past...As Summer Nears, Mortgage Application Volume Dwindles
Mortgage application volume once again saw a decrease last week falling 3.1%. This marks the third week in a row that less mortgage applications have been submitted according to a report from the Mortgage Bankers Association. Refinance applications specifically saw a 5% drop this past week (the period ending June 4th). When you compare these numbers to last year, less people are applying for purchase mortgages and home prices are continuing to rise. The FHA share of mortgage application volume decreased from 9.6% to 9.5%. The VA share of mortgage application volume increased to 11.2% from...Connect With Us
