Inventory Remains Low, Prices Rise
Over the past few months inventory across the country has continued to be low, causing a rise in home prices. A wide variety of factors are causing the spike in demand among home buyers, including record low mortgage rates and the wave of millennials who were on the verge of buying pre-COVID. High demand mixed with already low inventory is causing the spike in home prices the market is currently seeing. While rising prices may be a burden for buyers, it’s great news for sellers and other homeowners. The uptick in prices contributes to the growing amount of equity owners have in their homes. Pre-pandemic home prices were growing moderately and so far that continues to be the case, despite negative forces unleashed by the labor market turmoil. As the labor levels return to early 2020 levels, the demand for housing may increase even further. As the housing market competition heats up, it’s important for prospective buyers to come to the negotiating table with pre-qualified offers to differentiate themselves from other buyers...Home Mortgage Loan Applications Experience Slight Dip
Home mortgage loan application numbers experienced a slight downturn this week falling by 4.8% according to a report from the Mortgage Bankers Association. Leading this dip, was a 7% decline in refinance numbers, which included a 9% drop in conventional refinance applications. Refinance volume remains 52% higher right now than it was this time in 2019. Purchase home mortgage loans made up 36.7% this past week, which is slightly higher than last week’s volume. The FHA’s share of mortgage applications rose to 11.4% from 10.1% The VA share of applications fell to 11.9% from...Brokers are Back!
United Wholesale Mortgage (UWM) will officially go public later this year at a whopping $16.1 billion valuation. D&V Home Mortgage has partnered with United Wholesale Mortgage since we opened in 2015 and we are extremely excited to be one of their broker partners. United Wholesale Mortgage is the largest player in the U.S. wholesale mortgage market operating solely in the wholesale space. What this means is that they are a lender who only servicers brokers and does not participate in retail lending directly to the customer. UWM likes the broker model because it allows them to control their customer acquisition costs and reduces their vulnerability in a cyclical mortgage market. In 2019, the company’s share of the mortgage market was 4.6%. This number is expected to rise to 6.7% in 2020 and is projected to reach 9.2% by...Housing Market Stays Hot – Mortgage Applications up 6.8%
Home mortgage loan applications gained 6.8% in volume last week, according to a report from the Mortgage Bankers Association. The refinance volume has continued it’s rise gaining an additional 9% over the last week and reaching a level 86% higher than this time last year. Refinance mortgage applications are now 64.3% of the total mortgage application volume. The FHA’s share of mortgage applications rose to 10.1% from 9.7%. The VA share of mortgage applications fell to 12% from...Connect With Us
