Mortgage and Real Estate Trends of 2021

by | Jan 4, 2022 | Mortgage Information, Real Estate

2021 was another huge year for real estate in all parts of the United States. Specifically, the Southwest Florida real estate market saw higher than average home price increases when compared to the rest of the country. U.S. home prices rose 18.5% year-to-year in Q3 but eight Florida markets saw higher gain than that. Cape Coral-Fort Myers saw the 2nd highest annual gains nationally at 34.7% year-over-year with North Port-Sarasota-Bradenton coming in 8th highest at 25.6%. More notably, the Cape Coral-Fort Myers market saw a 9.8% increase from Q2 to Q3 of 2021. Overall, the real estate market stayed hot all of 2021 after a record 2020. The low interest rate environment coupled with increased home buying demand created a high level of competition for the already low inventory in Southwest Florida. Historically low interest rates not only allowed more potential home buyers to enter the market, but helped current homeowners save money through refinancing at record volume also. Whether homeowners looked to take cash out of their homes via cash-out refinances or simply just lower their interest rates and monthly payments, 2021 saw nearly 59% of total loan originations come via refinances. As we head into 2022 low interest rates and high buyer demand should keep the housing market on its current path. As the new year begins and people begin to implement their goals, what do you expect to happen in the housing...

As Higher-End Market Escalates, Mortgage Applications Fall

by | Dec 22, 2021 | FHA Mortgage, Mortgage Information, VA Mortgage

Mortgage application volume fell 0.6% for the week ending December 17th according to a report from the Mortgage Bankers Association. The lower end of the market specifically saw less applications for purchases coming in. Compared to last year, refinance volume was down 42.4% year-over-year. However, refinances still made up 65.2% of total mortgage application volume last week, up 1.9% from the previous period. The average purchase loan amount increased to $416,200 for last week’s period.   The VA share of mortgage application volume was 11.5% last week. The FHA share of mortgage application volume was 9.6% last week, remaining unchanged from the prior...

FHA Refis Lead Surge in Mortgage Applications

by | Dec 13, 2021 | FHA Mortgage, Mortgage Information, Real Estate, VA Mortgage

Mortgage application volume increased 2% for the period ending December 3rd according to a survey from the Mortgage Bankers Association. Compared to last year, mortgage application volume has dropped across all loan products, but still remains high overall. The main obstacle continues to be lack of inventory creating higher homes prices than some buyers are prepared for. Homebuying activity is still close to the highest levels the market has seen since March. Refinances made up 63.9% of total mortgage applications this past period.   The FHA share of mortgage application volume was 9.9%, up from 8.9% the previous period. The VA share of mortgage application volume was 10.7%, up from 10.0% the previous period.      ...

Average Home Prices See Historic Leap

by | Dec 7, 2021 | Mortgage Information, Real Estate

According to a Federal Housing Finance Agency report, home prices posted the largest ever year-over-year gains since the beginning of the FHFA House Price Index. Home prices across the country rose 18.5% this past year. Specifically, the “mountain division”, including Arizona, Colorado, Idaho, Montana, Nevada, New Mexico, Utah, and Wyoming, went up 25% in the third quarter of this year. Annual gains can be seen in housing prices in every area of the country in 2021. As has been the case throughout the entirety of 2021, low inventory and high demand continue to play a part in the rising home prices in the United States. While home price increases month to month have started to slow, there is no doubt the demand for housing will remain high going into the new...