Investors Spend Big in Q3

by | Dec 6, 2021 | Mortgage Information, Real Estate

According to a recent report by Redfin, real estate investors spent a record $63.6 billion on home purchases in the 3rd quarter of 2021. This number represents a 78% increase from this time last year. Investors acquired a total of 90,215 homes in Q3 which represents a 80.2% increase from 2020. As increasing home prices are forcing more Americans to consider renting, real estate investors have more opportunities for tenants in their properties. One negative impact that the market is seeing as a result of investors being more active in real estate is the competition this is bringing to individual homebuyers looking to purchase homes. These cash rich investors purchased homes with full cash offers 75% of the time in Q3. Of all real estate transactions in the third quarter of 2021, real estate investors made up 18.2%. This number is considerably higher than last year. In large markets such as Atlanta, Phoenix, and Charlotte investors made up over 30% of all transactions in Q3. As home prices continue to rise and more investors enter the housing market, it may become more difficult for homebuyers to compete for homes throughout the...

Despite Higher Interest Rates, Mortgage Applications Rise

by | Nov 29, 2021 | Other Information

For the week ending November 19th, mortgage application volume rose 1.8% according to a report from the Mortgage Bankers Association. Specifically, the volume for new purchase applications went up 4.7% last week. Despite this time of year typically being a slower time for real estate transactions, mortgage application volume has now increased for the third straight week. Refinance applications made up 63.1% of total application volume this past week.   VA loan applications made up 10.3% of total volume this period, down .5% from the previous period. FHA loan applications made up 8.9% of total volume this period, up .3% from the previous...

Mortgage Application Volume Propped Up By Refinances

by | Nov 12, 2021 | FHA Mortgage, Mortgage Information, VA Mortgage

For the week ending November 5th, mortgage application volume saw a 5.5% increase according to a Mortgage Bankers Association report. Refinances particularly saw a 7% increase in application volume despite being 28% lower than this time last year. New purchase application volume also rose 3% this past week.   The FHA share of total mortgage application volume increased from 9.9% to 10.2%. The VA share of total mortgage application volume decreased from 9.2% to...

As Q3 Ends, Purchase Mortgages Outpace Refinances

by | Nov 5, 2021 | Mortgage Information, Real Estate

This quarter marked the first time since the pandemic that applications for new purchase mortgages outpaced the application volume for refinances. New home purchase mortgages accounted for 53% of the total application volume in the 3rd quarter. The demand for rate and term refinances decreased 23% year-over-year marking the end of what many would consider a year plus long refinance...

With Rates Rising, Mortgage Activity Dips Again

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

According to a report from the Mortgage Bankers Association, mortgage application activity dropped 6.3% for the week ending October 15th. As a part of this decrease, mortgage refinance application volume decreased for the fourth consecutive week marking the lowest level since July 2021. High levels of competition and rising home prices continue to scare some potential buyers out of the housing market.  ...