Mortgage Applications Spike as Rates Drop Again
For the week ending in July 23rd, mortgage application volume increased 5.7%. According to a report from the Mortgage Bankers Association, the 30-year fixed mortgage rate hit it’s lowest levels since February and the 15-year fixed rate fell to a record low. These rate drops brought a wave of refinance activity, making up 67.2% of new mortgage application volume. Also of note, the FHFA reported that May home prices were up 18% year-over-year, showing how some buyers could feel price pressuring them out of the market. The FHA share of total mortgage application volume dropped to 9.1% from 9.6% the previous period. The VA share of total mortgage application volume dropped tp 9.8% from 10.5% the previous...Applications for New Mortgages Drop This Past Week
The week ending in July 16th saw a drop in mortgage application volume according to a report from the Mortgage Bankers Association. The 4% volume decrease came this past period after a previous weekly gain of 16% following mortgage rates dropping. Limited inventory and high prices are still keeping some potential homebuyers out of the market. Refinance applications made up 64.9% of total application volume, increasing by .8% since the last weekly period. The FHA share of total mortgage application volume increased from 9.5% to 9.6% this past week. The VA share of total mortgage application volume increased from 10.3% to 10.5% this past...Mortgage Application Slide Week Ending July 2nd
According to a report from the Mortgage Bankers Association, mortgage application volume fell 1.8% the first week of July. This decline marks the lowest level of new mortgage application volume since January 2020. The applications being filled out for new mortgages are seeing higher requested loan amounts, but fewer applications are coming in. Refinances are making up 61.6% of total mortgage applications, down .3% from the previous week. The FHA share of total mortgage applications remained at 9.8%. The VA share of total mortgage applications increased to 10.8%, up .3% from the previous...First Time Home Buyer Tips
With today’s housing environment, you’re going to see a lot of competition when putting in an offer for a purchase. Having all of your metaphorical ducks in a row before you put in your offer should make you ready to make decisions involving purchasing a home. Get your credit score and down payment together. Having a strong credit score will help ensure you qualify for a mortgage for your home purchase and help you receive a more favorable rate. Having your down payment saved will allow you to put more money down on your home and possibly avoid paying PMI. Get preapproved for a mortgage. Knowing what homes are in your price range will eliminate wasting time looking at homes you can’t afford. Choose a great Realtor. Pick an agent who has experience with the market you’re looking in. Understand the mortgage process. While you may not need to know the minor details of the entire process, knowing your timeline and what documents you will need to provide will help save you time and stress worrying you may be forgetting...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...Connect With Us
