New Mortgage Interest Declines
The application volume for residential mortgages fell 6.8% for the period ending March 25th according to a report from the Mortgage Bankers Association. With rates still rising, the incentive for people to refinance is less now than any point in 2021. Refinance application volume fell 15% from last period and is down 10.1% year over year. Refinance volume only makes up 40.6% of total mortgage application volume currently. The VA share of mortgage application volume went from 9.8% to 9.5% last period. The FHA share of mortgage application volume went from 8.8% to 9.3% last...Mortgage Application Volume Rises 8.5%
The week ending March 4th saw mortgage application numbers increase by 8.5%. This increase was also in line with the first average mortgage rate decrease in about three months. Compared the same time last year, mortgage application volume overall was down 35.8% with the largest drop in applications coming from refinance applications specifically (49.9%). Refinances made up 49.5% of new mortgage applications this past period. The FHA share of mortgage applications increased to 8.7% from 8.6% this past period. The VA share of mortgage applications increased to 10.4% from 10.2% this past...Rent is Rising Country Wide
As landlords begin to bounce back from their pandemic struggles, rent is rising across the country. The median rent nationwide in January 2022 was $1,789 per month according to a report from Realtor.com. This number represents an increase of 19.8% year-over-year. When comparing rent costs vs. home prices, rental appreciation exceeded home price growth among every size of rental unit. A two-bedroom rental increased by 19.2%, while a two-bedroom home only increased 11% last year. Buying a home may very well be a more affordable option depending on where you are currently...2021 Q4 Home Price Trends
According to the national home price index, there was a 18.8% growth rate between December 2020 and December 2021. In the 34 years this data has been tracked, this is the highest calendar year increase ever. In the final quarter of 2021 housing prices still increased quite a bit, but not as quickly as they had in the earlier quarters of the year. During 2021 all 50 U.S. states and the District of Columbia house prices rose. The top five states with the highest annual appreciation were Arizona, Utah, Idaho, Florida, and Tennessee. Specifically, the area with the highest annual price increases in the country was the Cape Coral-Fort Myers area with a 34.6% increase according to the FHFA’s House Price Index. Home buyers in entry and mid-level markets can expect to see the biggest effect of these home price increases with the low level of inventory even as mortgage rates continue to tick...Mortgage Application Volume Dips 5.4%
The week ending February 11th saw a 5.4% decrease in mortgage application volume according to a report from the Mortgage Bankers Assocation. Compared to the same time a year ago, total mortgage application volume dropped 39.8% with a decrease of 54.1% in refinance application volume specifically. Refinance volume still makes up 52.8% of total applications as of February 11th. The VA share of mortgage application volume dropped from 10% to 9.3% this period. The FHA share of mortgage application volume increased from 8$ to 8.3% this...Connect With Us
