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...Despite Higher Interest Rates, Mortgage Applications Rise
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...Hidden Hazards Increasing Your Insurance Costs
When you’re looking for a new home, the price of homeowner’s insurance typically isn’t top of mind. However, certain hidden risks can make getting coverage more difficult or expensive for new homeowners. Below are some things to consider, especially for first time home buyers. How close are you to a fire hydrant or fire station? Being in close proximity to a fire station with wide roads for easy access could make your home easier to insure. Is your wiring, heating system, and plumbing outdated? If any of the previous listed features are old or outdated, busted pipes and leaky water lines could result in serious water damage. Installing a whole-house water monitoring system may save you money on your homeowner’s insurance. Is your home located in a state that experiences earthquakes? According to a U.S. Geological survey, sixteen states are at high risk for earthquake damage that is typically not covered in homeowner’s insurance policies. Certain types of homes are also at higher risk of earthquake damage, including many homes built before 1980....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...Refinance Mortgage Application Numbers 30% Higher than 2019
After last week’s slight gain in home mortgage loan application volume, this week saw a 2.5% decrease in volume according to a report from the Mortgage Bankers Association. In similar fashion, the refinance numbers decreased 4% compared to last week, but once again remain 30% higher than the same time last year. The home mortgage loan application volume increased 6% year over year as well, marking a strong mortgage desire as the year continues. The FHA’s share of mortgage applications decreased to 9.7% from 10.2% the week prior. The VA share of applications increased to 12.3% from 11.2% the week...Connect With Us
