Mortgage Application Volume Continues to Drop
Last week home mortgage application volume continued to fall due to low inventory and slightly higher mortgage interest rates. Overall application volume dropped 3.7% last week marking the third straight week of declining purchase activity. Purchase activity was not the only sector of mortgage application volume decrease as refinance application numbers fell also. The FHA share of total mortgage application volume increased from 10.2% to 10.8% last week. The VA share of mortgage application volume decreased from 13.38% to 12.1% last...Home Prices Climb, Mortgage Applications Dip
The amount of home mortgage applications decreased for the third straight week, paced by a 5% drop in mortgage refinance applications. Overall total application volume was down 2.5% from the week prior. The main issue with application volume right now continues to be the low inventory levels pushing up home prices and discouraging some buyers from entering the market. Should inventory catch up to demand, home mortgage purchase applications should rebound as well. The FHA share of total mortgage applications remained at 11.7% this past week seeing almost no change. The VA share of total mortgage applications decreased to 9.8% from 10.3% the previous...Mortgage Application Numbers Drop, How Will the Spring Start?
To end February and usher in the first week of March, mortgage application volume dropped by 1.3%. Despite this drop experts believe we are in store for a strong start to the spring because of the rebound in purchase numbers to end the week. While mortgage interest rates are up slightly from where they started to begin the year, demand from homebuyers to purchase remains high. Refinance application volume dropped 5% over the last week also. The VA share of mortgage application volume decreased to 11.6% from 12.1% the previous week. The FHA share of mortgage application volume decreased to 11.1% from 12.3% the previous...Five First Time Homebuyer Issues to Avoid
Being a first time homebuyer may seem like a daunting situation, but these tips on things to avoid could make your life much more stress free. Not having home insurance prepared: The lender will require you to have an insurance policy in effect the day of your closing. Forgetting to have your insurance ready will delay your closing. Lower than necessary appraisals: If your appraisal comes in lower than your offer, it could be the reason you don’t receive funding to close. You’ll have to cover the difference in value to purchase price, negotiate with the seller, or be forced to back out of the deal. Credit problems: Lenders will re-check your credit prior to close. Opening new credit accounts or making large credit purchases prior to close could ruin your chances of closing. Homebuyer loan document issues: Make sure to check your loan documents for mistakes. If your name is misspelled or other things are incorrect, notify a loan officer as soon as you can. Last minute walk through problems: Make sure to be proactive on your final walk through. If anything is in lesser condition than discussed, try to fix this as soon as possible to avoid...End of 2020 Home Prices Soared Year-Over-Year
According to the end of 2020 census, home prices in December increased 10.4% year-over-year from 2019. In November a similar gain was experienced, with home prices rising 9.5% in 2020 when compared to 2019. Last year started in a way that almost no one expected, but low interest rates allowed more homebuyers across the country to enter the housing market, shortening inventory, and causing a surplus of demand in the market. As inventory remains low this far into 2021, demand will continue to outweigh supply and home prices should remain high. While this comes as no surprise given the extremely hot housing market nationwide, this leads to the question of exactly how much higher home prices can...Connect With Us
