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Mortgage rates surge to highest level since 2000

Housing Wire

“The 30-year fixed-rate mortgage has hit the highest level since the year 2000,” Sam Khater, Freddie Mac’s chief economist said. These headwinds are causing both buyers and sellers to hold out for better circumstances.” Other indices showed significantly higher mortgage rates this week.

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Mortgage apps decline 2.3% to the lowest level since 2000

Housing Wire

Demand for mortgage loans declined to the lowest level since 2000 last week due to affordability challenges and uncertainties regarding the U.S. decline from the previous week and fell 82% from the same week in 2021 to its lowest level since November 2000, driven by a 6% drop in conventional refi applications. for the week ending Aug.

Mortgage 384
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Tight credit, high rates and low inventory add to buyers’ affordability struggles 

Housing Wire

This is compounding the challenges for potential home buyers and the origination market alike, Walden said. According to the report, purchase credit scores in April were the highest on record, dating back to 2000, when Black Knight first started tracking the metric.

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Equity surge boosts homeowner net worth by $208K: John Burns 

Housing Wire

Meanwhile, homeowners who bought in January 2000, January 2006 and January 2013 have received boosts of $414,000, $338,000, and $343,000, respectively. At a more granular level, the study shows that home equity increases benefits to buyers across all segments. Overall, U.S. homeowners held $31.8 Overall, U.S. homeowners held $31.8

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Buyers’ FOMO on Lower Rates May Cause Increase in Home Purchases Before Spring

Appraisal Buzz

less expensive than in January 2000. “In The post Buyers’ FOMO on Lower Rates May Cause Increase in Home Purchases Before Spring appeared first on Appraisal Buzz. Real house prices increased 1.5% between October 2021 and November 2021, and increased 21% between November 2020 and November 2021. Real house prices are 5.6%

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Working with buyers in the nation’s hottest housing market

Housing Wire

“If they get a higher offer that has financing, then when appraisal comes back, the buyer is going to renegotiate the sales price to be closer to appraised value.”. Garrett said aside from cash buyers, he also has clients who have money to offset any appraisal gap. From Fredericksburg to Boerne to north of San Antonio…you name it.

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Homeowners Have Zero Incentive to Upsize in This Current Housing Market  

Appraisal Buzz

Compare this to 2000-2022, when upgrading to a 25% more expensive home would have required the average homeowner to increase their principal and interest payment by only 40%, or about $400 per month, according to the report.