Housing Wire

OCTOBER 21, 2020

At its Annual event Wednesday, Mortgage Bankers Association Chief Economist Mike Fratantoni forecast that interest rates could rise in the year to come, but that they will remain near all-time lows. The chart below shows interest rates for the 30-year fixed-rate mortgage will end this year at about 3% and could hit around 3.3%

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Housing Wire

JANUARY 4, 2021

Will 2021 be more of the same? A buyer’s market in 2021? It’s not likely we’ll see a buyer’s housing market in 2021, at least according to experts. For example, home prices are still expected to rise in 2021, but at a smaller pace than we’ve seen this year. Is 2021 a good time to buy a house? Let’s take a look.

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Housing Wire

FEBRUARY 24, 2022

Fast forward to Thursday, and Opendoor reported losing $662 million in 2021. Opendoor’s losses came after iBuyer Offerpad announced it made $6 million in net income for 2021. Opendoor resold 21,725 of the homes it bought in 2021, up 119% from 2020. billion in unsold real estate inventory. The company tallied $8.0

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Housing Wire

JUNE 21, 2023

On the heels of the Federal Reserve pausing its rate hikes, mortgage demand increased, but only slightly. For the week that ended June 21, mortgage applications only climbed 0.5% from the prior week , according to the Mortgage Bankers Association. The refinance share of mortgage activity decreased to 26.9% from 13.0%

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Housing Wire

DECEMBER 29, 2021

What a year 2021 has been. economy continue to recover from the lows of April of 2020, but the 2021 economic data shows it has been one of the hottest years in many decades. The housing market didn’t crash at all, in fact, more Americans bought homes with mortgages in 2021 than in 2020. A bullish housing market.

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Housing Wire

MARCH 27, 2024

Those advantages, coupled with cheap land, made the city a favorite for homebuilders like DR Horton and Lennar that brought plenty of new inventory to market. Listings jumped at both the state and city levels in 2021 and 2022. But high mortgage rates and high home prices proved too much for the listings boom in Jacksonville.

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Housing Wire

JUNE 2, 2021

Mortgage applications dropped for the second straight week , this time down 4% for the week ending May 28, 2021, according the Mortgage Bankers Association ‘s weekly mortgage applications survey. This week’s data was compared to mortgage applications from the week of Memorial Day in 2020. the previous week.

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Housing Wire

SEPTEMBER 22, 2022

Mortgage rates, now around 6.5%, are cooling down the housing market and triggering mass layoffs in the mortgage and real estate industries. Mortgage rates have nearly doubled to around 6.5% We do not see new construction returning in a meaningful way any time soon. “The Will Savage, an LO at PMC Mortgage.

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Housing Wire

SEPTEMBER 23, 2021

The average 30-year-fixed mortgage rose, ever so slightly, to 2.88% for the week ending Sept. Mortgage rates have been roughly flat for months now. Treasuries, causing mortgage rates to remain in place, despite the increasing dispersion of inflation across different consumer goods and services.”. for the past two weeks.

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Housing Wire

JUNE 2, 2022

I always try to focus people on the total inventory data until we get inventory back into a range of 1.52-1.93 HousingWire: To add to that, since housing is in an inventory shortage, the market has changed, so the good news is inventory is growing. What levels should we be hoping for? Then this happened.

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Housing Wire

MARCH 2, 2022

So-called iBuyers purchased a total of 70,402 homes in 2021, more than doubling the number purchased in 2019, according to a report from Zillow released on Tuesday. set during the first quarter of 2021. For all the transacting iBuyer’s did in 2021, only one was profitable: Offerpad, which posted $6.5 million in net income.

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Housing Wire

NOVEMBER 15, 2023

Although high mortgage rates, elevated home prices and limited housing inventory have crippled the 2023 housing market, the outlook for 2024 is brighter, according to Lawrence Yun, chief economist with the National Association of Realtors (NAR). The question is when are rates going to come down?”

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Housing Wire

MAY 27, 2021

Mortgage rates fluctuated again last week, down 5 basis points to 2.95% after managing to pop back up to 3% the week prior, according to Thursday data from Freddie Mac ‘s PMMS. Mortgage rates have been hovering around 3% for over a month now, as macro economic factors left the bond market hesitant over the global recovery.

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Housing Wire

SEPTEMBER 27, 2023

Fueling this increase is new construction, according to Divounguy, even though the 1.3% A steady flow of new homes have hit the market this spring and summer, as homebuilders worked diligently to remedy the housing inventory shortage. This year, Miami has claimed the fifth spot, jumping all the way from ninth as recently as May 2021.

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Housing Wire

DECEMBER 4, 2020

CoreLogic released its final three-year housing and mortgage outlook report for the year on Thursday, and if numbers hold up, the data company predicts 2021 will maintain its unprecedented sales and record low mortgage rates as the economy continues to recover. On average, CoreLogic predicts mortgage rates to sit closer to 3.2%

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Eyes on Housing

MAY 26, 2021

The historic climb for lumber prices, combined with delays and higher costs for other building materials, is a significant limiting factor for home building in 2021. Read More ›

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Housing Wire

JUNE 17, 2021

The average 30-year fixed-rate mortgage fell three basis points from the week prior to 2.93%, according to data released Thursday by Freddie Mac ‘s PMMS. This marks the first time in over two months mortgage rates have fluctuated outside a five basis point range above or below 3%.

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Housing Wire

APRIL 28, 2022

Ohio-based Union Home Mortgage is the latest in a string of lenders this week to institute workforce reductions. The multichannel lender, which originated roughly $13 billion in residential mortgage last year, declined to provide any details about the layoffs. from 2020 to 2021, to $13 billion. billion, up 65.5%

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Housing Wire

NOVEMBER 3, 2023

While wages kept rising, October posted the slowest pace of wage growth since June 2021, according to Bright MLS Chief Economist Lisa Sturtevant. In October, construction employment continued to trend up, adding 23,000 more jobs, aligning with the average monthly gain of 18,000 over the prior 12 months.

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Housing Wire

JANUARY 28, 2021

The average mortgage rate for a 30-year fixed loan fell four basis points last week to 2.73%, according to Freddie Mac ’s Primary Mortgage Market Survey. This is the second week mortgage rates have ticked downwards since Jan. The 15-year fixed mortgage rate also shifted downward to 2.2 the week prior.

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Housing Wire

JUNE 23, 2021

For the second week in a row, mortgage applications increased — this time, up 2.1% for the week ending June 18, 2021, per the latest report from the Mortgage Bankers Association. The 30-year fixed mortgage rate also rose to 3.18% — the highest level in a month, according to the MBA. the previous week. from 11.5%.

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Housing Wire

SEPTEMBER 22, 2022

Mortgage rates in the 6% range have frozen the housing market, forcing loan officers to find business outside their wheelhouses. With mortgage rates nearly doubling from the start of 2022, the LO, who has more than 20 years of experience in the industry, says it’s painful to see deals simply disappear. “I higher than last year.

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Housing Wire

DECEMBER 16, 2021

We’ve had the sharpest and yet also the shortest recession in history, record-low mortgage rates leading to record origination volumes, and record home prices as housing demand far outstripped supply. How will the Federal Reserve respond to economic developments in 2022, and what will be the impact on mortgage rates?

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Housing Wire

SEPTEMBER 20, 2021

Limited inventory, supply chain disruptions and concerns about inflation have led economists at Fannie Mae to lower their mortgage origination forecasts for the remainder of this year and into 2022. Fannie Mae dropped its projected origination volume for 2021 to $4.33 GDP growth rate for 2021, while July had a 7.0%

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Housing Wire

NOVEMBER 2, 2022

And with Fed rates expected to rise even further, industry experts and economists don’t expect mortgage rates to stabilize for at least another year. Mortgage rates , which are currently near a 22-year high, declined slightly from last week ahead of the Fed’s sixth rate hike announcement. million in September 2021.

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Housing Wire

JANUARY 8, 2021

Due to massive losses in the servicing sector outnumbering professional and construction job gains, the raw number of nonfarm payroll employment fell by 140,000 – the first decline since April of last year. million Americans are still unemployed heading in to 2021. The department estimates 10.7 percent and 61.5

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Housing Wire

MARCH 22, 2021

Homebuyers who offer all-cash improve their chances of winning a bidding war by 290%, per Redfin’s study of clients buying homes between June 2020 and February 2021. And don’t even think about making an offer below asking price in 2021, officials said. You won’t win the bidding war.

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Housing Wire

FEBRUARY 4, 2021

With inventory at record lows, demand surging and prices on the rise, buying — even just finding — a home in today’s market is quite the challenge. If buying a home is on your radar for 2021, there are still ways to do it. Are you hoping to buy a home in 2021’s hot housing market ? Will we have a buyer’s housing market in 2021?

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Housing Wire

JANUARY 26, 2021

Record low inventory and strong buyer demand once again pushed up the cost of homes in the U.S., “With buyer demand continuing to outpace the previous year’s levels amid historically lowest inventory of for-sale homes, the pressure on home prices is going to fuel home price growth in the first half of 2021,” Happ said.

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Housing Wire

SEPTEMBER 22, 2022

million units this year from 2021, a further downward revision from August’s projected 16.2% The latest forecast also projects total mortgage origination activity at $2.44 The mortgage market is projected to slip further to $2.17 In August, the national inventory of unsold existing homes was at 3.3-month trillion in 2022.

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Housing Wire

DECEMBER 23, 2020

Construction continued to play catch-up also as Novembers new-home inventory rose nearly 14% to a 4.1-month How the mortgage industry is working together to make housing more affordable. Every region experienced a dip in new-home sales, with the Midwest providing the starkest decline, down a whopping 43% month-over-month.

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Housing Wire

NOVEMBER 3, 2020

nationally by September 2021 as higher prices erode affordability. Home purchase demand managed to maintain pace through the summer, and now through the fall, as record low mortgage rates continued to encourage new borrowers to enter the market. by September 2021. Despite home prices rising 6.7% households.

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Housing Wire

JANUARY 6, 2022

In November 2021, the supply of homes for sale nationwide as a percentage of occupied residential inventory remained near historic lows at 1.19% — meaning only 119 in every 10,000 homes were for sale — much lower than the historical average of 2.5%. Since 2018, the housing supply deficit has been growing. What about existing homes?

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Housing Wire

SEPTEMBER 22, 2021

The week following Labor Day saw a flurry of mortgage loan application activity, with volume jumping by 4.9% 17, according to the Mortgage Bankers Association. He added, “Housing demand is strong heading into the fall, despite fast-rising home prices and low inventory. for the seven days ending Sept. last week.

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Housing Wire

MARCH 28, 2022

However, since I had the possibility of the 10-year yield getting to 2.42% and 4% plus mortgage rates, I accounted for that in the range. The one thing that has happened in 2022 that has been worse is that national inventory levels have worsened in 2022 to start the year. Inventory has been falling for years.

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Housing Wire

FEBRUARY 18, 2022

Homebuyers flocked to what little inventory existed in January, with existing-home sales rising 6.7% from December and mortgage rates shot up 30 basis points. Homes priced between $100,000 and $250,000 were down 23% from January 2021, while sales of homes priced between $750,000 and $1 million rose 33%. January sales fell 2.3%

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Housing Wire

JUNE 7, 2021

Because that period followed a housing boom and bust when inventory was overbuilt. We first had to whittle down the excess inventory and get our financial house in order (i.e., The previous economic expansion from 2008 to 2019 was the weakest housing recovery ever. We still have not seen housing starts begin the year at the level.

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