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Mortgage applications rise to highest level since July 2022

Housing Wire

The 11% increase in the MBA’s overall applications index — boosting the index to its highest point since July 2022 — was fueled primarily by refinances , which rose 20% from the prior week and are now 175% higher compared to the same week in 2023. Purchase loan applications saw more modest increases of 0.4%

Mortgage 421
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U.S. Asking Rents Hit Highest Level Since 2022

Appraisal Buzz

year-over-year in May to $1,653, representing the highest level since October 2022, according to a new Redfin survey. Still, the median asking rent in May was just $47 lower (-2.8%) than the record high of $1,700 set in August 2022, presenting affordability issues for some tenants. The median asking rent in the U.S. this summer.

Tenants 392
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The mortgage rate lock-in didn’t start in 2022

Housing Wire

In the 24 months beginning March 2022, the U.S. After an initial rush to get to market in Q2 2022, new listings volume fell precipitously. In July 2022, new listings volume per week dropped from 90,000 at the end of June to approximately 74,000 just after the July 4th holiday. The lock-in didn’t start in 2022 when rates rose.

Mortgage 427
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Required Renter Income Surges to Highest Level Since 2022

Appraisal Buzz

The amount renters must earn to afford the median-priced flat has reached its highest level since October 2022. As a result, wage growth should continue to outpace rent growth in the coming months, as it has been doing since 2022,” said Sheharyar Bokhari, Senior Economist at Redfin. year-over-year and 22.9%

Landlords 418
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New Home Construction Expectations for 2022

Appraisal Buzz

What is on the horizon in 2022? Things may be taking a turn for the better in 2022, though. Many buyers hope the housing market will cool down in 2022, and while experts don’t think it will be as competitive, this is unlikely to be a dramatic shift — at least not one that turns the market away from being seller-friendly.

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Title industry: We contributed $30 billion to GDP in 2022

Housing Wire

gross domestic product (GDP) in 2022, according to a report commissioned by the American Land Title Association that was published on Wednesday. The title insurance and settlement services industry directly generated $30 billion of U.S. ALTA noted that 90% of the title industry is made up by small businesses. billion of GDP), New York ($2.5

Insurance 491
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Asking Rents for New Builds Slip to Lowest Level Since 2022 

Appraisal Buzz

As the number of newly built apartments increased, monthly asking rentals for new flats peaked in the first quarter of 2022 at $1,889, but have since declined. The post Asking Rents for New Builds Slip to Lowest Level Since 2022 first appeared on The MortgagePoint. Will an Apartment Construction Boom Lead to Lower Rents?