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Government mortgage loan demand drops as affordability issues loom

Housing Wire

But the decline in demand for mortgage loans was more evident in the government market, which consists of Federal Housing Administration (FHA), U.S. Meanwhile, the conventional space – not offered or secured by a government entity – registered a 2.7% Last week, mortgage apps in the space were 8.4%

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Housing market stays hot into fall with mortgage applications up 6.8%

Housing Wire

However, last week Kan noted that while conventional and government refinances gained steam, FHA refis experienced a particular uptick. The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($510,400 or less) rose to 3.1% The USDA share of total applications rose to 0.6% from 3.07%.

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Pending home sales fell 7.1% in August

Housing Wire

An index of 100 is equal to the level of contract activity in 2001. Pending home sales, like new home sales, are based on contract signings. Yun also expressed concern about a possible government shutdown, which could worsen the conditions in the housing market. “It Existing home sales also fell in August, down 15.3%

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Pending home sales were flat in April, but the South is a bright spot

Housing Wire

The housing market looks different than it does during a typical spring, when the market is usually in full gear,” Lisa Sturtevant, the chief economist at Bright MLS , said in a statement. An index of 100 is equal to the level of contract activity in 2001. annual drop recorded in March.

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Polly and CoreLogic partner on API integration

Housing Wire

In August 2022, Polly announced that it extended its API portfolio to better accommodate lenders amid a contracting mortgage environment. Lenders can also license Polly’s raw data for use in tandem with existing in-house tools.

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Inflation holds at 3.7%. Is it enough to dissuade the Fed from another rate hike?

Housing Wire

What is happening in the housing market ? If mortgage rates pass 8%, housing market activity will see a contraction, Sturtevant said. “Overall, shelter costs were up 7.2% year over year in September,” Bright MLS Chief Economist Lisa Sturtevant said in a statement. Rents of primary residences were up 7.4%.”

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Mortgage applications fall 3.3% as interest rates rise

Housing Wire

Conventional purchase applications drove last week’s increase, while applications for government loans decreased,” Kan said. The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($510,400 or less) increased to 3.13% from 3.06%. the week prior. The post Mortgage applications fall 3.3%

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