2023

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Mortgage rates should drop below 7% as housing demand picks up

Housing Wire

What a week! Mortgage rates almost fell below 7%, the 10-year yield is below 4.25% again, and people are seriously talking about Fed rate cuts in 2024. Times can change quickly, which is why we created the weekly tracker so you have the information you need in real-time. Purchase application data Hello, early Christmas present! Mortgage rates have fallen by almost 1% in a short time, and it has created four straight weeks of positive purchase application data.

Mortgage 542
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This one company owns 9,000+ homes in California (interactive map)

Sacramento Appraisal Blog

Wall Street has invaded Main Street. It’s truly stunning to see that a company like Invitation Homes owns over 9,000 units in California. Today, I want to debut an interactive map I made to show where these homes are located. UPCOMING (PUBLIC) SPEAKING GIGS: 12/08/23 Free Q&A event for appraisers only (on private work) […] The post This one company owns 9,000+ homes in California (interactive map) first appeared on Sacramento Appraisal Blog.

Appraisal 534
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Hack at nation’s largest title company stalls closings

Real Estate News

Fidelity National Financial, parent company of Chicago Title and more, is blocking access to title and escrow services while it investigates a security breach.

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Sitzer | Burnett: Live updates from the buyer-agent commission trial

Inman

The long-awaited Sitzer | Burnett commission trial is underway in Kansas City, Missouri, and Inman is covering it all live as it unfolds. Check back early and often for news, views, schedules and more.

Buyers 217
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Property Taxes by State – 2022

Eyes on Housing

NAHB analysis of the 2022 American Community Survey data shows that New Jersey leads the nation with the highest average annual real estate tax (RET) bill ($9,285)—$8,425 more than yearly property taxes paid by Alabama’s homeowners ($860). The size of this disparity grew 1.1% in 2022 and has increased 9.3% since 2017. Vermont was the only state for which the.

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Dear Representative, FNMA Has Gone Rogue!

Appraiserblogs

Dear representative, waiving/eliminating property appraisal for lending purposes is wanton recklessness. Fannie Mae’s decision to waive/eliminate property appraisal for lending purposes is nothing more than wanton recklessness that could have serious repercussions in the future. The truth of the matter is that appraisals are an essential part of any mortgage transaction and should not be taken lightly or eliminated without due consideration.

More Trending

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What Is a Good ROI on Rental Property?

BiggerPockets

A good ROI on rental property typically ranges from 6% to 10%, although this can vary with location, property type, and market conditions. In some areas, ROIs over 12% are possible, while in expensive urban locations, a 4% to 6% ROI may still be favorable.

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Why Desktop Appraisals Matter and How Agents Can Help

National Association of Realtors

These types of assignments don’t require appraisers to inspect the interior or exterior of a property. Your care can make such valuations more reliable.

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Property Damage Coverage: Real Estate Investor Guide to Protection and Peace of Mind

Mashvisor

Real estate investing is a lucrative venture, but it comes with inherent risks, particularly in the realm of property damage.

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Bank of Canada likely to begin cutting rates in mid-2024: CIBC's Tal

Mortgagebroker News

The overnight rate could settle around 3%, according to leading economist

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Missouri jury finds NAR, brokerages guilty of conspiring to inflate commissions

Housing Wire

A Kansas City jury has found the National Association of Realtors , HomeServices of America and Keller Williams guilty of colluding to inflate or maintain high commission rates through NAR’s Clear Cooperation Rule, in the Sitzer/Burnett buyer broker commission lawsuit. The defendants have been ordered to pay damages of $1.78 billion. The jury reached its verdict after a little over two weeks of testimony from the plaintiffs and defendants.

Brokerage 545
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Mr. Cooper hit with consumer class-action lawsuits over cyberattack 

Housing Wire

Mr. Cooper Group became the target of at least four consumer class-action lawsuits after disclosing a cyberattack at the end of October when customer information was compromised and the company shut down certain systems. On Oct. 31, the Dallas-based servicer and lender said it had experienced a cybersecurity incident with an unauthorized third party accessing certain portions of its technology systems and customer data.

Legal 544
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The Federal Reserve delivers lower rates for Christmas

Housing Wire

The Federal Reserve played the good grinch for Christmas this year and delivered the best gift for homebuyers nationwide, leading to lower mortgage rates. The 10-year yield and mortgage rates fell together after the Fed meetings, which gave us mortgage rates under 7% last week. Mortgage rates and the 10-year yield What a crazy week! Not too long ago, on jobs Friday, I was on the HousingWire Daily podcast saying it’s time to declare war on the Federal Reserve for being too restrictive; you can li

Inventory 533
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61% of ADUs are built for multigenerational housing: survey

Housing Wire

One in five Americans now shares their homes with adult children, parents or grandparents. In the face of soaring housing costs nationwide, multigenerational living has gained traction as a path to make living expenses more manageable and to maintain closer family bonds. While many multigenerational families are living together under one roof, potentially leading to feelings of overcrowding, accessory dwelling units (ADUs) have emerged as a practical solution for affordable housing that allows f

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FHFA conforming loan limits increase to $766,550 in 2024

Housing Wire

The baseline conforming loan limit for mortgages backed by Fannie Mae and Freddie Mac in 2024 will be $766,550, up 5.5% compared to the current limit of $726,200 , the Federal Housing Finance Agency (FHFA) announced Tuesday. Conforming loan limits are increasing at a slower pace, mirroring home prices, overall. That’s because the FHFA’s conforming loan limit increase is based on a formula related to home-price data in the third quarter of each year.

Finance 531
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Housing industry pleads with Biden administration to narrow the mortgage spread

Housing Wire

A coalition of trade associations — including the Community Home Lenders of America (CHLA), National Association of Realtors (NAR), and Independent Community Bankers of America (ICBA) — on Thursday called on the Biden administration to reduce the historically large spread between the 30-year mortgage rates and 10-year Treasuries. The trade groups noted that the spread sits at over 300 basis points (bps) compared to the historic norm of about 150 bps.

Mortgage 535
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Opinion: To support low-income borrowers, return Fannie Mae and Freddie Mac to the private sector

Housing Wire

Since the 2008 housing crisis , there have been significant changes that prompted the Treasury to place Fannie Mae and Freddie Mac under conservatorship. While the conservatorship has allowed for the mortgage market to be restored to its pre-crisis state and strengthened these two government-sponsored entities (GSEs), there are significant downsides to maintaining the status quo indefinitely.

Tools 527
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Why higher rates aren’t crashing home prices

Housing Wire

Home prices aren’t crashing, despite what the housing bubble boys are saying. In fact, home prices have firmed up higher recently. The housing bubble boys are a crew that from 2012 to 2019 screamed housing crash every year. They went all in during COVID-19 in 2020, doubled down in 2021 as the forbearance crash bros but really bet the farm on a massive home-price crash in 2023 after the most significant home sales crash ever in 2022.

Inventory 545
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What will lower mortgage rates do to spring housing inventory?

Housing Wire

Lower mortgage rates tend to take housing supply off the market and demand has been picking up lately as rates have fallen. However, the recent drop in housing inventory has more to do with seasonality factors than lower mortgage rates. Higher mortgage rates did push inventory higher during the seasonal period when it would normally be declining. However, seasonality tends to rule the day eventually.

Inventory 527
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First American is the latest cybersecurity attack victim

Housing Wire

First American is the latest real estate firm to suffer a cybersecurity incident. Sources told HousingWire the incident occurred Wednesday afternoon, with First American confirming the incident Thursday morning. In a statement on the title company’s website it notes that First American has “taken certain systems offline” and that it is working to resume normal business operations as soon as possible.

Clients 521
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Why home prices haven’t crashed even with high mortgage rates

Housing Wire

The most underreported housing story I’ve seen this year is that even with mortgage rates rising to 8%, the number of homes that took price cuts before they sold was 4% below 2022 levels. This happened even with higher home prices and higher mortgage rates in 2023. Weekly housing inventory data We will start with the price cut data percentage because it deserves a detailed explanation. 2022 was a historic year for housing as we had the most significant home sales crash ever, and mortgage r

Mortgage 523
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Mortgage rates are (finally) back at 7%

Housing Wire

Mortgage rates continued their downward trajectory this week as the 10-year Treasury yield dropped below 4.2% for the first time since September, according to new data from Freddie Mac. The 30-year, fixed mortgage rate averaged 7.03% for the week ending Dec. 7, according to Freddie Mac ‘s Primary Mortgage Market Survey. That’s down significantly from last week ’s 7.22% and up from 6.33% the same week a year ago.

Mortgage 522
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Housing Market Tracker: Inventory finally rises

Housing Wire

Can we now say that the housing market ‘s spring selling season is finally underway? Since 2020, the seasonal bottom for housing inventory has arrived several months later than normal, making it more complicated to track housing inventory data. Still, we have some promising signs that we might have finally hit the inventory bottom for 2023. We didn’t see too much volatility in mortgage rates last week, but purchase apps declined in reaction to rates rising two weeks ago.

Inventory 544
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The Fed holds rates steady at final meeting of 2023

Housing Wire

The Federal Open Markets Committee (FOMC) held its short-term policy interest rate steady at a range of 5.25% to 5.5% at its last meeting of the year on Wednesday. It was the fourth pause recorded in 2023. Investors will parse Jerome Powell’s press conference this afternoon for clues about when and why the central bank might change its policy stance next year.

Mortgage 519
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The Fed was wrong about jobs and inflation

Housing Wire

After today’s jobs report , which showed unemployment at 3.7%, it’s now clear that the Federal Reserve does not need to create a job-loss recession to bring down the growth rate of inflation. The Fed has much to answer for after their massive rate hikes and quantitative tightening policy. These were created to bring down inflation by impacting the labor market but they disproportionally affected housing in a negative way.

Retail 519
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New listings data unfazed by 8% mortgage rates

Housing Wire

The haunted house ride with the bond market and mortgage rates continued this week, but one housing data line hasn’t been spooked. New listing data appears unafraid of the mortgage rate ghost story over the last few months. Unlike last year, when new listings data had a noticeable move lower once mortgage rates reached 6%, 8% mortgage rates haven’t had any noticeable impact on the latest new listings data.

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Opinion: Release the GSEs from conservatorship

Housing Wire

After the recent extraordinary show of force defending changes to LLPAs by federal regulators and their friends, the forest through the trees risk remains in focus to me. One of the great concerns I have, as both a former regulator and the former head of a major industry trade association, is the downside risk of keeping the GSEs in conservatorship any longer.

Sellers 533
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The mortgage industry is nervous about LLPA fee changes

Housing Wire

The Federal Housing Finance Agency this week made a series of significant changes to loan level pricing adjustment (LLPA) fees charged by Fannie Mae and Freddie Mac on conventional/conforming mortgages. It’s generating concern among mortgage and real estate trade groups, who fear the tweaks will hurt qualified borrowers amid an existing affordability crisis.

Mortgage 540
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CPI report is good news for mortgage rates

Housing Wire

The massive inflation and double-digit mortgage rates of the 1970s and early 1980s seem to haunt the Federal Reserve , which wants to cool the economy and even provoke a job-loss recession to avoid that scenario. But the latest Consumer Price Index inflation report shows how the fear of 1970s-style inflation is wildly overblown. Today’s numbers don’t look like the 1970s at all, when rent, wages, and oil shocks sent inflation running hotter than anything we have seen in recent modern-day hi

Mortgage 533
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Is the savagely unhealthy housing market back?

Housing Wire

Just when I thought days on market were returning to normal, that number for existing homes fell back down to 22 days. Why is this so important to me? If the days on the market are at a teenager level or even lower, it’s never a good sign for the housing market. I would say it’s savagely unhealthy to have that level and even though we’re not there yet, we are dangerously close.

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Housing inventory falls under 1M again as sales collapse

Housing Wire

On Friday NAR reported that total housing inventory levels broke under 1 million in December, dropping to 970,00 units for a population of 330 million people. And existing home sales crashed in 2022 from a peak of around 6.5 million in January down to about 4 million in December, We now have total inventory levels near all-time lows again. In one of the most historical years in the U.S. housing market , we just experienced an event that most people never thought could happen.

Inventory 538
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The mortgage market just had its strongest week in months

Housing Wire

Falling mortgage rates last week brought increased demand. Total home loan applications increased 2.8% for the week ending Dec. 1 compared to the previous week , according to data from the Mortgage Bankers Association (MBA). The 30-year fixed-rate mortgage averaged 7.17% last week. Slower inflation and the confidence financial markets have that we are nearing the end of the Fed ’s hiking cycle has brought mortgage rates to the lowest level since August.

Mortgage 510
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Mortgage rates fall to levels not seen since September

Housing Wire

Mortgage rates headed lower this week as the 10-year Treasury yield dropped below 4.3% for the first time since September, according to new data from Freddie Mac. The 30-year, fixed mortgage rate averaged 7.22% for the week ending Nov. 30, according to Freddie Mac ‘s Primary Mortgage Market Survey. That’s down significantly from last week ’s 7.29% and up from 6.49% the same week a year ago.

Mortgage 506
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Housing Market Tracker: Inventory falls even lower

Housing Wire

The seasonal housing inventory bottom evaded us again last week as active listings fell and new listing inventory decreased. Purchase application data rose again, with more positive than negative data in 2023. Mortgage rates didn’t move much last week, but the 10-year yield rose even though inflation data was tamer than expected, and we had a weaker retail sales report number.

Inventory 527