Jeff Walton’s Post

In spite of a lack of cooperation by interest rates, there are some interesting indicators: Mortgage Bankers Association’s Builder Application Survey (#BAS) data for January 2024 shows mortgage applications for new home purchases increased 19.1% compared from a year ago. Compared to December 2023, new home apps increased by 38%. I like how HousingWire's Sarah Marx called this "persistent strength of demand" in her article this week. Find and talk to #builders who are forging ahead with InGenius data! #actionableintelligence #domorein24!

The bright spot in the mortgage industry continues to be new home purchases. The Mortgage Bankers Association (MBA) Builder Application Survey (BAS) data for July 2023 shows mortgage applications for new home purchases increased 35.5% compared from a year ago. #swbcmortgage #happiestwayhome

Exciting news in the real estate market! 🏠 1️⃣ New-home purchase mortgage applications rose 1% month-over-month and 13.8% year-over-year in May, according to the Mortgage Bankers Association (MBA). 2️⃣ The FHA share of new-home mortgage applications hit its highest level since November 2023, reaching 26.5%. 3️⃣ Conventional loans made up 63.4% of all applications, while VA loans accounted for 9.8% and USDA loans 0.3%. 4️⃣ The average loan size for new-home applications in May was $400,150, slightly down from April's $405,000. 5️⃣ The demand for new homes is on the rise due to lagging inventory in the existing-home market. 6️⃣ While new home applications are up, purchase applications for existing homes fell 12% year-over-year as of June 7. 7️⃣ Declining mortgage rates have spurred more refinances, with the MBA’s refinance index rising 28% year-over-year for the week ending June 7. At RE/MAX Professionals Select, we’re seeing strong interest in newly built homes. If you're looking to buy or sell a home, our professional real estate team is ready to assist you with all your needs. Let’s connect and find your dream home! #newlistings #REMAXProfessionalsSelect #RealEstateOpportunities #Illinois #REMAX #UnlockHappiness #featurefriday #realestate #RealEstateAgent #HomeBuying #HomeSelling #realestatenews

Is your confidence rising?! New home mortgage applications rose by 10.8% in September, indicating increased confidence among buyers as rates begin to stabilize. With more buyers entering the market, the demand for new homes is a positive sign for the housing sector's momentum heading into the final months of 2024. This uptick also suggests that buyers are ready to seize opportunities as affordability improves. So I ask again, IS YOUR CONFIDENCE ON THE RISE?! It's never to early to start the conversation about creating your real estate dreams. Shane Aronson | Lifestyle Realtor C: 561-400-2020 E: [email protected] SERHANT. Ryan Serhant #lifestylerealtor #realtor #realestate #movetosouthflorida #serhant #bocarealestate #delrayrealestate #parklandrealestate #shanearonson #RealEstate #MortgageApplications #HousingMarket #MarketTrends

The latest Mortgage Bankers Association (MBA) Builder Application Survey reveals exciting news for the Arizona housing market! This May, mortgage applications for new home purchases increased 13.8% year-over-year, showcasing a strong demand for new construction. With existing home inventory still low, this surge presents a golden opportunity for Arizona mortgage professionals. Are you equipped to handle the influx of clients seeking new home loans? We can help! We provide Arizona Responsible Individual (RI) services, ensuring your business operates smoothly and adheres to all state regulations. Focus on closing deals while we handle the compliance complexities! Let's chat about how our RI services can empower your business to thrive in this booming market. #MortgageMarket #NewHomeSales #BuilderSurvey #MortgageBanker #MortgageBroker #ComplianceMadeEasy

New homes remain in demand as mortgage applications rise in May https://ift.tt/1l9Lxjk New-home purchase mortgage applications rose 1% month over month and 13.8% year over year in May, according to data released Thursday by the Mortgage Bankers Association (MBA). The data is derived from the trade group’s survey of homebuilders. The MBA also estimated that sales of new single-family homes reached a seasonally adjusted annual rate of 702,000 in May, up from 699,000 in April for the strongest pace since October 2023. “There continues to be strength in the new home purchase market, as purchase applications increased in May compared to both the prior month and from a year ago,” Joel Kan, MBA’s vice president and deputy chief economist, said in a statement. “With existing-home inventory still lagging in many markets, many homebuyers have turned their interest toward newly built homes.“ This was especially true for the Federal Housing Administration (FHA) lending segment. The FHA share of new-home mortgage applications in May was 26.5%, the highest share since November 2023 (27.1%). Conventional loans comprised 63.4% of all applications, with U.S. Department of Veterans Affairs (VA) loans accounting for 9.8% and U.S. Department of Agriculture (USDA) loans at 0.3%. The average loan size last month across all types of new-home applications was $400,150, down from $405,000 in April. The surge in demand for new homes is accompanied by sagging demand for existing homes. The MBA reported Wednesday that purchase applications for existing homes were down 12% year over year during the week ending June 7. Small but steady declines in mortgage rates have created more demand for refinances, as the MBA’s refinance index rose 28% year over year for the week ending June 7. At HousingWire’s Mortgage Rates Center on Thursday, the 30-year average rate for conforming loans stood at 7.15%. That was down 6 basis points from the same time last week and 43 basis points below this year’s peak rate of 7.58% recorded on May 2. Closed sales of new homes missed estimates in April, with the seasonally adjusted annual rate dropping 7.7% year over year, federal data shows. HousingWire Lead Analyst Logan Mohtashami wrote last month that new-home sales are “in a slow grind“ after bottoming out in 2022. Builders continue to offer rate buydowns to attract buyers, but these aren’t a universal incentive. “The smaller builders don’t have this buy down advantage, and thus, we have seen a decline in homebuilder confidence data,“ Mohtashami wrote. via HousingWire https://ift.tt/2BkmEOc June 13, 2024 at 08:41AM

Mortgage Rate Outlook: The 30,000-foot view from Michael Ferraro, President, Mortgage Markets CUSO, LLC Last Week: Mortgage News Daily reports that as the market digested last week’s Fed comments, another friendly reading on inflation, and a rise in Jobless Claims to the highest levels since last summer. The bond market is generally reluctant to push rates lower at a fast pace until traders can be sure the data is confirming a bona fide economic shift in addition to a high likelihood of a return to 2% annual inflation at the core level. This Week: Mortgage interest rates fell across the board compared to a week ago, according to data compiled by Bankrate: ·        30-year mortgage rate declines, -0.10% ·        15-year mortgage rate moves lower, -0.19% ·        5/1 adjustable-rate mortgage declines, -0.08% ·        Jumbo mortgage trends down, -0.06%   The average 30-year fixed-refinance rate is 6.96 percent, down 19 basis points from a week ago. A month ago, the average rate on a 30-year fixed refinance was higher at 7.04 percent. What’s Impacting Rates Now? Retail Sales data: While the Retail Sales data is not in the same league as the jobs report or the Consumer Price Index, when those numbers come in much higher or lower than forecast, there's often a noticeable reaction in rates. You’re in the Loop!  A selection of insights on what’s happening in the mortgage industry: Rent-payment reporting brings in 15K mortgage borrowers, provider says The partnership between personal finance platform Esusu and the National Rental Home Council has several of the trade group's members delivering payment data. They say that has helped result in over 85,000 originations across lending segments. Possibility of a 2024 Fed rate cut grows The Federal Reserve held firm on its current interest rate levels after its latest meeting, but inflation numbers are leading to talk of potential action in third and fourth quarters. Mortgage application activity rebounds with 16% surge Homeowners responded to moderating interest rates and brought in significantly more refinance volume, with Department of Veterans Affairs numbers more than doubling from the prior week

Why is our Fusion Product (Mortgage and Home Equity Line of Credit) so popular? Clients want mortgage solutions that support them now and in the future. By having a Home Equity Line of Credit where the limit grows automatically by paying down the amortizing Mortgage - it gives homeowners access to their Home Equity as it grows without going through the qualifying process again. The recent THE STATE OF HOMEBUYING IN CANADA: 2024 CMHC Mortgage Consumer Survey supports this need for Refinancers: - 33% of refinancers, plan on renovating and 30% of those have the desire to make their home more energy efficient. - 23% of refinancers are looking to reconcile debt. ▶ A licensed mortgage broker has access to solutions See the full report here: https://lnkd.in/g7jXNDwn.

The numbers for mortgage applications in April prove out what we been seeing for months - a strong market for new home construction driven by greater availability in addition to other benefits over existing-home purchases like customization and special offers. According to the Mortgage Bankers Association (MBA) Builder Application Survey (BAS) data for April, Mortgage applications for new-home purchases increased 22.1% compared with one year ago.

Mortgage rates rise for fifth week Mortgage rates rose for the fifth consecutive week, but so far it has had limited influence on this year's spring home purchase season, Freddie Mac commented. The 30-year fixed rate mortgage increased by 5 basis points this week to 7.22%, tying a level last seen at the end of November, the Freddie Mac Primary Mortgage Market Survey found. For April 25, the 30-year FRM was at 7.17%, while for the same week in 2023, it averaged 6.39%. For the 15-year FRM, the average rose three basis points, to 6.47%, from 6.44% and a year ago at this time, the 15-year it averaged 5.76%. "With two months left of this historically busy period, potential homebuyers will likely not see relief from rising rates anytime soon," Sam Khater, Freddie Mac's chief economist, said in a press release. "However, many seem to have acclimated to these higher rates, as demonstrated by the recently released pending home sales data coming in at the highest level in a year." According to LenderPrice data posted late morning on Thursday on the National Mortgage News website, the 30-year FRM was at 7.36%, nearly 10 basis points lower than it was at the same time last week, 7.457%. One of the elements in pricing mortgages, the 10-year Treasury yield, has remained elevated, even though it was down from one week ago, when on April 25, it peaked at 4.74%. By April 29, it closed at 4.61%. This reflects market conditions following the Federal Open Market Committee's decision at its April/May meeting not to change short-term rates. Investors, who once thought a June cut was likely, have backed off that position. Rates are likely to remain in the 7% range in the future, said Richard Martin, director, real estate lending solutions for analytics firm Curinos, which also tracks mortgage rate data. He added that while he expects rates to fall a bit by the end of the year, he is a little more bearish than Fannie Mae's latest outlook. Continue reading... https://lnkd.in/gK-ExrTM