The lowest interest rates in months couldn’t bring an influx of borrowers to the table in the run-up to Labor Day, as application volume declined for the third straight week, the Mortgage Bankers Association said. The MBA’s Market Composite Index, a measure of weekly application volume based on a survey of association members, dropped a […]
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Residential construction spending saw its first monthly increase in six months this summer, as builders navigated their way through housing market and tariff-related challenges. While construction spending rose month over month in June, it still came in well under levels of a year ago, the National Association of Home Builders said in its analysis of
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The softening housing market is starting to show up in slightly smaller mortgage payments. Home buyers paid up to $45 less on mortgage applications in July compared to June, according to the Mortgage Bankers Association. While some home loans are still more expensive than the same time last year, the trade group said buying power
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US pending sales of existing homes fell for a second month in July as potential buyers balked at still-elevated prices and borrowing costs, consistent with a sluggish housing market. An index of contract signings slipped 0.4% last month to 71.7, around where it’s lingered for much of the year, according to National Association of Realtors
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Mortgage originations increased in the second quarter led by a boost in refinances, but the numbers show signs of the challenges the housing market still presents to lenders, according to new findings from Attom. Total origination volume between April and July clocked in at 1.76 million transactions, jumping 19.4% from the first quarter’s 1.47 million,
Refinances drive originations growth in Q2 Read More »
Mortgage application volume declined for the second week in a row, as a small rise in rates put a damper on refinance activity, the Mortgage Bankers Association said. The Market Composite Index decreased by 1.4% on a seasonally adjusted basis for the period ended Aug. 15. The refinance component was down by 3%, although versus
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Chase Home Lending has resumed offering home equity lines of credit after a five-year absence from the product, the company announced. While parent JPMorgan Chase has participated in HELOC securitizations, it did not originate or service the loans. In April 2020, just as the pandemic entered full swing, Chase paused taking new applications for HELOCs
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Mortgage spreads reached their narrowest point in three years on Aug. 22, but were still wider than their historic average, Redfin reported. The normal spread, which in this case measures the difference between the 30-year fixed rate mortgage and the 10-year Treasury yield, is in a range between 150 basis points and 200 basis points.
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Sales of new US homes exceeded forecasts in July after an upward revision to the prior month, as prices eased and heavy incentives enticed more buyers off the fence. Contract signings on new single-family homes ticked down to a 652,000 annualized rate, with the strongest demand in the West, according to a government report issued
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Over 40% of millennial and Gen Z homeowners claim they struggle to afford their regular housing payments, a substantial number but less than the 70% who are saying the same about their rent, a Redfin survey found. In May, a survey conducted by Ipsos for the real estate company had over 4,000 homeowners and renter
Gen Z, millennials struggle with housing costs Read More »