New home sales slump to six-month low
There were 481,000 available homes on the market in May, data showed, even as many would-be sellers choose to stay in place to keep the record-low mortgage rates they secured...
Mortgage applications rise for third straight week
“Mortgage rates were mostly lower last week, with the 30-year fixed rate declining slightly to 6.93%, the lowest level in more than three months,” Joel Kan, vice president and deputy...
Existing home sales dwindle as record prices squeeze buyers
Total housing inventory was up 6.7% from April and 18.5% from one year ago. At the current sales pace, this represents a 3.7-month supply, an increase from 3.5 months in...
First-time homebuyer activity a bright spot in subdued market
Speaking with Mortgage Professional America, MBA’s vice president and deputy chief economist Joel Kan (pictured top) said the first-time homebuyer cohort was accounting for “pretty strong” demand across the US...
Mortgage rates drop below 7% amid projected economic slowdown
“Mortgage rates retreated this week given incoming data showing slower growth,” Sam Khater, chief economist for Freddie Mac, said in the survey report. “Rates are just shy of 7%, and...
Mortgage rates rise for the first time in a month
However, Lewis noted conflicting economic signals raise the possibility that “this could be a short-lived upward blip” for mortgage rates. The rate hike weighed on mortgage demand last week, with...
Have homebuyer affordability conditions improved?
“In addition to lower mortgage rates, more housing inventory is desperately needed in markets throughout the country this summer to alleviate these tough affordability conditions,” said Edward Seiler, associate vice...
Should homebuyers wait for rates to fall or make a move now?
Fixating too much on the rate, Clark said, means some borrowers are dissuaded by supposedly high borrowing costs and lose sight of the fact that they could feasibly afford the...
US home prices defy gravity, soaring in 205 metro areas
“The expensive markets in the West, where home prices declined last year, are roaring back,” Yun said. “Price dips in that region were viewed as second-chance opportunities by many buyers.”...
Mortgage credit availability stabilizes – MBA
“Lenders continue to reduce capacity, with mortgage rates still above 7% and origination volume moving at a slow pace,” he said. “Even with challenging affordability conditions and fairly strong housing...