Volumes

A new report from Zillow has found that younger generations still believe owning a home is part of the American dream but believe they might need to win the lottery in order to achieve that dream.

A deceleration in inflation has sent mortgage rates tumbling for the fifth consecutive week, pushing mortgage apps upward to launch the spring homebuying season.

The MBA reports that overall mortgage application volume rose this week, jumping after a week of declines, as fixed-rates continued to slide toward the 6% mark.

“With the spring buying season underway, lenders are grappling with the threat of a recession and tighter overall financial conditions following the recent bank failures,” said Joel Kan, MBA’s VP and Deputy Chief Economist.

Average production volume was $2.6 billion (8,371 loans) per company in 2022, down from $4.9 billion (16,590 loans) per company in 2021.

A reluctance to sell means that increase has not yet translated to home sales, experts from Redfin report.

Freddie Mac reports that mortgage rates have fallen for the third consecutive week, however prospective buyers have been handcuffed by a short supply of housing inventory.

A new analysis from United Regions Van Lines examines the states that offer the greatest housing savings and which states rank highest in employment opportunities.

The MBA reports that mortgage app volume rose for the fourth consecutive week, fueled by a continued drop in rates at the outset of the spring buying season.

“People across the Unites States continue to feel the squeeze from higher housing costs, but the impact is uneven between regions,” said Anna Zhou, Economist for Bank of America Institute.