Market Studies

While mortgage rates fell for a third consecutive week, limited supply and continued affordability issues are handcuffing prospective buyers, as overall mortgage activity rose just 0.5% over last week’s total.

“U.S. housing starts in May came in above consensus expectations at a seasonally adjusted annual rate of 1.63 million, which is 21.7% above the revised April estimate of 1.34 million and 5.7% above the May 2022 rate of 1.54 million,” said First American Economist Ksenia Potapov.

“Applications for purchase loans were up on a monthly basis and increased annually for the fourth consecutive month," said Joel Kan, MBA’s VP and Deputy Chief Economist. "Our estimate of new home sales also jumped in May, up 16% to the fastest pace of new home sales in 15 months.”

The Housing Choice Voucher homeownership program could help reduce the racial homeownership gap in the U.S., allowing households with a voucher to use it for mortgage payments rather than rent, advancing homeownership opportunities for Black non-Hispanic households.

According to RentCafe's June Rental Activity Report, the top four most popular cities for renters are located in the Midwest, while Kansas City, Missouri, was named the most sought-after city by renters nationwide.

Amid larger macroeconomic uncertainties, the total homeownership rate can be attributed to the strong growth in the below-median income homeownership rate, which has sharply increased since 2016.

Nominations have opened for the 2023 Women in Housing Leadership Awards, set to be presented this September at the 20th Annual Five Star Conference and Expo at the Hyatt Regency in Dallas, Texas.

"Lack of inventory remains the biggest challenge for homebuyers," said Nick Bailey, RE/MAX President and CEO. "With the vast majority of homeowners having a mortgage rate under 5%, we're not seeing as much move-up activity as usual."

Mortgage professionals are feeling the pinch of high interest rates and a slowing housing market, and some are now living paycheck to paycheck. Click through to see how the market pinch is affecting these professionals, according to a new industry survey.

The U.S. Department of Housing and Urban Development announced the pending publication of the Final Inspection Standards Notice, which will align and consolidate inspection requirements in assisted and insured housing.