Market Trends

“Prospective homebuyers continued to face challenging conditions in July, with elevated and volatile mortgage rates and low housing inventory serving as a formidable one-two punch that suppressed mortgage applications and sales activity,” said Edward Seiler, MBA’s Associate VP, Housing Economics, and Executive Director, Research Institute for Housing America.

As many Americans return to work, a new Realtor.com report showing the Hottest ZIP Codes of 2023 revealed homebuyer demand is being fueled in part by the desire for more commute-friendly locations and additional space.

The MBA reports a 4.2% week-over-week slide in overall mortgage application volume, with apps for home purchase mortgages falling to levels last reported in April of 1995, as rates shot up to the 7.30% range.

While the “if” and “when” of a recession remain uncertain, the Fannie Mae Economic and Strategic Research Group does forecast one to occur, expected to begin in the first half of 2024—despite increased chances of a “soft landing.”

A pair of new HUD reports suggest that federal relief prevented a rise in evictions and homelessness during the pandemic through a series of federal intervention actions.

Digital homeownership company that has surpassed $100 billion in funded loans will become a publicly traded company and continue developing its proprietary loan origination platform, Tinman.

“As our nation continues to grapple with crisis-level housing affordability and supply issues, it is vital that the federal government does not create conditions that exacerbate these challenges,” said Ranking Member Waters.

By conservative estimates, up to 1 million multifamily homes are in the pipeline to be completed soon, giving those who are locked-out of the purchase market other options to live.

While total housing inventory continues to inch forward, existing-home sales retreated in July in the face of mortgage rates sitting at 7.09%.

While the nationwide supply of homes for sale remains stiff, relocation can be challenging for many homebuyers and renters. A new study from LendingTree revealed that the Austin, Dallas, and Las Vegas metros have the largest share of recent movers.