Origination

Mortgage applications for new homes decline after experiencing a peak in March. The relatively strong March may have contributed to April's low numbers. Despite steady demand for housing, homebuilders continue to face rising costs for labor and materials which will continue to moderate the pace of building.

The first quarter of 2017 has seen dramatic increases in metro home prices. Although average national income has increased in recent years, affordability remains elusive due to this escalation of price. The effects of which may impact communities nationally.

Because of the need to establish this fiscal balance, the road to achieve Trump’s proposals will be long and rocky, and will require the hard work and cooperation of both sides of the aisle. This proposal has also raised many questions about what Trump’s plan would mean for the housing market. Due to the current lack of detail in his proposed outline, it is difficult to accurately predict the impact a tax system overhaul of this magnitude would have on the economy.

Decreases in construction jobs have just added to the inventory problems. According to analysis form the National Association of Homebuilders and the BLS Job Openings and Labor Turnover Survey, construction jobs saw a dip in March. Additionally, construction costs have been on the rise, possibly adding to this decline in construction sector employment.

For a limited time, Chase Mortgage is partnering with Chase Sapphire to offer Sapphire customers 100,000 reward points on their credit cards when the purchase a home loan with Chase Mortgage, according to an announcement Monday.

There are a number of challenges mortgage lenders need to be aware of in their marketing and communication efforts, including advertising. The agencies and the regulations covering deceptive advertising and fair lending are more than just an alphabet soup of government acronyms. And they’re not something only your compliance officer needs to be aware of.

Mortgage applications decreased from a week earlier, according to a recent survey. This is a substantial difference compared to last week, when applications rose 2.7 percent. Refinances had increased 7 percent that week, as well, but fell 5 percent this week.

According to Ellie Mae’s most recent Millennial Tracker for March, millennial homebuyers are moving to the Midwest. Homes in Midwestern states have proven to be more affordable, and Mount Vernon, Illinois was the most popular metropolitan area for homes purchased by millennial buyers. Other popular cities for millennials included Midland, Texas and Odessa, Texas.

Student loans are a heavy burden on young adults, and some may find it hard to buy a home with that weight hanging over them. A report from Lendedu attempted to ease this burden with a ranking of U.S. cities where student loan repayment is easiest. The New York Fed noted that student loan debt has begun to level off, though still remain at a high level. These new homeowners may find it easiest to buy a home in Mount Sterling, Illinois, which sits at the top of Lendedu’s list

According to the Federal Housing Administration on Thursday, interest rates on conventional purchase-money mortgages decreased nationally from February to March. As interest rates dropped, prices have been on the rise, as shown in the FHFA’s last House Price Index for February, which released on Tuesday. House prices rose an average of 6.4 percent that month year-over -year, and up 0.6 percent month-over-month.