Tag Archives: Douglas G. Duncan

As markets responded positively to data showing that U.S. inflation continues to cool, the MBA reports that mortgage application volume rose week-over-week, with refi apps increasing more than 7%.

After a three-week slide, Freddie Mac reports the fixed-rate mortgage rose four basis points week-over-week, and despite affordability headwinds, buyers have driven new home sales to levels seen in more than 12 months.

The U.S. Census Bureau and HUD have found that new, single-family home sales were at a seasonally-adjusted annual rate of 763,000 in May 2023, 12.2% above April 2023’s rate of 680,000 marking the highest level reported since February 2022.

Prospective spring home buyers have responded to a second straight week of falling rates according to Freddie Mac, as they pounce on the nation’s limited housing supply, and have driven app volume upward.

The MBA reports a near 9% week-over-week slide in mortgage applications, as cautious buyers proceed through the spring season amid continued affordability challenges and limited supply.

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.

After slight relief in mortgage rates last week, the Fed’s sixth rate hike of the year finds the housing market adjusting to rapidly tightening monetary policies, as rates returned north of the 7% mark.

As mortgage rates remain in the 7% range, app volume fell slightly this week, with the refinance share of volume hitting a low last seen in August of 2000.

With fixed-rate mortgages up nearly 195 basis points since mid-summer lows, new single-family homes tumbled in September, with more homeowners opting to remain in their current homes amid the erratic rate environment.

Single-family starts in 2022 are projected to hit an 11-year low, as builder confidence falls to its lowest level in more than a decade.