As we know by now, a strong purchase market for housing is forecasted for the next few years. After such a long period of refinances, this presents some real challenges for Realtors, lenders, and consumers. The recent onslaught of refi’s has removed many homes from the market. This results in a rise in home prices leaving fewer affordable homes for…
As my dear departed Grandfather would say when things got tough, “Things, they not looka so good!” He didn’t speak English very well, but he sure had a firm grasp of the obvious. Seems lenders are taking a page out of his book. The most recent Fannie Mae Lender Sentiment Survey revealed that mortgage lenders are reporting a negative profit…
According to Fannie Mae’s recent Mortgage Application Survey, loan apps are up for the second straight week. Ironically, although rates are rising, refinance loan applications rose 2% over last week, while purchase business dropped by 1%. While that was going on, home prices overall rose by about 6% and rates for conforming conventional loans increased to their highest level at…
According to a recent Trulia Report, “Where Have All the Homeowners Gone?”, in 90 of the largest 100 metro areas, homeownership rates fell from the levels from 2000 to the levels from 2016. Why? According to Felipe Chacon, Trulia’s Economist and the chief author of the report, neighborhoods that swung to renters from owners or vice versa were influenced by…
It may be hard to believe, but many consumers still believe they need at least 20% down and a 750-credit score to even think about buying a home. That’s not only among first-time buyers. Others, including repeat buyers, are intimidated by the home buying and financing process. So many new rules, so much paperwork, so much time and effort. It…
By all indicators, it’s pretty clear that the Fed will raise rates a few more times this year. Predictions are that the mortgage rate for a 30-year fixed rate loan may hit 5%. That seems like a pretty big jump from not too long ago. We know the effects that rising rates have on the refinance marker but what about…
