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  • Rates, Mortgage App Volume Improve Heading into Holiday Season
    Mortgage application volume increased for the second consecutive week as interest rates continued to decline. The Mortgage Bankers Association (MBA) said its Market Composite Index, a measure of that volume, was 2.2 percent higher during the week ending November 18 than the prior week on a seasonally adjusted basis and… Read more »
  • A Slightly Less Gloomy Way to View Another Big Drop in Existing Home Sales
    The state of the housing market in 2022 is well known by now.  The sharpest rate spike in 40 years to the highest rates in 20 years combined with the overvaluation from 2 years of brutally fast appreciation to create a rapid cooling in demand and, more recently, prices. Slightly… Read more »
  • Multi-Unit Construction Staying Steady (For Now) While Single-Fam Slides
    There aren't many ways to make the Census Bureau's New Residential Construction report exciting, and there are zero ways to frame it in a positive light (unless you want the old "it can only go down for so long before it comes back up").  So let's just get through this… Read more »
  • Construction Costs, Buyer Traffic Continue to Sap Builder Confidence
    The National Association of Home Builders (NAHB)/Wells Fargo Housing Market Index (HMI) fell another 5 points in November. NAHB said this measure of builder confidence in the new home market is now at 33 after 11 straight months of decline. The current reading is only 3 points higher than in… Read more »
  • Mortgage App Volume: Purchases at Highest Levels Since June
    Mortgage application volume increased on a seasonally adjusted basis during the week ended November 11 but declined sharply before adjustment. The Mortgage Bankers Association (MBA) further adjusted data from its Weekly Mortgage Applications Survey to account for the Veterans’ Day holiday. MBA said its Market Composite Index, a measure of… Read more »
  • Mortgage Credit Availability Lowest Since March 2013
    The Mortgage Bankers Association (MBA) collects data on borrower eligibility (FICO, loan type, LTV, etc) and combines that with underwriting guidelines to determine whether mortgages are getting easier or harder to obtain.  The result is the Mortgage Credit Availability Index (MCAI), and it fell to its lowest level since March… Read more »
  • Purchase Applications Tick Higher Despite Growing Costs
    The Mortgage Bankers Association (MBA) reports yet another decline in overall mortgage application volume during the week ending November 4. Applications for purchase mortgages did increase slightly, reversing a six-week downhill slide. MBA’s Market Composite Index, a measure of total application volume, was down another 0.1 percent on a seasonally… Read more »
  • Early Indications Show September Home Prices Falling Less Than July/August
    Roughly 2 weeks ago, home price indices (HPIs) from Case Shiller and the FHFA came out for the month of August.  Both were in agreement that prices declined slightly more rapidly than they had in July.  Here is our coverage of that news at the time: Home Prices Fell Even Faster in… Read more »
  • Small Improvement in Rates Has Little Effect on Mortgage Volume
    A bit of easing in mortgage rates prompted a tiny uptick in refinancing during the week ended October 28, but overall mortgage application volume continued its long slide. The Mortgage Bankers Association (MBA) said its Market Composite Index, a measure of that volume, decreased 0.5 percent on a seasonally adjusted… Read more »
  • CoreLogic: Thriving Home Price Growth in Less Expensive Areas as Other Regions Moderate
    Annual home price growth remained in double digits in September even as home sales and purchase mortgage volume continued their months’ long declines. The CoreLogic Home Price Index (HPI), the earliest look each month at prices two months prior, rose by 11.4 percent in September 2022 compared with the same… Read more »
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