Tuesday, January 23, 2024 / by Richard Eimers
New mortgage applications increased 10.4% from one week earlier, according to the Mortgage Bankers Association.
WASHINGTON — Mortgage applications increased 10.4% from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending January 12, 2024. Last week’s results included an adjustment to account for the New Year’s holiday.
The Market Composite Index, a measure of mortgage loan application volume, increased 10.4% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the index increased 26% compared with the previous week. The
The Refinance Index increased 11% from the previous week and was 10% higher than the same week one year ago. The seasonally adjusted Purchase Index increased 9% from one week earlier. The unadjusted Purchase Index increased 28% compared with the previous week and was 20% lower than the same week one year ago.
“Mortgage r4 ...
Monday, January 15, 2024 / by Richard Eimers
The persistent housing supply shortage has sparked speculation on whether homebuyers can expect more options in the coming year. NAR economist Yun is optimistic, anticipating that pent-up sellers, weary of waiting, will soon list their properties. He envisions a steady increase in listings and continued success in new home sales.
However, not all experts align with this view. Realtor.com economists forecast a potential 14% drop in inventory this year. The shortage is compounded by a decline in existing homes for sale and a significant drop in single-family housing starts in 2023 and 2022.
Despite the challenges, newly-built homes have played a crucial role, constituting one-third of all homes for sale in 2023—double the historical average. Yet, it's acknowledged that new construction alone won't bridge the inventory gap.
Chief Economist Mark Fleming from First American Financial Corporation highlights a U.S. shortfall of approximately one million homes. He suggests that condit ...