Tuesday, November 29, 2022 / by Dave Magua
Demand for mortgages picked up for the third week in a row last week as mortgage rates continued to retreat from 2022 highs, according to a weekly survey by the Mortgage Bankers Association.
The MBA’s Weekly Mortgage Applications Survey showed demand for purchase loans was up by a seasonally adjusted 3 percent last week compared to the week before but was down 41 percent from a year ago. Requests to refinance were up 2 percent week over week, but down 86 percent from a year ago.
“The decrease in mortgage rates should improve the purchasing power of prospective homebuyers, who have been largely sidelined as mortgage rates have more than doubled in the past year,” MBA Deputy Chief Economist Joel Kan said, in a statement. “As a result of the drop in mortgage rates, both purchase and refinance applications picked up slightly last week.”
Mortgage rates retreat from 2022 highs
The Optimal Blue Mortgage Market Indices, which are updated da ...
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Monday, November 21, 2022 / by Dave Magua
Mortgage rates dropped at the fastest clip in 40 years this week, falling from 7.08 percent to 6.61 percent on recent positive news about inflation, according to a weekly lender survey released Thursday by mortgage giant Freddie Mac.
The drop means homebuyers would save more than $100 a month compared to a week earlier, according to a Redfin analysis.
While the rate remains more than double what they were to start the year, it provided a glimmer of hope for prospective buyers and sellers who have watched as rates skyrocketed for most of the year.
“The historic drop in mortgage rates is a tick in the ‘good news’ box for the housing market, as lower rates deliver an immediate win for prospective buyers’ pocketbooks,” said Redfin Deputy Chief Economist Taylor Marr.
Redfin estimates the dip in rates gave buyers $12,000 more purchasing power, and a weekly survey by the Mortgage Bankers Association showed a 4 percent week ...
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Wednesday, November 16, 2022 / by Dave Magua
Home sale prices charted their smallest annual increase since July 2020 during the four weeks ending Nov. 6, according to a new report, released Thursday by the online brokerage Redfin.
Prices increased by 3.2 percent year over year, a drop of 8.4 percent from their all-time high recorded in June, according to the report.
The drop comes as the rate of inflation has begun to show signs of slowing, with the all-time inflation index charting a 7.7 percent annual increase in October, the lowest increase since January’s record-breaking 7.5 percent increase.
“This morning’s report that the overall inflation rate is finally starting to back off makes it even more likely that the Fed will slow their rate increase to 50 basis points next month,” Redfin Deputy Chief Economist Taylor Marr said in a statement on Thursday. “The inflation news is already helping to bring daily mortgage rates down. However, Chair Powell has indicated that inflation ...
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Tuesday, November 15, 2022 / by Dave Magua
New Urban Communities Corporation plans to acquire city-owned land in Sunrise Florida for a 28-house development reserved mainly for middle-income buyers.
The Delray Beach-based developer probably will sell the single-family homes at prices “in the $400,000s, which, in this day and age, is pretty reasonably priced,” Tim Hernandez, co-founder of New Urban Communities, told The Real Deal.
“It’s less affordable now than when we started, with interest rates going up,” Hernandez said. “By the time we get it approved, hopefully the mortgage rates will have come down.”
Most of the 28 new houses would have deeds with income-based restrictions on their ownership under a pending development agreement between New Urban and the city of Sunrise.
New Urban agreed to the income-based deed restrictions largely because the city has agreed to sell the development site at 1577 Sunset Strip to New Urban for $410,000 less than it paid s ...
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Monday, November 14, 2022 / by Dave Magua
Probably the single most significant number that came out of this earnings season was $928 million. That number — just shy of $1 billion — is the amount that Opendoor lost in the third quarter alone. The company was quick to point out that the losses weren’t purely in cash, but rather were due to adjusting the valuation of the homes the company had in its inventory.
Still, it was a startlingly large loss and it sent Opendoor shares plummeting to a new all-time low of $1.46.
Rival Offerpad reported earnings a day earlier, and revealed that it lost $80 million — a much smaller number but also one that reversed several months of profitability for the second-largest dedicated iBuyer. That news also sent Offerpad’s shares tumbling.
These numbers highlight two issues for the iBuyers. The longer-term issue is whether or not the iBuying model works in a market where home prices are static or falling. The iBuyers think it does, and are also pivoting in vario. ...
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