Thanksgiving had its usual effect on the mortgage market during the week ended November 25, although the third week of easing interest rates helped move the volume of purchase mortgage applications higher. The Mortgage Brokers Association (MBA) said its Market Composite Index, a measure of application volume, decreased 0.8 percent... Read more
Published on: 2022-11-30
If you're just here for the conforming loan limit news, $726,200 is the number for 2023.   Does this mean no one can get a mortgage for more than $726,200?  No.  The conforming loan limit is the maximum amount that can be guaranteed by Fannie Mae and Freddie Mac (the government-sponsored... Read more
Published on: 2022-11-29
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
Published on: 2022-11-23
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
Published on: 2022-11-18
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
Published on: 2022-11-17
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
Published on: 2022-11-16
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
Published on: 2022-11-16
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
Published on: 2022-11-15
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
Published on: 2022-11-09
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
Published on: 2022-11-07
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
Published on: 2022-11-02
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
Published on: 2022-11-01
Inflation and the resulting increase in interest rates continued to dent home sales activity into the fall. The National Association of Realtors® (NAR) said on Friday that its Pending Home Sales Index (PHSI) which tracks purchase contracts for existing homes, dropped by another 10.2 percent in Septembe r, the fourth... Read more
Published on: 2022-10-28
There was a slight increase in refinancing during the week ended October 21, but overall mortgage applications fell for the fifth straight week. The Mortgage Bankers Association (MBA) said its Market Composite Index, a measure of mortgage loan application volume, decreased 1.7 percent on a seasonally adjusted basis from one... Read more
Published on: 2022-10-26
Home prices fell sharply again in August according to the two leading home price indices, both released this morning.  The Federal Housing Finance Agency (FHFA) logged a month-over-month decline of 0.7%--a modest acceleration from the 0.6% decline seen in July.  The S&P Case Shiller 20 city index fell 1.3% in... Read more
Published on: 2022-10-25
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