NAR reports that month-over-month, contract signings fell in three of four major U.S. regions, with only the Midwest showing signs of improvement.
Read More »Rapid Annual Affordability Decline Driven by Two Factors
According to First American’s Chief Economist, two major hurdles stand in the way of homebuyers and affordable homes. Click through to find out what those obstacles are.
Read More »Slowing House Price Appreciation Expected to Continue
Having slowed from recent peaks, house price appreciation in all top 50 markets analyzed in the latest study from First American revealed the housing market is adjusting to the decline in affordability as the hot pandemic sellers’ market transitions in favor of homebuyers.
Read More »Share of ARM Loans Climbs to 14-Year High Mark
As overall mortgage rates edge closer to 7%, mortgage app volume experienced their fourth consecutive month of declines, with an uptick in ARM loans demonstrating that they remain a feasible option for borrowers seeking ways to reduce their monthly payments.
Read More »Residential Construction Falls 8.1% Month-Over-Month
Single-family starts in 2022 are projected to hit an 11-year low, as builder confidence falls to its lowest level in more than a decade.
Read More »Potential Homebuyers Feel Biggest Impact of Rising Rates
“The higher the mortgage rate, the more sellers will go on strike and the more potential buyers will feel the impact of reduced house-buying power, but price appreciation will further slow and potential buyers can use adjustable-rate mortgages to regain some of that lost house-buying power,” said Mark Fleming, First American’s Chief Economist.
Read More »Rising Rates Leave Fewer Affordable Home Options
Those looking to stretch their budget as far as possible are not seeing any relief as affordability continues to decline amid an environment of rising rates and high home prices.
Read More »Cost of Homeownership Growing ‘Prohibitively High’
While home price gains have slowed nationwide, actions by the Federal Reserve to curb inflation continue to make mortgage financing more expensive, according to the latest S&P Dow Jones Indices.
Read More »Higher Mortgage Rates Push Refis Down More Than 80% YoY
Overall mortgage application volume dipped yet again this week, falling 1.2% week-over-week according to the MBA, with rates edging near the 6%-mark and forcing more homebuyers to the sidelines.
Read More »Mortgage Credit Availability Falls in August
As investors continue to reduce their offerings of ARM and non-QM loan programs and with overall origination volume forecast to constrict, the MBA found mortgage credit availability on the decline once again in August.
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