Volumes

"Lenders saw opportunities dwindle even more during the first quarter as the longest slowdown in mortgage activity in at least 20 years continued," said Rob Barber, CEO at ATTOM.

In the deal, Planet Home acquires a majority of Platinum Home's origination staff, including more than 20 branch offices in strategic locations nationwide.

“Affordability declined month-over-month in all of the 50 markets we track, but some markets saw a much sharper decline than others,” said First American Chief Economist Mark Fleming.

As mortgage rates creep toward the 7% mark, the MBA reports a third straight week of waning interest in mortgage apps, with a lack of inventory playing a role in purchase app drop-off.

“Although buyers, sellers, and builders are all more optimistic about the housing market, asking home price growth is easing and the typical home sales price is slipping. These point to the nudge that buyers need to act on their improving outlook,” said Realtor.com Chief Economist Danielle Hale.

Data culled from the 2020 Census Demographic Profile and Demographic and Housing Characteristics File has found that West Virginia and Maine reported the highest homeownership rates in 2020, while the District of Columbia reported the lowest homeownership rate nationwide.

Freddie Mac reports a week-over-week rise of 18-basis points in mortgage rates, further contributing to a sluggish and slow spring season for the national housing market.

“Though mortgage rates are substantially higher than they have been on average over the past decade, from an historic perspective rates are about average,” Freddie Mac said.

With mortgage rates rising to levels last seen in March, the MBA reports that overall application volume dropped 4.6% week-over-week, amid a continued lack in the nation’s housing inventory.

“Elevated mortgage rates are preventing would-be buyers from buying and would-be sellers from selling. And because sellers aren’t selling, the buyers who are out there have very limited options,” said Redfin Chief Economist Daryl Fairweather.