Origination

Entry-level home shoppers are most likely to face bidding wars this spring, as prices rose by 8% annually for the least expensive one-third of houses, while more expensive homes lost value for the first time in more than a decade.

Freddie Mac reports the 30-year fixed-rate mortgage took a turn upward this week, rising 12-basis points week-over-week as investors responded to more healthy economic indicators and an uptick in bond yields.

“Rental cost growth relaxed again in February but is still increasing nationwide year-over-year,” said Molly Boesel, Principal Economist at CoreLogic. “Less-expensive metros have emerged as those with the highest appreciating rental costs, as tenants contend with elevated rents and inflation."

While overall sales declined 22% from a year ago, existing-home sales dipped lower in March after month-over-month sales declined in three out of four major U.S. regions, according to a new report from the National Association of Realtors.

The new team, led by District Manager John Lowe, includes 40 managers, loan officers, and support staff, responsible for more than $350 million in annual production.

As elevated mortgage rates curtailed homebuyer demand, a lack of homes for sale also limited home purchases, according to a new report from Redfin.

“While the NFCI Credit index indicated that credit tightened in March, which reduced housing market potential, the credit tightening was modest and far from recent pandemic lows, and certainly nothing like the Great Financial Crisis period,” said Mark Fleming, Chief Economist at First American.

The MBA reports a near 9% week-over-week slide in mortgage applications, as cautious buyers proceed through the spring season amid continued affordability challenges and limited supply.

"As expected, the annual rate of increase in home prices has slowed dramatically in response to the rapid and significant increase in interest rates," said Doug Duncan, SVP and Chief Economist at Fannie Mae.

The MBA reports that despite rates over the 6% mark and low for-sale inventory stunting overall sales, mortgage applications for new home purchases increased 0.6% in March compared to one year ago.