Origination

Mortgage application payments increased 1.6% to $2,093 in March, according to the MBA’s Purchase Applications Payment Index, as many prospective homebuyers continue to delay their decisions to enter the market amid elevated home prices and low inventory.

While nominal house price appreciation slowed in response to affordability-constrained demand, new data revealed falling house prices could cause foreclosures to jump, according to the First American Real House Price Index,

The U.S. Census Bureau and the U.S. Department of Housing and Urban Development announced new residential sales statistics, revealing a jump in single-family home sales and a dip in the average sales price.

While both conventional and government home purchase applications increased last week, activity remains nearly 30% below last year’s pace, as elevated mortgage rates and low supply continue to moderate the market.

“The National Composite, which had declined for seven consecutive months, rose a modest 0.2% in February, and now stands 4.9% below its June 2022 peak,” said Craig J. Lazzara, Managing Director at S&P Dow Jones.

According to Fixr.com's Remodeling 2023 Cost vs. Value Report, new data shows which remodeling jobs had the biggest increases in ROI over the past year, as the home remodeling industry is predicted to reach a market size of $485 billion in 2023.

While expensive markets in the West saw significant declines, prices in more affordable areas like the Midwest continued to rise, as affordability helps shape housing demand and lower-cost areas continue to see stronger rent growth.

Sen. Kevin Cramer and Mark Warner have reintroduced a bipartisan bill to authorize remote online notarizations nationwide, allowing notaries and signers to complete the process from different physical locations.

According to Fannie Mae's Economic and Strategic Research Group expectations for Q1, the increase in the sales pace from the end of 2022 to the beginning of 2023 revealed that homebuying demand remains buoyant and was unexpectedly responsive to small declines in mortgage rates.

The MBA has filed an amicus brief arguing against lenders being held liable for the actions of independent appraisers in instances where bias is concerned.