News

Cake Mortgage CEO David Abelyan shares his perspective on what needs to be done in the market to help alleviate the affordability issue, and what products are ideal to assist first-time buyers.  

Affordability improved for the second straight month in July as the typical homebuyer’s mortgage payment fell slightly, while moderating home-price growth could motivate buyers who've halted their home search to return in coming months. Click here to see more details of MBA's latest Purchase Applications Payment Index.

After falling back toward the 5%-mark, Freddie Mac reports that mortgage rates rose more than 40-basis points this week, as continued slowdown in economic growth weighs on the housing market.

Refinance lending sunk 36% in the second quarter, mainly caused by rising rates. Click through to see the latest numbers and get insights from ATTOM’s Rick Sharga on the news.

Mexico, Canada, Costa Rica, Puerto Rico, and Belize round out the top five destinations Americans are choosing when it comes to vacation homes. Click here to see where else Americans are considering.

A new LendingTree analysis of the 2020 Home Mortgage Disclosure Act found that the share of Black homebuyers who have their mortgage requests denied is notably higher than any other ethnicity. Click here to see the largest spread between mortgage denial rates for Black borrowers and the remainder of the borrower populace.

For buyers, the early 2022 rush to lock in low mortgage rates before they rose even higher has since been replaced by the reality that sub-3% rates are a thing of the past,” said George Ratiu, Senior Economist & Manager of Economic Research for Realtor.com.

Rent is growing faster in urban areas than in suburbia, reflecting a reversal of the earlier pandemic-induced trend. Reports indicate a shift toward a more sustainable balance of rental supply and demand, while national rents reached a new high for the 17th month in a row in July.

Despite overall mortgage application volume dipping 1.2% week-over-week, the MBA reports government mortgage apps rose 4% over last week, as a slight decline in rates may be enticing to first-time buyers.

Rising inventory is now being driven by homes lingering on the market and new listings trailing pre-pandemic levels. Rent appreciation is also slowing, but the growth rate overall remains much higher than pre-pandemic levels.