Tag Archives: Purchase Applications

Office-to-apartment conversions have more than quadrupled in the past four years, according to a new study, which revealed that the reconstruction of office buildings into living spaces is expected to hit a new record in 2024.

How many years' worth of income do homebuyers across the globe need to afford a starter home? A new article revealed the amount required and in which countries beginning homes are affordable to buy—and where they're not.

According to the National Association of Home Builders, single-family starts are expected to grow in 2024, and while builder sentiment improved, "builders will face growing challenges with building material cost and availability, as well as lot supply," according to NAHB Chairman Alicia Huey.

As housing affordability remains a concern for many Americans, a new Point2 study revealed the biggest U.S. cities where it's easiest for Gen Zers to become homeowners—and locations where it's nearly impossible.

According to Joel Kan, MBA’s VP and Deputy Chief Economist, “Mortgage applications for new homes showed a 22% annual gain in December—the 11th consecutive year-over-year increase in applications.”

First American's latest Potential Home Sales Model revealed mortgage rates declined in November, "igniting cautious optimism in the industry.”

More home sellers are offering concessions to draw in buyers, in part fueling purchase activity, which jumped nearly 40% in October compared to a year ago. Read the full breakdown of data in the MBA’s latest Builder Application Survey.

As housing affordability and demand continue to worsen for Americans nationwide, the latest ICE Mortgage Monitor Report revealed that purchase-mortgage applications fell nearly 50% below pre-pandemic levels in October, representing the weakest numbers recorded since rates began to rise.

A drop of just three basis points in the 30-year fixed rate mortgage provided little relief to prospective buyers, as ambiguity around monetary policy will likely continue to stall improvements in the housing market through the end of the year.

Despite the fixed-rate mortgage dipping slightly over last week, rates still linger nearly 30 basis points higher than they were a month ago. The MBA reports purchase apps have dropped to their lowest levels since 1995, and refi apps to points last found in January 2023.