Tag Archives: Wells Fargo Housing Market Index (HMI)

Mortgage rates continue to drop to close out 2023, a positive turn of events for potential buyers after 17 consecutive weeks with rates above the 7% mark.

After seven straight months of positive sentiment in builder confidence, mortgage rates exceeding the 7% mark, as well as high shelter inflation, have eroded housing affordability and put a damper on consumer demand.

The MBA reports that new home sales have been driving purchase activity in recent months, as buyers continue to seek options beyond the existing-home market.

The U.S. Census Bureau and HUD have found that new, single-family home sales were at a seasonally-adjusted annual rate of 763,000 in May 2023, 12.2% above April 2023’s rate of 680,000 marking the highest level reported since February 2022.

For the first time in nearly 11 months, solid demand, a lack of existing inventory, and an improvement in supply chain efficiency have all contributed to an uptick in home builder confidence nationwide.

For the second consecutive week, mortgage rates have dipped, providing a much-needed boost to the housing marketplace and sparking a rise in overall mortgage app volume.

The MBA reports that the downturn in mortgage rates has triggered homebuyer interest, as overall app volume has increased for the second consecutive week, and refinance activity rose 6% week-over-week.

A new survey reveals a strong sentiment around homebuilding tech adoption and its usage among those in the homebuilding space.

The MBA reports July purchase mortgage applications for new homes dipped 16.1% year-over-year, as high prices and economic instability continue to force the nation’s home buyers to reconsider their options.

Hitting the highest rate recorded in 15 years, housing completions rose in May, a sign that construction bottlenecks may be easing.