Over the last year, the real estate market fell into a bit of a slump, home builder confidence included. However, as we turn the corner to spring, confidence levels begin to climb once again. Home Builder Confidence Jumps from 35 to 42 Since the Great Recession of 2009, the United States faced a longstanding housing […]
Industry News
Adjustable-Rate Mortgage: Reasons for Their Massive Surge in Popularity
Adjustable-rate mortgages (ARMs) are now making up 10% of mortgage, compared to 3% at the beginning of the year. This surge in popularity has many real estate experts and prospective homeowners wondering. What ARMs are, how they work, and what’s making them such a popular choice in 2023. What is an Adjustable-Rate Mortgage? An adjustable-rate […]
December 2022 Real Estate: Applications Plunge at the End of the Year
Overall, the December 2022 real estate scene leaves much to be desired as the year comes to a close. Despite dropping over the last few weeks, higher mortgage rates continue to heavily impact mortgage application volumes. Currently, mortgage application volumes remain near the lowest levels in 25 years. According to the latest data from the […]
Falling Mortgage Rates: Impact on New Home Buyers
Despite a seemingly endless upward trajectory, recent data finally points to falling mortgage rates. Mortgage rates, on a consistent rise over the past year, fell to 6.61%. Thus, mortgage rates decreased nearly half a percentage point since last week. Furthermore, 15-year mortgage rates dropped to 5.98%, nearly half a point drop but still way higher […]
Home Builder Sentiment Declines for Tenth Month in a Row
As mortgage rates to 20-year highs, home builder sentiment declined for the tenth month in a row. Similarly existing home sales fell for the eighth straight month. Further complicating the real estate market, housing inventory presents an ongoing barrier to prospective home sales activity. Despite the longstanding challenge, new construction remains slow. NAHB Survey Indicates […]
Mortgage Refinancing: When is the Best Time for Homeowners?
Fluctuating mortgage rates have many people wondering if it’s still a good time to consider refinancing their mortgage. Rates are higher, but does that mean the window for refinancing is closed? How can you know a good refinancing opportunity when you see it? Is it a Bad Time to Refinance a Mortgage? Though mortgage rates […]
August Home Sales Reflect Strong Sensitivity to Mortgage Rates
Throughout September, the latest August home sales data reflected a strong sensitivity to mortgage rates. When rates experienced a short-lived dip in August, home sales reacted with a sudden jolt of activity. However, September 2022 closed out with mortgage rates hitting their highest levels since 2007. Thus, the real estate will be sure to compensate […]
Home Buyer Affordability: Real Estate Market Now Sees Steady Improvements
Home buyer affordability—a measurement of the overall affordability of homes in certain areas compared to average income—is steadily improving in thirty-two states across the country. The median payment applied for by applicants decreased from $1,844 to $1,839, dropping for the third consecutive month. All of this is according to the Mortgage Bankers Association’s Purchase Applications […]
Jackson Hole Economic Symposium Addresses Ongoing Inflation Woes
As mortgage rates continued to rise in August 2022, the Jackson Hole Economic Symposium took place. For the unacquainted, the Federal Reserve hosts this annual three-day conference, discussing the country’s economic challenges and overall direction. Unfortunately, this latest event came as the United States real estate market heads for a downturn. In the face of […]
Inflation Reduction Act: U.S. House Passes Landmark Bill This Year
On July 27th, 2022, Senate Majority Leader Chuck Schumer announced that the House reached an agreement pertaining to the Inflation Reduction Act of 2022. After months of contentious debates between Democrats and Republicans, the latest Act intends to lower inflationary pressures throughout the country. Furthermore, President Joe Biden signed the Act into law mid-August 2022. […]