Top markets for affordable renovated housing inventory

Despite the rapidly deteriorating affordability, there is some hope for homebuyers in the form of renovated homes: properties that have been rehabbed into move-in ready condition after being purchased at auction.

HousingWire Magazine: December 2021/ January 2022

AS WE ENTER A NEW YEAR, let’s look at some of the events that we can look forward to in 2022. But what about what’s next for the housing industry?

Back to the Future of Mortgage Lending

This webinar will be a discussion on understanding what’s to come in the future of mortgage lending by analyzing past trends in the industry, evolving consumer behaviors and demographics of the industry’s production capacity.

Logan Mohtashami on Omicron and pending home sales

In this episode of HousingWire Daily, Logan Mohtashami discusses how the new COVID variant, Omicron, will impact inflation and whether or not it will send mortgage rates lower.

Mortgage

MBA: Mortgage apps continue downward trend

Fall 3.3% moving into spring

Mortgage applications dropped again, falling 3.3% from one week earlier as the market heads into the spring season, the Mortgage Bankers Association’s Weekly Mortgage Applications Survey for the week ending March 18 found.

Both the refinance and purchase index dropped from last week, decreasing 5% and 1%, respectively.

The refinance share of mortgage activity continued its downward trend and fell to 53.9% of total applications from 55% the previous week. The adjustable-rate mortgage share of activity stayed frozen at 4.9% of total applications.

The FHA share of total applications slightly grew to 11.8% from 11.7% the week prior, as the VA share of total applications ticked up from 12.3% to 12.6%. The USDA share of total applications marginally increased to 0.9% from 0.8% the week prior.

The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($417,000 or less) dropped from 3.94% last week to 3.93% this week.

Similarly, the average contract interest rate for 30-year fixed-rate mortgages with jumbo loan balances (greater than $417,000) fell to 3.85% from 3.86%.

The average contract interest rate for 30-year fixed-rate mortgages backed by the FHA dipped to 3.74% from 3.77%.

The average contract interest rate for 15-year fixed-rate mortgages declined to 3.18%, down from 3.22%, while the average contract interest rate for 5/1 ARMs decreased to 3.13%, down from 3.23%.

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