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?

Mortgage Tech Virtual Demo Day

Tune in to our live Virtual Demo Day on December 1st at 10am CT to experience demos from the most innovative tech companies in the Servicing, Audit and Post-Close space.

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

Recent decline in mortgage rates leads to a leap in jumbo refinances

VA, FHA refis take a hit, though

The Mortgage Bankers Association is noting two distinctive trends in mortgage lending in it latest credit availability report.

The first is the recent declines in mortgage rates, which only just showed signs of leveling out, led to a leap in refinances for jumbo mortgages.

However, interest in Department of Veterans Affairs and Federal Housing Administration loans showed less refi interest.

Overall, mortgage credit availability increased in March according to the MBA’s Mortgage Credit Availability Index, which analyzes data from LOS provider Ellie Mae.

The MCAI rose 1.1% to 182.1 in March; the index benchmark is 100.

Looking deeper, the credit availability index for conventional loans increased 3.6%. However, the Government MCAI declined by 1.2%.

The Jumbo MCAI, by way of comparison increased by a whopping 5.2%.

“Credit availability increased in March, primarily due to a spike in jumbo mortgage offerings. The jumbo sub-index increased 5% and reached its highest level since last November, as the recent decline in mortgage rates led to a jump in refinances from borrowers with larger loans,” said Joel Kan, MBA’s Associate Vice President of Economic and Industry Forecasting.

“The credit supply for government loans decreased in March, as investors continue to reduce FHA and VA streamline refi offerings,” Kan added. 

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