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.

MortgagePolitics & MoneyReal Estate

Low rates will push mortgage originations to 3-year high, MBA says

Almost $2 trillion of originations this year, according to forecast

The cheapest mortgage rates since 2016 will push U.S. mortgage originations to a three year-high this year, according to a forecast by Mortgage Bankers Association.

Combined purchase and refinancing originations will probably total $1.9 trillion in 2019, according to MBA. That would be the highest level since 2016’s $2 trillion.

The average U.S. rate for a 30-year fixed mortgage probably will be 3.8% this year, the lowest since 3.6% in 2016, MBA said. Last year, the rate was 4.8%. The refinancing share of lending in 2019 probably will be 35%, MBA said. That’s up from a month ago when the group forecast a 33% share.

The MBA’s projections echo those made recently by Fannie Mae, which stated last week that it expects refinances to climb to a three-year high this year.

Sales of existing homes probably will total 5.39 million, up from 5.34 million last year, the trade group said. New-home sales probably will reach 660,000, up from 617,000 in 2019, MBA said.

Home prices probably will gain 4.3% from last year, the group said. That’s a slower pace than the 6.1% annual increase in 2018. MBA bases its home-price forecast on the Federal Housing Finance Agency’s index that measures sales of single-family homes with mortgages backed by Fannie Mae and Freddie Mac.

The homebuilding industry will have the highest output in more than a decade, according to the forecast. Builders will break ground on 876,000 new single-family homes, up from 873,000 last year, MBA said. That would be the most since 2007, according to data from the Department of Commerce.

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