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

Mortgage application volume dipped last week, MBA says

COVID-19 pandemic stalls demand, Kan says

The volume of mortgage applications dipped 0.3% on a seasonally adjusted basis last week from the prior week, according to the Mortgage Bankers Association.

Refinancing applications decreased by 1%, although the level was 225% higher than the same week a year ago. The refinance share of mortgage activity slid to 75.4% of total applications from 76.2% the previous week, the MBA report said.

The MBA’s index measuring applications for home-purchase loans increased 2% from a week earlier. On an unadjusted basis, it was 3% higher than the previous week, but was 31% lower than the same week a year ago. It was the first time in six weeks that purchase activity was on the rise.

The MBA also reported the average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances of $510,400 or less remained unchanged at 3.45%.

Joel Kan, MBA’s associate vice president of economic and industry forecasting, said California and Washington, “two states hit hard by COVID-19, saw another week of rising activity – partly driving the overall increase.”

The rest of the country’s mortgage activity was mostly on pause, he said.

“The pandemic-related economic stoppage has caused some buyers and sellers to delay their decisions until there are signs of a turnaround,” he said. “This has resulted in reduced buyer traffic, less inventory, and March existing-homes sales falling to their slowest annual pace in nearly a year.”

Among federal loan programs, the Federal Housing Administration’s share of total applications increased to 10.3% from 9.5% the week prior while the Department of Veterans Affairs’ share of total applications decreased to 13.8% from 14.3% and the Department of Agriculture’s share of total applications remained unchanged at 0.4%.

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