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.


Refis prop up mortgage application activity as rates dip

Mortgage applications jumped by 5.5% from the week prior

Mortgage applications revved up for the week ending Nov. 5, rising 5.5%, according to the Mortgage Bankers Association weekly survey published on Wednesday.

The increase was mainly driven by the refi index growing by 7% from the previous week, though it was 28% lower than the same week one year ago, the report said.

Concurrently, the purchase index grew by 3% from the week prior.

Joel Kan, associate vice president of economic and industry forecasting, remarked in a statement that the decrease in mortgage rates, pushed the refi and purchase index upwards.  

“The 30-year fixed rate decreased to 3.16% and has declined 14 basis points over the past two weeks,” Kan said. “Although overall activity remains close to January 2020 lows, homeowners acted on the decrease in rates.”

Can Lenders Catch Up to Consumer Demand in 2022?

In 2021, the message became clear: mortgage lenders must adapt to survive. In this white paper, we will examine how D2C lenders are poised for success in 2022 and what strategies traditional lenders can adopt from them moving forward. 

Presented by: Nomis Solutions

He added, “Purchase applications were also strong last week, increasing just under 3% and down only 4% from last year’s pace. The dip in rates might have helped to bring some buyers back into the market, but housing inventory is still extremely low and price growth remains elevated.”

Freddie Mac‘s PPMS Mortgage Survey published earlier this week found that the average 30-year-fixed rate mortgage dropped to 3.09% during the same week.

In line with rates decreasing, the refi share of mortgage activity grew to 63.5% of total applications from 61.9% the previous week, while the adjustable-rate mortgage (ARM) share of activity dipped to 3.1% of total applications.

With the Federal Reserve’s announcement that they will begin to taper its $120 billion monthly asset purchases, it is likely that increased refi activity may be on its last breath. The MBA estimates that refis will amount to $2.26 trillion in 2021 and notably dip to $860 billion in 2022.

Regarding government-guaranteed lending, the FHA share of total applications decreased to 8.8% from 9.2% the week prior, the report found.

On the other hand, the VA share of total applications increased to 10.2% from 9.9% the week prior. The USDA share of total applications remained unchanged from 0.5%, the trade group said.

Leave a Reply

Your email address will not be published. Required fields are marked *

Most Popular Articles lays off LOs, secures $750M cash injection

Digital mortgage lender is laying off 9% of its workforce ahead of a $750 million cash injection from financial backer SoftBank Group.

Dec 01, 2021 By

Latest Articles

What Omicron, bond market and jobs mean for housing

We often have two to three job reports per year that miss estimates badly. However, remember that we have over 10 million job openings.

Dec 03, 2021 By
3d rendering of a row of luxury townhouses along a street

Log In

Forgot Password?

Don't have an account? Please