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

The purchase mortgage market continues to pick up steam

It grew by 8% from the week prior, the MBA said

Mortgage loan application volume rebounded from the week prior, increasing by 0.3% for the week ending Sept. 10, according to the Mortgage Bankers Association’s weekly report. The increase in application volume was predominantly driven by purchase mortgage activity, which grew by 8% from the week prior, the trade group said.  

Not surprisingly, the refi index has continued to slip, dipping 3% from the previous week, the MBA noted.

Joel Kan, associate vice president of economic and industry forecasting, said in a statement that purchase mortgage application volume is currently at its highest level since April 2021.

“Compared to the same week last September, which was right in the middle of a significant upswing in home purchases, applications were down 11%– the smallest year-over-year decline in 14 weeks,” Kan said.

He also noted that volume for both conventional and government purchase applications increased last week, as did the average loan size for a purchase application, rising to $396,800.


What does the future hold for loan origination systems?

As the industry shifts from an emphasis on refinance to purchase originations, mortgage bankers are looking to leverage technology to speed up their origination processes and make them more efficient. This white paper will cover how cloud-based LOS’s can help mortgage bankers tackle purchase demands in a hot market.

Presented by: Calyx

“The very competitive purchase market continues to put upward pressure on sales prices,” Kan added.

Meanwhile, the refinance share of mortgage activity is starting to take up a smaller slice of the pie chart, decreasing to 64.9% of total applications from 66.8% last week, the report found.

Kan said that even though the 30-year-fixed rate remains unchanged at just over 3%, “it is not enough to drive more refinance activity.”

“Refinance applications slipped to their slowest pace since early July, and the refinance share of applications fell to 65%, which was also the lowest since July,” he remarked.

Meanwhile, the share of total applications that the FHA, VA and USDA received last week was also on the decline.

The FHA share of applications dipped to 9.9% from 10.9% the week prior, while the VA share of total applications decreased to 10.2% from 10.4% last week. USDA’s share of total applications dipped to 0.4% from 0.5% a week ago.

Leave a Reply

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

Most Popular Articles

FHFA: Government to back mortgages up to $970,800 in 2022

The FHFA today announced the baseline conforming loan limit for 2022 will be $647,200, an increase of 18%. In high-cost areas, the new ceiling loan limit is $970,800.

Nov 30, 2021 By
3d rendering of a row of luxury townhouses along a street

Log In

Forgot Password?

Don't have an account? Please