What to expect at HousingWire’s Spring Summit

The focus of the Summit is The Year-Round Purchase Market. Record low rates led to a banner year for mortgage lenders in 2020, and this year is expected to be just as incredible.

Increasing lending and servicing capacity – regardless of rates

Business process outsourcing and digital transformation are proven solutions that more companies in the mortgage industry are turning to. Download this white paper for more.

HousingWire's 2021 Spring Summit

We’ve gathered four of the top housing economists to speak at our virtual summit, a new event designed for HW+ members that’s focused on The Year-Round Purchase Market.

An Honest Conversation on minority homeownership

In this episode, Lloyd interviews a senior research associate in the Housing Finance Policy Center at the Urban Institute about the history and data behind minority homeownership.

Real Estate

U.S. home prices heated up in October thanks to low rates

October’s 4.25% annual gain was biggest in nine months, Black Knight says

Early September’s three-year low in mortgage rates caused home prices to heat up in October, according to Black Knight.

U.S. home prices grew at an annual pace of 4.25% in October, the biggest year-over-year gain in nine months, compared with an increase of 3.9% in September, as cheaper financing gave people the ability to bid up home prices, the company said.

Measured on a monthly basis, home prices rose 0.33%, which is almost six times the 5-year average for the month of October, Black Knight. It was the largest single-month increase for any October since 2005.

“Falling rates have significantly increased buying power throughout 2019,” the company said in a statement, “and that’s helping to reheat the housing market.”

When mortgage rates fall, borrowers typically can get bigger mortgages because the size of the loan they’re qualified for is based on their monthly payments. That means they can pay more for the home they want.

The average U.S. rate for a 30-year fixed mortgage fell to a three-year low of 3.49% during the first week of September, according to Freddie Mac. Most buyers influenced by the low rates would have had time to negotiate a deal and close on a home by the end of October.

Home sales in 2019, measuring existing and new properties, probably will increase 1% to 6.1 million, Fannie Mae said in a forecast last month. In 2020, the annual gain in sales probably will be 1.1%, the mortgage company said.

The average U.S. rate for a 30-year fixed mortgage probably be 3.9% this year, down from 4.5% in 2018, Fannie Mae said. 

For the year, the median U.S. home price probably will increase 5.2%, compared with 6% in 2018, Fannie Mae said, based on the Federal Housing Finance Agency’s index measuring home purchases using Fannie Mae and Freddie Mac mortgages.

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