Although the U.S. housing market may have slowed during the second quarter of the year, investors did not take their foot off the gas. The number of home purchases by investors rose 3.4% year over year in Q2 2024, the largest increase since Q2 2022, according to a report published Thursday by Redfin. In comparison,
After months of heightened interest, mortgages for new single-family homes pulled back sharply in June, as lending activity significantly cooled. Applications for new homes decreased 16% from May on a non-seasonally adjusted basis, posting its first decline in 2024, according to the Mortgage Bankers Association’s Builder Application survey. Compared to the same time period one
Mortgage applications increased 3.9% on a seasonally adjusted basis during the week ending July 12, due mainly to borrowers taking advantage of a decline in rates to refinance their home loans, according to data released Wednesday by the Mortgage Bankers Association (MBA). “Mortgage rates declined last week, as recent signs of cooling inflation and the
The Mortgage Bankers Association (MBA) on Wednesday announced that Owen Lee, CEO at Success Mortgage Partners (SMP), has been nominated to serve as the association’s vice chairman for the forthcoming 2025 membership year. Lee’s nomination was announced by Mark Jones, the 2024 MBA chairman and president of Union Home Mortgage, who describing Lee as “an
Mortgage originations fell by 11.2% in 2023, with 2,453 fewer loan closings than in 2022, according to data from the Office of the Commissioner of Financial Institutions (OCIF). According to the information, during the last two years, the upward trend that the real estate sector had between 2019 to 2021 has been broken. Last year’s
The average 30-year and 15-year fixed mortgage rates are down for the second consecutive week, according to Freddie Mac. However, the 30-year rate is still hovering over 7%. Economists do expect rates to decrease further this year, though gradually. April forecasts from both Fannie Mae and the Mortgage Bankers Association predict the average 30-year rate
The average 30-year fixed mortgage rate dropped closer to 7% this week, declining to 7.02% from 7.09% a week prior, according to Freddie Mac. Rates have declined for two straight weeks after multiple increases in April and early May. A separate measure tracking daily rate movement also showed rates falling over the last seven days,
Applications for new home loans increased for the first time in three weeks, with interest rates showing volatility to the down side, according to data from the Mortgage Bankers Association. The MBA’s Market Composite Index, a measure of weekly application volume based on surveys of the trade group’s members, climbed up by a seasonally adjusted