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Mortgage demand for new homes is down 6.9% in the past year

Housing Wire

Mortgage applications for new-home purchases fell 6.9% year over year in February, according to data from the Mortgage Bankers Association (MBA)’s Builder Application Survey that was released Thursday. The average loan size decreased, signaling that first-time homebuyers remain active in the market, Kan said.

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Mortgage demand for new homes is slowing, but the market is still warm

Housing Wire

Mortgage applications for new-home purchases increased 7.2% year over year in November, according to data from the Mortgage Bankers Association ‘s (MBA) builder application survey that was released Tuesday. Conventional loans accounted for 61.6% of applications, Federal Housing Administration (FHA) loans for 28% and U.S.

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FHA borrowers would get mortgage insurance relief through proposed House bill

Housing Wire

House of Representatives proposes to relieve Federal Housing Administration (FHA) borrowers of mortgage insurance premiums (MIPs) once they reach a certain level of home equity , aligning FHA policies with those of conventional loans. Mortgage insurance exists as protection from foreclosure on low equity loans.

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Mortgage payments rise in January, squeezing affordability

Housing Wire

Homebuyers faced worsening affordability conditions in January as the median monthly mortgage payment for purchase applicants increased to $2,205, a 3.7% jump from Decembers $2,127, according to the Mortgage Bankers Association (MBA). FHA loan applicants faced a median monthly payment of $1,934, up from $1,866 in December.

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In a sluggish market, Rocket Mortgage courts brokers with pricing incentive

Housing Wire

With mortgage rates back into the 7% range and several consecutive weeks of reduced demand , Rocket Mortgage is making what appears to be a volume play. A company spokesperson confirmed that the credit can be used for both purchases and refinances on conventional, VA and FHA loans. 12 third quarter earnings report.

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More homebuyers seek government-backed loans as an affordability lifeline

Housing Wire

The combined cost of mortgages, taxes and insurance now takes up a larger share of household income than it has since the early 1980s, according to an affordability index from John Burns Research & Consulting. Department of Veterans Affairs (VA) loans, which made up 10%, according to purchase loan lock data from Optimal Blue.

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Southern states had the highest mortgage denial rates in 2023: NAR

Housing Wire

Mortgage denial rates vary significantly across the U.S., Three Southern states recorded the nations highest mortgage denial rates in 2023, the trade group reported in its Snapshot of Race and Home Buying in America. Realtor.com chief economist Danielle Hale explained that a range of financial factors contribute to mortgage denials.