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More homebuyers seek government-backed loans as an affordability lifeline

Housing Wire

The company’s newest National Housing Market Outlook shows that buyers are gravitating toward government-backed loans in their search for affordability. As a result, more buyers are turning to products like Federal Housing Administration (FHA) loans, which accounted for 24% of primary home purchases in 2024, and U.S.

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

Housing Wire

Conventional loans accounted for 61.6% of applications, Federal Housing Administration (FHA) loans for 28% and U.S. Department of Veterans Affairs (VA) loans for 9.9% The average loan size for new homes decreased to $402,873, down from $409,942 in October. from the 56,000 sales in October. in November.

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

Housing Wire

The share of Federal Housing Administration (FHA) loan applications hit a record high for the survey, accounting for nearly one-third of all applications. The average loan size decreased, signaling that first-time homebuyers remain active in the market, Kan said. By loan type, conventional mortgages made up 56.7%

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Loan officers are seeing an uptick in FHA, VA demand

Housing Wire

According to the MBA, rates for Federal Housing Administration (FHA) loans dipped to 6.42%, while refinance activity posted its fastest pace since October 2024. The move in government refinances was driven by a 75% increase in VA loans, which have been prone to large changes in recent months.

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Optimal Blue: Mortgage refinances jump despite higher rates

Housing Wire

Loan locks for refinances rose more than 20% year over year while purchase lock counts saw a 6% decrease, according to Optimal Blue ‘s January 2025 Market Advantage mortgage data report released Thursday. Jumbo mortgage rates were up 2 bps, VA loan rates were up 4 bps and FHA loan rates remained unchanged.

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Mortgage demand falls for the first time in five weeks as interest rates increase

Housing Wire

Market data at HousingWire ‘s Mortgage Rates Center showed an average fixed rate of 6.87% for 30-year conforming loans on Wednesday, a slight increase from the week ending on Dec. “Conventional and VA purchase applications drove this week’s increase in purchase activity on a weekly and annual basis,” Kan added.

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Refi activity surged in March, and non-agency loans are picking up steam

Housing Wire

A strong wave of refinance activity and renewed buyer interest lifted mortgage rate lock volumes in March, according to Optimal Blues latest Market Advantage report. These loans, including jumbo and non-qualified mortgage offerings, accounted for 16.8% of total lock volume. after a February rally.

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