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  • Refinancing Picks Up Slightly. Overall Volume Still Flat
    Mortgage applications rose slightly for the second week, driven by an increase in refinancing. The Mortgage Bankers Association (MBA) said its Market Composite Index for the week ended August 5 increased 0.2 percent on a seasonally adjusted basis. The Refinance Index was up 3.5 percent from the previous week, its… Read more »
  • Record Drop in Price Growth - Mortgage Monitor
    It will be a few weeks before we get the next installment of the bellwether home price indices (Case Shiller and FHFA), but today's Mortgage Monitor from Black Knight has an earlier look at June's results.   Much like FHFA and Case Shiller, Black Knight's data for May had shown year-over-year… Read more »
  • Post FOMC Rate Drop Spurred Application Volume Last Week
    Mortgage application activity rose last week, reversing a series of declines that started in late June. The increase was modest; the Mortgage Bankers Association (MBA) said its Market Composite Index, a measure of mortgage loan application volume, ticked up 1.2 percent on a seasonally adjusted basis, but both purchasing and… Read more »
  • June’s Monthly Price Gain Finally Showing Some Deceleration
    While annual price increases are still wildly aggressive, monthly gains indicate that the brakes may be on. CoreLogic says nationwide, home prices were up 18.3 percent in June compared to a year earlier, the 125th straight annual gain, however, the monthly change decelerated for the second time. The gain in… Read more »
  • Pending Sales Trending Downward, With a Possible Silver Lining
    Pending home sales broke out of a seven-month slump in May, gaining 0.7 percent. If this were baseball, we might now call it a “balk.” The National Association of Realtors® (NAR) announced this morning that its June Pending Home Sales Index (PHSI) plunged 8.6 percent.  The index fell from 99.9… Read more »
  • Application Volumes Rival Early Pandemic Levels
    The number of applications for residential mortgages retreated for the fourth consecutive period during the week ended July 22 according to the Weekly Mortgage Applications Survey produced by the Mortgage Bankers Association (MBA). The MBA’s Market Composite Index, a measure of mortgage loan application volume, decreased 1.8 percent on a… Read more »
  • Home Price Gains Ease but Expected to Finish Year in Double Digits
    The pace of home price increases slowed slightly from April to May, but the change in each of the three S&P CoreLogic Case-Shiller indices and the Federal Housing Finance Agency’s (FHFA’s) House Price Index was less than 1 percentage point. Case-Shiller’s National Home Price Index which covers all nine census… Read more »
  • New Home Sales Fall Below 600K
    New home sales fell again in June, more than wiping out the increase posted for May. The U.S. Census Bureau and the Department of Housing and Urban Development said sales during the month were at a seasonally adjusted annual rate of 590,000 units. This was an 8.1 percent retreat from… Read more »
  • Existing Home Inventory UP Year-Over-Year For The First Time in 3 Years
    The National Association of Realtors (NAR) reported that June saw the 5th consecutive monthly decline in Existing Home Sales today.  The annual pace of sales came in at 5.12 million, well short of the consensus (5.38m) and 5.4% lower than May's 5.41m reading.  In the grand scheme of things, sales… Read more »
  • Normal Contraction Patterns Leave Mortgage Apps at 22 Year Low
    The Mortgage Bankers Association (MBA) said today that its Market Composite Index, a measure of mortgage loan application volume, fell again during the week ended July 15. The Index declined 6.3 percent on a seasonally adjusted basis but was 17 percent higher than the prior week on an unadjusted basis.… Read more »
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