WRE News March 2, 2024
Buyer
Fewer people were seeking out mortgage applications, according to data from the Mortgage Bankers Association (MBA) for the week ending Feb. 23.
The Market Composite Index, the MBA’s measure of mortgage loan application volume, dropped by 5.6% on a seasonally adjusted basis from one week earlier while the unadjusted index took a 3% dip.
The seasonally adjusted Purchase Index decreased 5% from one week earlier and the unadjusted index was lower by 1% for the same period – the latter was also 12% lower than the same week one year ago.
The Refinance Index decreased 7% from the previous week and was 1% lower than the same week one year ago. The refinance share of mortgage activity fell to 31.2% of total applications from 32.6% in the previous week.
Among the federal programs, the FHA share of total applications took a mild downturn to 13% from 13.2% the week prior while the VA share of total applications decreased to 11.7% from 12.1% and the USDA share of total applications remained unchanged at 0.5%.
Separately, the Federal Housing Finance Agency (FHFA) reported U.S. home prices were up 6.5% year-over-year during the fourth quarter of 2023. Prices were also up by 1.5% from the third quarter.
During the fourth quarter, prices rose from one year ago in 49 states – the only markets with annual price depreciation were Hawaii (-3.4%) and the District of Columbia (-1.2%).
“U.S. house prices increased modestly over the course of 2023,” said Dr. Anju Vajja, acting deputy director for FHFA’s Division of Research and Statistics. “However, the market showed signs of softening as house price appreciation was lower in the fourth quarter of the year than in the previous quarter.”
Stay up to date on the latest real estate trends.
December 20, 2024
Children of baby boomers are set to be on the receiving end of one of the largest generational wealth transfers in history as their parents prepare to bequeath them a … Read more
December 20, 2024
The title insurance industry generated $4.3 billion in title insurance premiums during the third quarter, according to new data from the American Land Title Associatio… Read more
December 20, 2024
When Olympic swimmer Michael Phelps wakes up in the morning, he asks himself how he can be his best self that day, not only for his own mental health, but also for his… Read more
December 20, 2024
When you sell your house, ideally, you want it to go something like this: your house sells for top dollar, you get it sold quickly, and it all goes down without a hitc… Read more
December 20, 2024
December 19, 2024
As someone who loves to host holiday meals, I enjoy letting my creativity run wild by setting the table in festive, unexpected ways.
We Guide Homeowners through the complicated process of selling their home using our 4 Phase Selling Process and 3 Prong Marketing Strategy that alleviates their stress and moves them effortlessly to their next destination. Schedule a 15 Minute Complimentary Strategy Session Today