WRE News May 31, 2024
Buyer
The national median payment applied for by purchase applicants inched up by 2.5% in April to $2,256 from $2,201 in March, according to the Mortgage Bankers Association’s (MBA) Purchase Applications Payment Index. Compared to one year ago, the payment level was $144 higher, equal to a 6.8% increase.
The national median mortgage payment for conventional loan applicants was $2,271, up from $2,222 in March and up from $2,170 in April 2023. The national median mortgage payment for FHA loan applicants was $1,955 in April, up from $1,898 in March and up from $1,750 in April 2023.
For borrowers applying for lower-payment mortgages (the 25th percentile), the national mortgage payment increased to $1,537 in April from $1,488 in March.
“Homebuyer affordability conditions declined further as mortgage rates remained above 7% in April, sidelining many prospective buyers from entering the housing market,” said Edward Seiler, MBA’s associate vice president of housing Economics and the executive director of the Research Institute for Housing America. “In addition to lower mortgage rates, more housing inventory is desperately needed in markets throughout the country this summer to alleviate these tough affordability conditions.”
Stay up to date on the latest real estate trends.
Seller
February 6, 2025
Adding character to your home is one of the most rewarding experiences for any design-loving homeowner or renter.
Lifestyle
February 6, 2025
Baby boomers are the growing target of the self-care economy, as their spending habits on wellness have increased more than any other generation.
Seller
February 6, 2025
If you want to sell your house, having the right strategies and expectations is key.
Lifestyle
February 5, 2025
Dietary recommendations for kids are pretty clear about what should be eaten and avoided—choosing fresh fruits and vegetables, for example, over ultra-processed foods … Read more
Seller
February 5, 2025
Millennials have seen stupendous growth in net worth, thanks to unprecedented home appreciations and stock market gains, but they still feel poor.
Lifestyle
February 5, 2025
New dietary guidelines, which inform federal nutrition programs and influence what Americans are told to eat, are expected to roll out later this year.
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