Weekly Housing Headlines

This week, mortgage applications increased 16.8 percent; homeowners are rushing to refinance now that rates have dropped; 90% of metro areas experienced home price gains in the second quarter; delinquencies also increased in Q2 and research shows that the housing market is moving in a more buyer-friendly direction as new listings are back up, inventory continues to grow, time on the market is stretching and listing prices continue to stall.

Mortgage Applications Increase in Latest MBA Weekly Survey
Mortgage Bankers Association - 8/14/2024
Mortgage applications increased 16.8 percent from one week earlier, according to data from the Mortgage Bankers Association’s Weekly Applications Survey for the week ending August 9, 2024.

Homeowners are rushing to refinance their mortgages after rates finally dropped
CNN Business - 8/15/2024
The 30-year fixed-rate mortgage averaged 6.49% this week. That’s still well below this year’s peak and the two-decade high last fall, but it appears to be enough to entice homeowners to refinance.

National Housing & Economic Forecast 2024 Midyear Update: Long-Awaited Mortgage Rate Relief Finally Arrives
Realtor.com - 8/14/2024
The next six months should bring some welcome relief to homebuyers and sellers in the form of lower mortgage rates, according to the Realtor.com midyear housing forecast for 2024.

Weekly Housing Trends View — Data for Week Ending August 10, 2024
Realtor.com - 8/15/2024
The housing market continued to move toward a more buyer-friendly direction. In addition to mortgage rate relief, inventory continues to increase, time on the market continues to lengthen and listing prices are stalling.

Mortgage Delinquencies Increase in the Second Quarter of 2024
Mortgage Bankers Association - 8/15/2024
The delinquency rate for mortgage loans on one-to-four-unit residential properties increased to a seasonally adjusted rate of 3.97 percent of all loans outstanding at the end of the second quarter of 2024.

Competition, Price Appreciation Tapered Off In July
National Mortgage Professional - 8/15/2024
Competition for homes and price appreciation tapered off faster than normal in July as high housing costs continued to stymie shoppers, according to recent data from Zillow.

Home prices surge across U.S. cities
Mortgage Professional America - 8/14/2024
The U.S. housing market saw nearly 90% of metro areas experiencing home price gains in the second quarter of 2024, according to the latest report from the National Association of Realtors.

Experts Predict What the Real Estate Market Will Look Like Once Mortgage Rates Drop
Realtor.com - 8/13/2024
Realtor.com senior economist Ralph McLaughlin expects mortgage rates to drop further in September and December, which is “encouraging news for potential homebuyers who have been waiting to participate in the market.”

Home Prices In Silicon Valley Area Top $2 Million For First Time
Financial Advisor - 8/13/2024
The median home price in San Jose topped $2 million in the second quarter, the first time a U.S. metropolitan area has exceeded that threshold and a symptom of the nation’s persistent affordability challenge.

July Refinance Activity, Rate Lock Volume See Increases
National Mortgage Professional - 8/12/2024
Mortgage refinance demand increased to levels not seen since September 2022 amid softening interest rates, as reported by Optimal Blue in its July 2024 Market Advantage mortgage data report.