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Why Mortgage Applications Continue to Decline

By Anita Cooper | August 18, 2022
According to recent data, mortgage applications are at their worst in 22 years. Just a short time ago, it seemed everyone was in a rush to either buy a home or refinance, but now Americans have put the brakes on the housing market.  There are several reasons for the dip in mortgage applications, including mortgage rates, inflation, […]
mortgage demands fall
Housing

Mortgage demand falls again, despite slight interest rate drop

By Mike Wheatley | July 8, 2022
Although mortgage rates fell for a second successive week, it wasn’t enough to prompt more demand from potential buyers. The Mortgage Bankers Association reported that mortgage rates fell 10 basis points last week and are now down 24 points over the past two weeks. However, demand for mortgages fell 5.4% last week. The MBA said […]
Housing, News

JPMorganChase cuts hundreds of mortgage staff as business dwindles

By Mike Wheatley | June 28, 2022
JPMorganChase has said it’s cutting jobs in its mortgage lending business amid tightening monetary policy that has seen mortgage rates pushed above 6%. The nation’s biggest bank said last week that the decision was the result of “cyclical changes” in the mortgage market. “We were able to proactively move many impacted employees to new roles […]
Housing, Mortgage, Real Estate

Mortgage applications rise amid strong demand for ARMs

By Mike Wheatley | June 24, 2022
Mortgage applications surprisingly jumped 8% last week compared to the previous seven day period, boosted by demand for adjustable-rate mortgages, according to the Mortgage Bankers Association. However, applications are still down 10% compared to one week ago. The MBA said that last week’s jump in mortgage rates may have actually increased homebuying demand, as consumers […]
Mortgage

Fannie Mae just gave renters aspiring to home ownership a big boost

By Mike Wheatley | August 15, 2021
First time buyers who’ve always stayed current on their rent might have a better chance of securing a mortgage now. That’s because Fannie Mae is now allowing lenders to factor in an applicant’s rental payment history as part of the mortgage underwriting process for the first time. The move was announced by the Federal Housing […]
Home Buying, Residential, US Real Estate

The pandemic has caused a surge in demand for vacation homes

By Mike Wheatley | February 16, 2021
The COVID-19 pandemic appears to have inspired more people to look at buying a vacation home, according to a new analysis of mortgage data by the online real estate brokerage Redfin. In its analysis, Redfin found that mortgage applications for second homes jumped by 84% in January, compared to one year ago. And in September […]
Home Buying, US Real Estate

Home buying activity dropped off during election week

By Mike Wheatley | November 16, 2020
Home shopping activity fell sharply during election week as Americans focused their attention on the heated presidential race and a sharp uptick in coronavirus cases across the U.S., according to realtor.com’s latest Weekly Housing Report. The report cites data from the Mortgage Bankers Association that shows mortgage applications from home buyers fell to their lowest […]
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