Month: July 2022

Mortgage Market and Rate Update – Rate Volatility Defines the Current Market

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Per Freddie Mac: Purchase demand continues to tumble as the cumulative impact of higher rates, elevated home prices, increased recession risk, and declining consumer confidence take a toll on homebuyers. It’s clear that over the past two years, the combination of the pandemic, record low mortgage rates, and the opportunity to work remotely spurred greater …

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Mortgage Market and Rate Update – Upward Mortgage Rate Trend Continues

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By Douglas Katz – 07/22/2022 Per Freddie Mac: The housing market remains sluggish as mortgage rates inch up for a second consecutive week. Consumer concerns about rising rates, inflation and a potential recession are manifesting in softening demand. As a result of these factors, we expect house price appreciation to moderate noticeably. Other Key Points …

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Single Family Housing Starts Drop by 8.1% in June – How Will it Impact Buyers?

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By Douglas Katz – 07/19/2022 The government released data this week pointing to a discernable drop in housing starts, i.e. new construction.  The overall reported drop was around 2%.  Single family housing starts were more pronounced with a drop of 8.1%.  This drop is likely ties to builders waning confidence in the housing market and …

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Mortgage Rate Update – Rates Reverse the Downward Trend and Tick Up

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By Douglas Katz – 07/15/2022 From Freddie Mac: Mortgage rates are volatile as economic growth slows due to fiscal and monetary drags. With rates the highest in over a decade, home prices at escalated levels, and inflation continuing to impact consumers, affordability remains the main obstacle to homeownership for many Americans. Highlights and Takeaways: Inflation …

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Some Surprising Drops Could Occur in Previously Hot Market Per Axios/Home.LLC Report

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by Douglas Katz – 06/12/2022 Axios and Home.LLC just released the results of a study that they did in recently in 100 of the biggest markets. Key points to remember: This is not surprising as many of the cities mentioned were the most high flying during the housing boom. These markets were the most overpriced …

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CNBC: “Homebuyers are canceling deals at the highest rate since the start of the pandemic.”

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By Douglas Katz – 07/11/2022   CNBC recently reported that deal cancellations have risen to 15%.  This is applicable to new and existing homes and, while not a harbinger of doom, it does reflect a sea change for the market.  Killing deals was unheard of just a few months ago when homebuyers were willing to …

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Mortgage Rate Update – Rates Retreat Giving Hope to Prospective Buyers

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By Douglas Katz – 07/08/2022 Per Freddie Mac: Over the last two weeks, the 30-year fixed-rate mortgage dropped by half a percent, as concerns about a potential recession continue to rise. While the drop provides minor relief to buyers, the housing market will continue to normalize if home price growth materially slows due to the …

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Fed Rate Bump Likely in July – How Can You Plan?

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By Douglas Katz – 06/07/2022 Inflation is still high at 8.6%. The Central Bank is likely to raise rates to combat inflation. While this may weaken the economy, The Federal Reserve is still prioritizing taming inflation as key. The Federal Reserve released their June meeting minutes yesterday and based on some specific comments, the market …

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Are 40-Year Options on the Horizon and Do They Make Sense?

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By Douglas Katz – 07/06/2022 Last month, Housingwire reported that FHA was considering adding the 40-year fixed rate mortgage to their modification options.  While not yet a reality, this does bring up the question of whether we will see this product as an option beyond modifications for FHA as well as part of the conventional …

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