2023’s Initial Homebuilder Confidence Drop Due To 7% Rates
In August, homebuilder confidence dropped as 7% mortgage rates and housing costs posed challenges. The NAHB/Wells Fargo report revealed a 6-point decline to a reading of 50 in the builder confidence index, reflecting current sales, future expectations, and buyer...
Continued Concerns Among Americans About Owning A Home
While home ownership signifies success and is a core aspect of the American dream, many Americans still struggle to attain it. Despite 84% aspiring to own homes, 51% of non-homeowners fear they never will, per a LendingTree survey. Insights reveal challenges for...
Residential Real Estate Loan Standards Tighten
The Federal Reserve's quarterly Senior Loan Officer Opinion Survey involves around 80 major domestic banks and 24 U.S. branches of foreign banks. It assesses changes in lending standards, terms, business, and household loan demand. Q2 results reveal widespread...
Thriving Non-QM Lenders Emerge In Current Landscape
Acra Lending, a Non-QM lender, anticipates mortgage originations to rise to $2.6B in 2023 from $2.1B in 2022. CEO Keith Lind attributes success to efficiency and aligning rates with Fed hikes. He also cited two key factors boosting the lender: Non-QM lending...
Real Estate Market Reaches $47 Trillion Record High
In June 2023, US home value peaked at $46.8T, surpassing the $46.6T record from a year ago. Over a year, the market gained 0.4% ($166.2B) and 19.1% ($7.5T) in two years. It offset a $2.9T decline due to rising mortgage rates (Jun '22 - Feb '23). Chen Zhao from Redfin...
Mortgage Rates In The US Exceed 7%
Amidst a week marked by an unforeseen decision by Fitch Ratings to downgrade the nation's credit rating, government bond yields experienced a significant spike. This sudden shift resulted in US mortgage rates surging above the 7% mark. During the week ending on August...
FAR’s Parent Company Reports $221M Q2 Loss Amid AAG Integration
In the second quarter of 2023, Finance of America Companies (FOA), the parent entity of leading reverse mortgage lender Finance of America Reverse (FAR), experienced a net deficit of $221 million. This financial outcome is linked by company executives to the adverse...
Benefits Of Shopping Around For Homebuyers Still Stand
While the present mortgage rates might seem elevated by today's norms, purchasing a home is notably pricier than it was at the peak of the pandemic. Even if the initial lender you approach provides a satisfactory loan rate, it's wise to explore other options for a...
Mortgage Credit Hits 10-Year Low
In July, there was a notable decrease in mortgage credit availability, as reported by the Mortgage Credit Availability Index (MCAI). This index is meticulously compiled by the Mortgage Bankers Association (MBA), which meticulously analyzes data sourced from ICE...
Does Homeownership Build Wealth?
Despite high home prices and mortgage rates, potential homebuyers persist. Gen Z's homeownership aspirations remain strong despite economic challenges. A survey by Arrived indicates 87.2% see homeownership as wealth-building, with about 65% emphasizing the personal...
