FHA loan applicants saw median payments decrease to $1,753, down from $1,817 in August. Conventional loan applicants experienced a slight dip as well, with median payments at $2,053 in September, compared to $2,056 in August. The states with the highest PAPI scores, indicating more challenging affordability, were Idaho (238.4), Nevada (236.7), Arizona (210.3), Florida (202.5), … [Read more…]
In reality, Redfin agents report that buyers and sellers are waiting until after the election, which aligns with its survey that revealed nearly one-quarter of prospective first-time buyers are holding off to see what Harris or Trump do next. However, home sales and listings are still holding up. The typical US homebuyer’s monthly mortgage payment … [Read more…]
Regional trends reveal that states in the Northeast and West have generally outpaced those in the South. Since July 2023, blue states have shown slightly stronger home price growth than red states, with New York, Las Vegas, and Chicago reaching all-time highs. “Regionally, all markets continue to remain positive, barely,” Luke said in the report. … [Read more…]
“I think a lot of people have been worried about inflation,” said Lowrie. “Worried about the cost of goods, worried about the cost of house prices.” ‘What I do for my clients? It’s a lot of extra work’ These concerns, paired with anxieties around credit scores and down payment requirements, often kept would-be buyers on … [Read more…]
Piggyback mortgages, which allow buyers to take out a second loan to reduce their initial down payment, have gained renewed interest as buyers look for ways to sidestep high costs in today’s housing market. While these loans were common before the 2008 housing crash, they were often linked to adjustable rates and risky borrowing practices. … [Read more…]
While the first deadline for reporting is set for 2027, the report noted that employers’ last chance to make pay adjustments will be in 2025, as the first report will be based on payroll data for 2026. These concerns come as the report also found that only 12% of employers are “fully prepared” for the … [Read more…]
So, will the presidential election really effect the US mortgage market? Koorosh Farzad, founder of Masihi Financial Group “After a presidential election there’s uncertainty. And when the market has uncertainty, you’re going to have rates going up. People are going to be a little bit more reserved with their next acquisitions as well. But regardless … [Read more…]
“Rithm had another terrific quarter in Q3 with the entire business demonstrating both operational resilience and earnings durability, which are increasingly the hallmarks of our well-balanced model,” said Michael Nierenberg, chairman, CEO, and president of Rithm Capital. Newrez, Rithm’s origination and servicing arm, reported a pre-tax income reaching $245.9 million, excluding a mark-to-market loss of … [Read more…]
To put it simply, this rate hike translates to a monthly mortgage payment of $2,895 on a median-priced $428,000 home, about $200 more than buyers would have paid six weeks ago. Rates add pressure in swing states The impact of rising mortgage rates is also felt in several swing states where housing affordability is an … [Read more…]
“Despite challenging affordability conditions, home builder confidence edged higher in October as they anticipate that mortgage rates will gradually, in an uneven manner, moderate in the coming months,” said Carl Harris, chairman of the National Association of Home Builders (NAHB). Builders appear optimistic about potential demand, especially as the need for more housing persists. “There … [Read more…]