According to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Application Survey, for the week ending May 21, 2021, the Market Composite Index — a measure of mortgage loan application volume — decreased -4.2% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index decreased- 4% compared with the previous week.
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Sales of New Single-Family Home Sales Drop 5.9% in April
The U.S. Census Bureau is reporting that new residential single-family home sales for April 2021 were at a SAAR of 863,000, according to estimates. This is -5.9% below the revised March rate of 917,000 but is 48.3% above the April 2020 estimate of 582,000.
Federal Housing Finance Agency Quarterly House Price Index up 12.6% from Q1 2020 to Q1 2021
According to the Federal Housing Finance Agency (FHFA) House Price Index (HPI®), U.S. house prices increased 12.6% from Q1 2020 to Q1 2021. This marks the 39th consecutive quarter of home price increase, or since September 2011. Compared to Q4 2020, house prices were up 3.5%.
S&P CoreLogic Case-Shiller Index Reports Year-Over-Year Home Prices Climbed 13.2% in March
According to the S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index, which covers all nine U.S. Census divisions, home prices experienced a 13.2% annual gain in March 2021, up from 12% in the previous month. The 10-City Composite annual increase came in at 12.8%, up from 11.7% in the previous month.
Shares of Mortgages in Forbearance Decline for Twelfth Week in a Row in Week Ending May 16, 2021
The latest Mortgage Banker Association’s (MBA) Forbearance and Call Survey reports that the total number of loans now in forbearance decreased by 3 basis points from 4.22% of servicers’ portfolio volume in the prior week to 4.19% as of May 16, 2021. According to MBA’s estimate, 2.1 million homeowners are in forbearance plans.
The Conference Board Reports Consumer Confidence Held Steady in May
The Conference Board, a non-partisan, not-for-profit think tank founded in 1916, released today (5-25-21) their Consumer Confidence Index® (CCI) for May 2021. The CCI held steady in May following gains in April and a strong monthly gain in March. The Index now stands at 117.2 (1985=100), down slightly from 117.5 in April.
Canadian Dollar Closes in on 6-year High as Inflation Concerns Ease
On Friday (5-21-21), the Canadian Dollar rose against its U.S. counterpart as investors worries about U.S. inflation eased, while Canadian domestic data showed retail sales climbing in March and the Canadian Dollar moving close to a six-year high — established earlier in the week and completing its eighth straight weekly advances.
Half of Homes Sold Above Their Listing Price in the 4-week Period Ending May 16
According to Redfin, the Seattle-based technology-powered real estate brokerage, 50% of homes sold during the four weeks ending May 16, 2020 sold above their listing price. Year-over-year, this is an increase of 23 percentage points. During the four-week period, prices hit a record high of $352,975 and were up 24% year over year, also a record.
Canadian Financial Regulators Confirm New Qualifying Rates for Uninsured Borrowers Effective June 1st
On Thursday (5-20-21), Canadian financial regulators confirmed a new benchmark qualifying rate for uninsured borrowers would become effective on June 1, 2021. This occurred after the central bank earlier issued it strongest comments yet on the country’s red-hot housing market. Consultations with lenders over the move were launched in April.
Existing Home Sales Decline 2.7% in April
The National Association of Realtors® (NAR) is reporting that total existing home sales — which are completed transactions for single-family homes, townhomes, condominiums and co-ops — declined in April for the third consecutive month, down -2.7% below March, to a seasonally adjusted rate at 5.85 million homes. Year-over-year sales are up 33.9% (4.37 million in April 2020).