According to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Application Survey, for the week ending October 23rd, 2020, The Market Composite Index, a measure of mortgage loan application volume, increased 1.7% on a seasonally adjusted basis from one week earlier.
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U.S. Home Prices Increase Nationwide in August 1.5%
The Federal Housing Finance Agency (FHFA), Home Price Index (HPI) reports that House prices rose nationwide in August, up 1.5% above July’s reading.
Consumer Confidence Slips in October
In October, American consumers became more concerned about their prospects for employment, incomes and the economy. As a result, consumer confidence suddenly pulled back in October.
The Share of Mortgage Loans in Forbearance Drops to 5.90% in Weekending October 18th, 2020
The latest Mortgage Banker Association’s (MBA) Forbearance and Call Survey reports that the total number of loans now in forbearance decreased by 2 basis points from 5.92% of servicers’ portfolio volume in the prior week to 5.90%, as of October 18, 2020.
S&P CoreLogic Case-Shiller Report U.S. Home Prices Increase 5.7% in August
According to the S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index, covering all nine U.S. census divisions, increasing demand and limited availability caused home prices to increase at a reported 5.7% annual gain in August, up from 4.8% in the previous month.
Potential Home Buyers Believe Availability Will Improve in the Months Ahead
According to the latest National Association of Homebuilders (NAHB) Housing Trends Report (HTR), 28% of prospective buyers in the third quarter of 2020 expected their search for a new or existing home would be easier in the months ahead.
New Home Sales Taper Off in September – Year-Over-Year Up 32.1%
The U.S. Census Bureau reported that the sales of new single-family houses in September 2020 were at a seasonally adjusted annual rate of 959,000.
Share of Americans Contemplating the Purchase of a New Home Increases in Q3 2020
The share of Americans who are considering the purchase of a new home in the next 12-months increased.
Mortgage Bankers Association Expects Purchase Originations to Grow Further in 2021
The Mortgage Bankers Association (MBA) said that they expect purchase originations to grow 8.5% to a new record of $ 1.54 in 2021.
Weekly Jobless Claims Increased in the Week Ending 17th October 2020
The U.S. Department of Labor is reporting that an additional 787,000 Americans made their initial filing for unemployment benefits during the week ending on Saturday, October 17th. A decrease of 55,000 from the previous week’s revised level.