WASHINGTON, D.C. (June 13, 2024) – The Mortgage Bankers Association (MBA) Builder Application Survey (BAS) data for May 2024 shows mortgage applications for new home purchases increased 13.8% compared from a year ago. Compared to April 2024, applications increased by 1%. This change does not include any adjustment for typical seasonal patterns. “There continues to be […]

The amount of money a homebuyer puts down to purchase a home hit a historic high at the end of 2023, but that sum is finally falling. A new report from Realtor.com® shows that the median down payment homebuyers laid on the closing table in the first three months of 2024 was an average of 13.6%—which translates […]

Home prices continued their upward trend in February, defying high mortgage rates and low inventory of homes for sale. The S&P CoreLogic Case-Shiller national housing index rose 6.4% from February a year ago and up from the 6% annual increase registered in January.  San Diego led the way with an 11.4% annual increase, while Chicago and […]

A mortgage rate is highly subjective and can vary for a variety of reasons.  A news story that provides an outright level like 7.5% requires context and qualification.  Some online advertisements (especially among builders) could still be showing rates in the high 6’s.  Some borrowers will be seeing rates of 7.625 or higher.  Loans with less than 25% […]

In mortgage lending, almost nothing is more frustrating than working hard on applications that ultimately get rejected — especially when the problems result from simple errors and homebuyer misunderstandings. At a time when it’s so important to close every eligible loan, here’s what many mortgage originators are doing to ensure a smoother loan process, especially […]