home affordability: Higher Home Sales Despite Dwindling Inventory
- 06/21/17 04:26 PM
The Mortgage Bankers Association released their Mortgage Application Data for the week ending 6/16, showing that overall application volume increased by 0.6%. Applications to Purchase a home were down 1.0%, but are still up 9.2% year over year. Refinances increased by 2.0% and are down 30% from this time last year. Interest rates were about 0.34% higher than they were last year. The Refinance share of Mortgage Applications increased to 46.6% from 45.4% of total applications. The ARM share of applications increased slightly to 7.5% from 7.4%. Existing Home Sales, which tracks closings on Existing Homes, were up 1.1% in May … (0 comments)
For the third time in three months, FHA-insured mortgages became more user-friendly. On January 9, 2017, FHA lowered its annual mortgage insurance premiums by 0.25%. FHA Annual Mortgage Insurance Premiums The average homebuyer who gets a $200,000 FHA-insured mortgage will save approx. $500 per year under the new rules. This reduction in FHA mortgage insurance premiums comes on the heels of two other recent changes to the FHA program. In October 2016, the FHA relaxed its lending guidelines for condo projects. Also, starting January 1, 2017, loan limits on FHA-insured mortgage went up for the first time in 10 years.
The Mortgage Bankers Association released their Mortgage Application Data for the week ending 6/16, showing that overall application volume increased by 0.6%. Applications to Purchase a home were down 1.0%, but are still up 9.2% year over year. 
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