“Rates increased for the second consecutive week, driven by incoming data indicating that the economy remains strong and inflation is proving tougher to bring down. Mortgage rates increased across the board, with the 30-year fixed rate at 7.13%–-reaching its highest level since December 2023.”
–Joel Kan, MBA’s Vice President and Deputy Chief Economist
Mortgage applications increased 3.3% from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending April 12, 2024.
The National Association of Home Builders, Washington, D.C., found builder sentiment was flat between March and April in its NAHB/Wells Fargo Housing Market Index.
Housing starts fell 14.7% month-over-month and 4.3% year-over-year in March, per the U.S. Census Bureau and the U.S. Department of Housing and Urban Development.
MISMO, the real estate finance industry’s standards organization, announced that it is seeking public comment on a new Mortgage Compliance Dataset (MCD) specification.
Most U.S. life sciences incubators anticipate that their funding will increase over the next five to 10 years–and 63% expect to open additional locations–according to a new survey from CBRE, Dallas.
“While overall delinquencies remained flat, the delinquency rate for loans backed by office properties rose again during the first three months of this year.”
–Jamie Woodwell, MBA’s Head of Commercial Real Estate Research
“March is typically a month when new home purchases see a seasonal boost, but this year, March applications for new home purchases saw less than a 1% increase over the prior month on an unadjusted basis.”
–Joel Kan, MBA’s Vice President and Deputy Chief Economist
The Mortgage Bankers Association (MBA) Builder Application Survey (BAS) data for March 2024 shows mortgage applications for new home purchases increased 6.2% compared from a year ago.
Yesterday morning, and in response to MBA’s ongoing advocacy on this issue, Fannie Mae and Freddie Mac (GSEs) each released notices that confirmed that their policies will continue to exclude seller or listing agent payment of buyer agents’ commission from interested party contributions (IPCs).
