Homebuyer affordability declined in January, with the national median payment applied for by purchase applicants increasing to $2,134 from $2,055 in December. This is according to the MBA Purchase Applications Payment Index, which measures how new monthly mortgage payments vary across time – relative to income – using data from MBA’s Weekly Applications Survey.
Category: News and Trends
MBA NewsLink Q&A with Daron Tubian of Barings, Chair of the 2024 Affordable Rental Housing Advisory Council
MBA NewsLink recently interviewed Daron Tubian, who was named Chair of the 2024 Affordable Rental Housing Advisory Council at CREF24 in San Diego.
Many Aspiring Homeowners Cite Cost of Living, Insufficient Income as Roadblocks: Bankrate
More than half of aspiring homeowners say the current cost of living is too high or their income is not high enough to afford a down payment and closing costs for a home (51% and 54% respectively), reported Bankrate, New York.
Commercial Property Prices Slip at Slower Rate in January
Real Capital Analytics, New York, reported the annual rate of decline in U.S. commercial property prices slowed in early 2024.
Tim Von Kaenel from CI&T: Why Now’s the Time to Make Your LOS Do What You Want it To And Three Strategies to Consider
No LOS will meet every single need. But if you have a clear vision for what you want out of your LOS and your current platform isn’t delivering, then switching might make sense.
Quote: Feb. 29, 2024
“Homebuyer affordability conditions declined in January, with higher home prices pushing loan amounts upward and ultimately offsetting what was a monthly decline in mortgage rates.”
–Edward Seiler, MBA’s Associate Vice President, Housing Economics, and Executive Director, Research Institute for Housing America.
Quote: Feb. 28, 2024
“Mortgage rates were little changed last week, with the 30-year conforming rate declining slightly to 7.04% but remaining about a quarter percentage point higher than the start of the year.
–Mike Fratantoni, MBA’s SVP and Chief Economist
CommercialEdge: Office Market Continues to See Challenges
CommercialEdge, Santa Barbara, Calif., found the average U.S. office listing rate was at $37.35 per square foot, down about 1.8% year-over-year, in January. That’s also down about 29 cents from December.
MBA Legal Issues and Regulatory Compliance Conference: May 5-8 in San Diego
Attend MBA’s Legal Issues and Regulatory Compliance conference for the most comprehensive information on regulatory initiatives, litigation legislation and enforcement activity, all specifically tailored to the residential mortgage industry.
Early Registration Discount Ends Feb. 29–mPact Summit April 4 in Plano, Texas
Join your real estate industry young professional peers for MBA mPact’s second annual Summit on Thursday, April 4.