MBA Newslinks Archive

“Would-be buyers have decided to sit on the sidelines to see if more home inventory becomes available at the price-points where they’re shopping. The entire housing industry is watching to see what will happen in the coming months–whether owners and builders will provide the home inventory the buyers have been waiting for, amid the recent drop in interest rates.”–Bill Banfield, Executive Vice President of Capital Markets with Quicken Loans, Detroit.

“Solid fundamentals, growing property values, low interest rates and strong appetites from both borrowers and lenders all helped drive an 8 percent increase in recorded multifamily lending from a year ago.” –MBA Vice President of Commercial Real Estate Research Jamie Woodwell.

“Mortgage rates inched back up last week, but remain substantially lower than they were in the second half of last year. As quickly as refinance activity increased in recent weeks, it backed down again in response to the rise in rates. However, this spring’s lower borrowing costs, coupled with the strong job market, continue to push purchase application volume much higher.”–MBA Chief Economist Mike Fratantoni.

“With a strong job market, rising wages and lower mortgage rates, housing demand remains strong, as shown by the solid 7 percent growth in new home purchase applications in March. The confluence of declining mortgage rates with the spring buying season is supporting stronger housing demand and activity. Additionally, the drop in average loan size suggests that builders are tilting production to lower-priced homes, which continues to see the tightest inventories and strongest home-price growth.”–MBA Chief Economist Mike Fratantoni.

“The 196,000 jobs added to the U.S. economy in March reversed the slowdown in February, but more importantly, it showed that job creation overall remains robust. Additionally, we saw a bounce back in construction employment last month, with a decent gain of 16,000 jobs. These developments, along with lower mortgage rates and easing price growth, lay the foundation for steady housing demand as we move further into the spring home buying season.”–Joel Kan, MBA Associate Vice President of Economic and Industry Forecasting.

“This year, there are more homes for sale relative to the number of buyers, so a buyer is more likely to have their first offer accepted, while sellers are having to wait longer for their home to sell. It’s like a 1950s-era school dance with more boys than girls–the girls can quickly find a dancing partner, but more boys are waiting around with no one to dance with.”–Redfin chief economist Daryl Fairweather.

“Credit availability increased in March, primarily due to a spike in jumbo mortgage offerings. The jumbo sub-index increased 5 percent and reached its highest level since last November, as the recent decline in mortgage rates led to a jump in refinances from borrowers with larger loans.”–Joel Kan, MBA Associate Vice President of Economic and Industry Forecasting.

“MBA applauds the Senate for confirming Mark Calabria to be the next Director of the Federal Housing Finance Agency. His knowledge and experience will serve him well as he takes over this dynamic agency at such a critical time.”–MBA President and CEO Robert D. Broeksmit, CMB.

“You have a story to tell. It’s not a story about your business; it’s a story about people. It’s the story about the communities and homeowners and renters who rely on you. Ultimately, you’re telling the story of American families who want to achieve the American Dream. It’s something that every member of Congress needs to hear.”–MBA President and CEO Robert Broeksmit, CMB.

“To see just how technology has exploded over the past five years is astonishing. The mortgage process now is less about consumers providing us with data but more about how we use those data.”–Brian Magruder, Senior Vice President with SunTrust Bank, Richmond, Va.