Mortgage applications decreased for the fifth-straight week, down 4.2% from last week’s 0.8% dip, according to the latest Weekly Mortgage Applications Survey from the Mortgage Bankers Association’s (MBA) for the week ending August 18, 2023. Here are this week’s numbers:  The Market Composite Index, a measure of mortgage loan application volume, decreased 4.2% on a…The post Mortgage Applications Drop to Lowest Level in 28 Years appeared first on RISMedia.

Investing in a condominium can be an enticing prospect for many prospective homeowners. With amenities, maintenance, and a sense of community all bundled into one package, condos offer a unique living experience. However, potential buyers must know several hidden condo costs amidst the allure. We will shed light on these often-overlooked expenses, focusing on condo…The post Costs Clients May Not Know When Buying a Condominium appeared first on RISMedia.

It has been a shaky and odd housing market so far this year. With fears of a major crash receding but no sign of a broad rally, big public real estate companies are seeking to find their footing against a varying and uncertain real estate landscape. So far, iBuyers have failed to effectively adapt to…The post Down But Not Out: Real Estate’s Q2 Earnings Season Results appeared first on RISMedia.

As a widespread MLS outage extends into its second week, the nation’s largest MLS—which was not affected by the apparent ransomware attack that took down Rapattoni-powered databases and services—is reaching out to help those still without MLS access. A spokesperson for CRMLS said they are offering free MLS access and assistance to non-members who have…The post CRMLS Welcomes Rapattoni Refugees as MLS Outage Continues appeared first on RISMedia.

Many people don’t really understand how the real estate business works or what is a REALTOR® and what they do. A REALTOR® ® is not the same thing as a real estate agent. REALTORS® are National Association of REALTORS® members who have taken an oath to follow a strict code of ethics. Even people that…The post What to Know About Working With a REALTOR® appeared first on RISMedia.

Have you heard people talk about an FHA 203K loan and wondered what it was and how it worked? Buying a home is far more challenging when you are not familiar with common mortgage lingo. You may have heard about an FHA loan but what do the extra numbers and letters mean? When you are…The post Pros and Cons of an FHA 203k Loan: What You Should Know appeared first on RISMedia.

On the rise since the beginning of the year, mortgage rates continued their upward trajectory this week, rising above 6% for the first time since 2008. The 30-year fixed-rate mortgage (FRM) averaged 6.02% this week, up from 5.89% last week, according to the latest Primary Mortgage Market Survey® (PMMS®) from Freddie Mac. Key findings:  30-year…The post Mortgage Rates Exceed 6% for the First Time Since 2008 appeared first on RISMedia.

U.S. homeowners with mortgages (which account for roughly 63% of all properties) saw equity increase by 27.8% year over year, representing a collective gain of $3.6 trillion, for an average of $60,200 per borrower, since the second quarter of 2021. This is according to the latest Homeowner Equity Report (HER) for the second quarter of…The post U.S. Home Equity Increases Again in Q2 2022 appeared first on RISMedia.

It’s still not good, but “better” is great news right now. That appears to be the consensus from economists after the latest inflation data from the Bureau of Labor Statistics (BLS) showed prices are finally starting to come down, with the Consumer Price Index (CPI) reading 8.5%—lower than expected, and a significant improvement over last…The post Inflation (Finally) Dips, Housing Still a Concern appeared first on RISMedia.

After several sharp spikes and nearly doubling over the last year, mortgage rates took a breather this week, decreasing from 5.81% the previous week to 5.7% this week, according to the latest Primary Mortgage Market Survey (PMMS) from Freddie Mac, released Thursday. Key findings: 30-year fixed-rate mortgage averaged 5.70% with an average 0.9 point as…The post Finally, a Pause in Mortgage Rate Hikes appeared first on RISMedia.

“Comparing anything to 2020 or 2021, it doesn’t make any sense.” That is the conundrum—summed up frankly by Anne Marie DeCatsye, CEO of the Canopy REALTOR® Association in Charlotte, North Carolina—for anyone trying to parse out the current real estate market. As economists and practitioners all across the country have sought for months to draw…The post Real Estate CEOs Mull 2022 Landscape, Slowdown appeared first on RISMedia.

As home prices have shown no signs of slowing through the first half of this year, researchers who have been tracking so-called “overvalued” housing markets since 2020 are warning some metros have become “a risky bet” as their methodology shows a dangerous disconnect between historical trends and current prices. “If we’re not at the peak…The post 15 Markets are 60% Overvalued, New Report Finds appeared first on RISMedia.

Mortgage applications decreased 2.3% from one week earlier, according to the latest Weekly Mortgage Applications Survey from the Mortgage Bankers Association’s (MBA), released Thursday. The drop marks the third straight week of declines, indicating that market headwinds continue to hinder both refinancing and new mortgages. Key findings: The Market Composite Index, a measure of mortgage loan…The post Mortgage Applications Decrease During Last Week of May appeared first on RISMedia.

In a sign that the housing market is now slowing, builder confidence took a steep drop in May, according to the latest National Association of Home Builders (NAHB)/Wells Fargo Housing Market Index (HMI), released this week. Builder confidence in the market for newly built single-family homes fell eight points to 69 in May, and this…The post Builder Confidence Plunges on Rising Interest Rates, Growing Affordability Woes appeared first on RISMedia.