Mortgage Applications Decrease – 30 Year Interest Rate Increases
The Mortgage Bankers Association (MBA) latest Weekly Survey (w/e 6/3/2022) indicates that mortgage applications decreased 6.5% from the previous week. Purchase application decreased 7.0% and Refinance Applications decreased 6.0%. The FHA share of total applications increased 10 11.3% the VA share of total applications increased to 11.4%. The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($647,200 or less) increased to 5.40 percent from 5.33 percent. Click on the above link to review the entire Survey.
Only 17% of Consumers Report It’s a ‘Good Time to Buy’ a Home
According to the June 7, 2022 Fannie Mae Home Purchase Sentiment Index (HPSI) 79% of respondents reported that it’s a bad time to buy a home. 70% of respondents expect mortgage rates to continue rising. Year over year, the full index is down 11.8 points. Click on the above link to review the entire survey.
Report Examines the Housing Market Inventory Crisis
A recently released Black Knight, Inc. white paper titled, “Trending Toward Zero: Black Knight Home Price Trends Data Shows Single-Family Home Inventories Remain Near Historic Low” examined the inventory crisis that has overshadowed the housing market. The latest Central New York Information Service, Inc. (CNYIS) May 28, 2022 Weekly Market Activity Report shows a 10.7% decrease in New Listings and a 5.8% increase in Median Sales Price to $185,000. CNYIS is the MLS of the Greater Syracuse Association of REALTORS. There is some good news! The CNYIS May 2022 Monthly Indicators Report shows a 21.7% increase in Homes for Sale.
Robert Smith is a NY Licensed Real Estate Broker, Licensed Real Estate Instructor, CDEI, Member of the Greater Syracuse Association of Realtors and a Participant in Central New York Information Service, Inc. and Director of Operations at Professional Career Center, Inc.