Weekly Housing Headlines

This week, data shows that September home sales dropped to their lowest level since 2010, although new single-family home sales had their best performance in more than a year and a half; mortgage applications decreased 6.7%; TPO purchase originations accounted for almost a quarter of market share between 2018 and 2023; and the housing market has remained largely stable, aside from fluctuations in mortgage rates, which rose again for the fourth straight week.

Mortgage Applications Decrease in Latest MBA Weekly Survey
Mortgage Bankers Association - 10/23/2024
Mortgage applications decreased 6.7 percent from one week earlier, according to data from the Mortgage Bankers Association’s Weekly Applications Survey for the week ending October 18, 2024.

Weekly Housing Trends View — Data for Week Ending Oct. 19, 2024
Realtor.com - 10/24/2024
The housing market has remained largely stable in recent weeks, aside from fluctuations in mortgage rates. While rates are expected to improve into 2025, recent short-term volatilities could continue until the end of the month.

TPO market share holds firm: report
Mortgage Professional America - 10/24/2024
The National Association of Mortgage Brokers’ 2024 Homebuyer Report shows that TPO purchase originations continued to hover around the 24% mark in market share between 2018 and 2023.

New Home Sales Surprises with a Strong September
Scotsman Guide - 10/24/2024
Sales of new single-family houses reached 738,000 on a seasonally adjusted annual basis, the best performance in more than a year and half.

Redfin Reports U.S. Home Prices Grew 0.5% in September, the Fastest Pace Since April
Redfin - 10/22/2024
Redfin reported that home prices rose by 0.5% from August and by 6% on a year-over-year basis. That’s the lowest annual increase since December, but the fastest month-over-month growth rate since April.

Here’s why mortgage rates are rising after the Fed’s rate cut
CNN Business - 10/24/2024
U.S. mortgage rates rose again this week, the fourth-straight weekly increase. That rise in borrowing costs has undone some of the relief Americans felt this summer when mortgage rates fell in anticipation of a rate cut.

Down Payments Ease in Q3, but Remain Near Recent Highs
Realtor.com - 10/22/2024
Down payments reached an average 14.5% and a median down payment amount of $30,300 in the third quarter of 2024. Both values were down from the 2024 Q2 historical peak (14.9%, $32,700), and down year-over-year.

Loans In Forbearance Increase In September
National Mortgage Professional - 10/22/2024
Though it rose only slightly from August by three basis points, the number of loans in forbearance increased to 0.34% as of September 30, according to the Mortgage Bankers Association’s Loan Monitoring Survey.

Single-Family Starts Trend Higher in September
Eye On Housing - 10/18/2024
Overall housing starts decreased 0.5% in September to a seasonally adjusted annual rate of 1.35 million units, according to a report from the U.S. Department of Housing and Urban Development and the U.S. Census Bureau.