Weekly Housing Headlines

This week, mortgage rates dropped to a 2024 low; home sales rose in July for the first time in five months; mortgage applications decreased 10.1 percent; the national mortgage delinquency rate fell by 12 basis points to 3.37% in July; and things are shaping up for a buyer-friendly end of summer with home prices slightly down year over year and more homes on the market than there were at this time in 2023.

U.S. Mortgage Rates Drop To A 2024 Low As Buyers Await Fed Cuts
Financial Advisor - 8/22/2024
Mortgage rates in the U.S. resumed their downward path, dropping to a new low for the year. The average for a 30-year, fixed loan was 6.46%, down from 6.49% last week, Freddie Mac said in a statement Thursday.

Home sales rose in July for the first time in five months
CNBC - 8/22/2024
Closed sales of previously owned homes rose 1.3% in July compared with June to a seasonally adjusted, annualized rate of 3.95 million units, according to the National Association of Realtors. That was the first gain in five months.

Mortgage Applications Decrease in Latest MBA Weekly Survey
Mortgage Bankers Association - 8/21/2024
Mortgage applications decreased 10.1 percent from one week earlier, according to data from the Mortgage Bankers Association’s Weekly Applications Survey for the week ending August 16, 2024.

Weekly Housing Trends View — Data for Week Ending Aug. 17, 2024
Realtor.com - 8/22/2024
Things are shaping up for a buyer-friendly end of summer. Home prices are down slightly year over year, with considerably more homes on the market than there were at this time in 2023.

Abandoned Homes In Foreclosure Down 20% Annually
National Mortgage Professional - 8/22/2024
ATTOM attributes the decline in foreclosure rates and the low number of zombie foreclosures to high homeowner equity.

National mortgage delinquency rate improves
Mortgage Professional America - 8/22/2024
The national mortgage delinquency rate fell by 12 basis points to 3.37% in July, showing improvement after a calendar-driven rise in June, according to the latest data from Intercontinental Exchange, Inc.

Fannie Mae Lowers Home Sales Forecast
National Mortgage Professional - 8/21/2024
Fannie Mae has downgraded its 2024-2025 home sales and mortgage origination forecasts, raised its 2024 GDP growth outlook and cautioned about increased recession risks due to rising unemployment.

Why a Growing Number of Homeowners Choose To Forgo Home Insurance — and the Nail-Biting Gamble They Face
Realtor.com - 8/21/2024
A 2024 Consumer Federation of America study found that around 6 million homeowners — or 7.4% of the homeowner population in the U.S. — have no homeowners insurance, up from 5% in 2019.

First American: House Price Appreciation Changes Rent-Versus-Own Dynamic
National Mortgage Professional - 8/19/2024
Renting was cheaper in 48 of the top-50 markets in Q2 2024, but only 29 states when accounting for home equity gains.

Redfin Reports Existing Home Sales Rose 0.6% Last Month, But Were At the Lowest July Level on Record
Redfin - 8/19/2024
Sales of existing homes rose 0.6% month over month in July, but fell 2% year over year to a seasonally adjusted annual rate of 4,094,991. That’s the lowest July level in records dating back to 2012.