Litic Murali

Banks Report Unchanged Home Lending Standards

In the second quarter iteration of the Federal Reserve Board’s Senior Loan Officer Opinion Survey (SLOOS) on Bank Lending Practices, banks reported largely unchanged lending standards across all residential real estate (RRE) loans. Major net shares of banks reported weaker demand for most RRE loans except for home equity lines of credit, for which a…

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Higher Rates Reduce Mortgage Demand

Per the Mortgage Bankers Association’s (MBA) survey through the week ending July 1, total mortgage activity decreased, with the 30-year fixed-rate mortgage (FRM) rate reaching 5.8% on average. The latest week’s rate decreased to 5.74%, declining for the second straight week but still above pandemic levels. The Market Composite Index, a measure of mortgage loan…

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Metro Areas Trail Lower Density Markets for Apartment Construction Growth

In the first quarter of 2022, multifamily home building showed greater growth across all regional markets compared to the first quarter of 2021, per the NAHB’s Home Building Geography Index (HBGI). Apartment construction far outpaced single-family building in all regional geographies but especially in lower density markets1. Low rental vacancy rates and rising rents gave…

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High Rates Suppress Refinancing

Per the Mortgage Bankers Association (MBA), through the week ending June 3, total mortgage activity decreased, with the 30-year fixed-rate mortgage (FRM) rate increasing to 5.45%, on average. The latest week’s rate increased to 5.4%, after 3 consecutive weeks of declines, each by a few basis points. The Market Composite Index, a measure of mortgage…

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Large Metro Suburban Single-family Construction Slows

Recent developments in the first quarter of 2022 per NAHB’s Home Building Geography Index (HBGI), indicate single-family home building slowing in suburbs, with most other regional geographies following suit. Following the aftermath of COVID-19, home buyer preferences for the suburbs have eased. Supply-chain challenges and unfavorable economic conditions have reduced the pace of single-family residential…

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