According to the Federal Reserve Board’s July 2023 Senior Loan Officer Opinion Survey (SLOOS)—conducted for bank lending activity over the second quarter of 2023—banks reported that lending standards tightened for all residential real estate (RRE) and commercial real estate (CRE) loan categories. Demand for RRE and CRE loans weakened across all categories over the quarter. Moreover, banks expect their lending… Read More ›
Tag Archive for ‘housing finance’
New Home Sales Increasingly Backed by FHA Loans
NAHB analysis of the most recent Quarterly Sales by Price and Financing report reveals that the share of new home sales backed by FHA loans climbed from 12.1% (revised) to 14.0% in the second quarter of 2023. It is the largest share since Q1 2021 but roughly three percentage points lower than the post-Great Recession average. Conventional loans financed 73.7%… Read More ›
Mortgage Activity Increases Despite Rates Topping 7%
Per the Mortgage Bankers Association’s (MBA) survey through the week ending July 7th, total mortgage activity increased 0.9% from the previous week and the average 30-year fixed-rate mortgage (FRM) rate rose 22 basis points to 7.07%. The FRM rate has risen 30 basis points over the past month and topped 7% for the first time since November of 2022. The… Read More ›
Mortgage Activity Increases as Affordability Improves
Per the Mortgage Bankers Association’s (MBA) survey through the week ending June 9th, total mortgage activity increased 7.2% from the previous week and the average 30-year fixed-rate mortgage (FRM) rate fell five basis points to 6.77%. The FRM rate has risen 20 basis points over the past month. The Market Composite Index, a measure of mortgage loan application volume, rose… Read More ›
Mortgage Activity Increases Despite Affordability Issues
Per the Mortgage Bankers Association’s (MBA) survey through the week ending May 5th, total mortgage activity increased 6.3% from the previous week and the average 30-year fixed-rate mortgage (FRM) rate fell two basis points to 6.48%. The FRM rate has risen 18 basis points over the past month. The Market Composite Index, a measure of mortgage loan application volume, rose… Read More ›
Mortgage Activity Increases as Rates Fall for 5th Straight week
Per the Mortgage Bankers Association’s (MBA) survey through the week ending April 7th, total mortgage activity increased 5.3% from the previous week and the average 30-year fixed-rate mortgage (FRM) rate fell ten basis points to 6.30%. The FRM rate has fallen 41 basis points over the past month. The Market Composite Index, a measure of mortgage loan application volume, rose… Read More ›
Distribution of 1-4 Unit Residential Construction Loans Among Banks by Asset Size
According to NAHB analysis of Federal Deposit Insurance Corporation (FDIC) data, large banks (assets greater than $10 billion) have increased their share of the residential construction loan market above pre-Great Recession levels in recent years. A 1-4 family residential construction loan is used for residential 1-4 family construction and land development. The majority of 1-4 residential construction loans are still… Read More ›
Mortgage Activity Increases Despite Mortgage Rate Volatility
Per the Mortgage Bankers Association’s (MBA) survey through the week ending March 3rd, total mortgage activity increased 7.4% from the previous week and the average 30-year fixed-rate mortgage (FRM) rate rose eight basis points to 6.79%. The FRM rate has risen 61 basis points over the past month. The Market Composite Index, a measure of mortgage loan application volume, rose… Read More ›
Loan Demand Declines as Credit Standards Tighten in Q4 2022
According to the Federal Reserve Board’s January 2023 Senior Loan Officer Opinion Survey (SLOOS)—conducted for bank lending activity over the fourth quarter of last year—banks reported weaker demand for residential real estate (RRE) loans, home equity lines of credit (HELOCs), and commercial real estate (CRE) loans. Additionally, credit standards tightened across all categories of mortgage loans. Residential real estate credit… Read More ›
Mortgage Activity Increases after Dip in Rates
Per the Mortgage Bankers Association’s (MBA) survey through the week ending February 3rd, total mortgage activity increased 7.4% from the previous week and the average 30-year fixed-rate mortgage (FRM) rate fell one basis point to 6.18%. The FRM rate has fallen around 100 basis points since October of 2022. The Market Composite Index, a measure of mortgage loan application volume,… Read More ›