The Average American Still Can’t Get a Mortgage
Mortgage credit continues to tighten
The U.S. economy may be on the upswing, but your chances of securing a mortgage are not.
Jump in rates doesn’t deter homebuyers, as mortgage applications increase 4%
Mortgage rates moved solidly higher last week, but lenders saw no letup in loan demand.
Mortgage application volume rose 4 percent from the previous week. The Mortgage Bankers Association included an adjustment for the Martin Luther King Day holiday. Volume continues to lag last year, however, by 18 percent, mostly due to the falloff in loan refinances since rates shot up after the presidential election.
Housing Starts Cool Off in January
Overall housing production declined in January after an unusually robust reading in the multifamily sector in December, but economists were unfazed. “As we move forward in 2017, we can expect the multifamily sector to continue to stabilize and single-family production to move forward at a gradual but consistent pace,” says Robert Dietz, chief economist for the National Association of Home Builders.
New-Home Prices Hit Record High
The median price for a new single-family home reached a record high in May of $345,800, the Commerce Department reports. Buyers will be paying a huge premium for new construction, as new-home prices are now 16.8 percent higher than they were a year ago.
How long until eClosings are standard practice for mortgages?
The digital world is slowly creeping its way into mortgages, as more lenders start to unveil digital mortgage applications and boast a fully online digital mortgages.
Revised residential design standards available for viewing
PORT ORCHARD – Newly adopted city design standards for new and modified single family residences, duplexes and residential fences can be on the City of Port Orchard’s website.