News Digest-February 15, 2022

News Digest

By Frank Pellegrini

Market Sees Hottest January on

According to a new report from Redfin, homebuyers are struggling as 45% of homes are now finding buyers within only two weeks on the market. Some 35% of homes go under contract within a week, and both rates are their highest ever seen for this time of year.

Refi Apps Fall as Rates Continue to

The Mortgage Bankers Association (MBA) has reported that mortgage applications fell 8.1% week-over-week for the week ending February 4, 2022. The MBA’s Refinance Index decreased 7% from the previous week and was 52% lower than the same week last year.

CoreLogic: Home Price Appreciation Will Cool in

Home prices across the nation climbed 18.5% year-over-year in December, according to a monthly report published by CoreLogic. On a month-over-month basis, home price gains rose by 1.3% in December 2021 compared to November. However, the data vendor said that the market is beginning shift.

Fannie Mae reveals what’s happening with housing sentimentMortgage Professional America

Consumer confidence has fallen to its lowest level in 18 months amid affordability constraints, supply shortages and job concerns, according to Fannie Mae’s latest Home Purchase Sentiment Index (HPSI).

Soaring Construction Costs Drop Housing Affordability to a 10-year

Supply-chain bottlenecks that put upward pressure on home prices along with rising interest rates contributed to housing affordability falling to a 10-year low.