The Fannie Mae Home Purchase Sentiment Index® (HPSI) increased 2.9 points in December to 67.2, due primarily to a significant jump in the share of consumers expecting mortgage rates to go down over the next 12 months.
Another drop in mortgage interest rates caused a run on loans the second week of January. Total mortgage application volume jumped 10.4%, compared with the previous week, according to the Mortgage Bankers Association’s seasonally adjusted index.
Home buyers have their fingers crossed that 2024 will be the year where home prices regain some normalcy. One promising sign entering the new year: mortgage rates, which remained stubbornly high throughout 2023, have steadily declined over the last couple of months.
The Mortgage Bankers Association (MBA) Builder Application Survey (BAS) data for December 2023 shows mortgage applications for new home purchases increased 22.2 percent from a year ago.
Numerous tech tools have an impact on business for real estate professionals, but three stood out in the 2023 Technology Survey. Seventy-nine percent of survey respondents said that eSignature is very impactful, followed by lockbox/showing technology (66%), and cloud storage (48%), which offers secure remote access to files.