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Residential

Mississippi Lags Far Behind in Housing Recovery

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The official nickname for Mississippi is “The Magnolia State.” In view of recently compiled data, it could also be called “The State That the Housing Recovery Forgot.”Click to continue

New-Home Sales Rise Slightly in September Over August

For Sale/Credit: Stockbyte

Sales of newly built, single-family homes inched up 0.2 percent in September to a seasonally adjusted annual rate of 467,000 units, the highest level in six years, according to newly released data by the U.S. Department of Housing & Urban Development (HUD) and the U.S. Census Bureau. Sales numbers for August were revised down from 504,000 to 466,000.Click to continue

Fixed-Rates Drop to 18-Month Low

Home Sale/Copyright: 2008 Getty Images/Credit: David Sacks

Freddie Mac has released the results of its weekly Primary Mortgage Market Survey (PMMS), showing average fixed mortgage rates hitting fresh lows for the year for the second consecutive week amid declining bond yields. The 30-year fixed-rate mortgage (FRM) averaged 3.92 percent with an average 0.5 point for the week ending Oct. 23, 2014, down from last week when it averaged 3.97 percent. A year ago at this time, the 30-year FRM averaged 4.13 percent.Click to continue

Remodeling Market Index Returns to All-Time High

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The National Association of Home Builders' (NAHB) Remodeling Market Index (RMI) reclaimed the high-water mark of 57 in the third quarter of 2014. This is the sixth consecutive quarter for an RMI reading above 50. An RMI above 50 indicates that more remodelers report market activity is higher (compared to the prior quarter) than report it is lower. The overall RMI averages ratings of current remodeling activity with indicators of future remodeling activity.Click to continue

MBA Forecasts $1.19 Trillion in Originations in 2015

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The Mortgage Bankers Association (MBA) has announced that it expects to see $1.19 trillion in mortgage originations during 2015, a seven percent increase from 2014. While MBA anticipates purchase originations will increase 15 percent, it expects refinance originations to decrease three percent.Click to continue

Refi Apps Begin to Gain Steam

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Mortgage applications increased 11.6 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending Oct. 17, 2014. This week’s results did not include an adjustment for the Columbus Day holiday.Click to continue

Zillow Mortgages: Fixed-Rates Remain Below Four Percent

House for Sale/Credit: Creatas

The 30-year fixed-rate mortgage (FRM) on Zillow Mortgages is currently at 3.81 percent, unchanged from this time last week. The 30-year FRM hovered around 3.85 percent for most of the week, dropping to 3.70 percent Wednesday before rising to the current rate.Click to continue