According to an article by Matthew Graham for Mortgage News Daily, “the jobs report has a more consistent track record of causing big market movement than any other piece of economic data”. He further states “the underlying bond market improved throughout the day and held onto that improvement, resulting in lenders offering lower rates”.
2019
Home Purchase Sentiment Index on the Rise
Fannie Mae’s November National Housing Survey rose 11 percentage points to a net of 32 percent, 9 points higher than in November 2018 and its highest point since March 2018.
Millennial Home Refinance Boom Reaches New Heights
With interest rates dropping, and home values increasing, millennials have taken action and are a driving force in the home refinance market.
2020 Housing Forecast Still on the Rise
Want a peak into the 2020 housing market? An article from CalculatedRiskBlog.com provides a convenient table that combines 2020 housing forecasts from Fannie Mae, Freddie Mac, and NAHB.
Residential Construction Improves
According to industry reports September and October reflected an improving residential construction industry, with an expectation that the trend will continue through year-end.
Half of October Originations were Refinances!
October 2019 was the first time that nearly half of loan originations were refinance. According to an article on MortgageNewsDaily.com, continuing lower interest rates are driving the refinance market.
Prices are Still Rising
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Residential Real Estate prices are on the rise according to many news sources. In a HousingWire.com article they reference Redfin data: “Redfin’s data also determined that only 6 of the 85 largest metros saw a year-over-year decline in their median sale price.”
Refinance Boom Has Approached Us
Increased residential property values combined with the lowest mortgage interest rates since October 2016 has driven a Refinance Boom. The increase in residential prices has slowed the purchase market some, but when combined with the low interest rates it has opened a great opportunity for those homeowners who can benefit from a refinance.
Refinance and Save Money on Your Mortgage
If you haven’t refinanced lately, it is time to consider taking advantage of low rates. According to an article on Mortgage News Daily there were over 8 million properties that are considered to be refinanceable in June 2019.
Confidence in Home Purchase at Record High
Fannie Mae’s Home Purchase Sentiment Index (HPSI) hit a record high in July 2019, according to an article on FannieMae.com. They state that the increase results from “Confidence About Not Losing Job” as well as other factors.