Mortgage Applications Keep Kicking The Can
It's not entirely clear if it's a can or the proverbial bucket. All we know is that mortgage applications have been kicking it. There's no great way to make the news interesting now that loan volume has done what anyone would have expected it to do, given the the rapid rise in rates over the past 6 weeks. Up until that point, there had been a noticeable uptick in refinance applications. That uptick has now been fully erased, although this week didn't decline nearly as much as the past several. In the bigger picture, that uptick wasn't anything special considering the starting point was as low as it's been in decades. To whatever extent refi apps have been historically muted, purchase applications have been reliably boring. Little changes on that front from week to w
Mortgage Rates Jump Back Above 7%
Last Thursday and Friday offered some hope that the persistent move to higher rates was finally leveling off. It wasn't necessarily a rational hope, but if nothing else, it was "nice" to see the average 30yr fixed move back below 7%. Even then, we cautioned against viewing the recovery as indicative of ongoing success. Now today, we see why. Bonds (which dictate rates) have moved swiftly back into the weaker territory that precipitated the move over 7% in mortgage rates . As such, it's no surprise to see the average lender easily back into the 7s. For context, rates were as high as 7.5% in April and 8.0% at their long-term peak roughly a year ago. As for motivations, the market continues to work through election-related volatility. That involves a complex set of consideration
November 11 Veterans Day
Honoring those who have stood up for this country and given the ultimate sacrifice, Veterans Day is a poignant reminder of the bravery and dedication of our military personnel. As we approach November 11, it's essential to reflect on how our communities and neighborhoods can support veterans and their families, not just on this day but year-round. Veterans bring a unique perspective and set of skills to any community. Their discipline, leadership, and commitment can significantly enhance neighborhood cohesion and safety. Many real estate markets are recognizing the value of creating veteran-friendly environments. This includes offering housing incentives, creating accessible amenities for disabled veterans, and fostering a supportive community atmosphere. In recent real estate news, there has been an increase in initiatives aimed at helping veterans secure homeownership. Programs such as the VA loan offer favorable terms for veterans, making it easier for them to buy homes without hefty down payments or private mortgage insurance. Additionally, some states provide property tax exemptions for veterans, further easing their financial burden. Choosing the right neighborhood is crucial for veterans transitioning from military to civilian life. Ideal neighborhoods often feature robust support systems, including access to healthcare facilities specializing in veteran care, proximity to veteran organizations, and employment opportunities tailored to their skills. Lifestyle considerations also play a significant role in selecting a home. Veterans may seek areas with recreational facilities that cater to their interests or quiet communities where they can enjoy peace and relaxation after years of service. Many find solace in neighborhoods that offer camaraderie with fellow veterans through local events or veteran-focused clubs. As we honor Veterans Day this November 11, let's remember that supporting our veterans goes beyond mere acknowledgment; it involves tangible actions that improve their quality of life. Whether through real estate initiatives or community support programs, we all have a role in ensuring our heroes find a place they can proudly call home.
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