Weekly Mortgage Market Update

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Welcome to the Weekly Mortgage Market Update! This is your go-to source for the latest news, trends, and insights on the ever-evolving world of mortgages. Whether you’re a first-time homebuyer or a seasoned real estate investor, staying informed about the mortgage market is crucial to making wise financial decisions. Every week, we’ll provide a comprehensive overview of the most critical developments in the mortgage industry, including changes in interest rates, mortgage products, and housing market conditions.

September Home Prices Fall at a Slower Pace than July/August

Black Night said home prices fell at half the rate in July and August. Black Night is a leading provider of data and analytic solutions in the mortgage industry. FHFA’s report will be released at the end of the month, hopefully providing some confirmation on home price decreases leveling off.

Consumer Prices Rose 0.4% in October, Less Than Expected, as Inflation Eases

Although inflation remains a threat to the U.S. economy, the consumer price index (CPI) climbed less than predicted in October, suggesting that pressures may be beginning to ease. This also led to a massive bond rally and brought interest rates down by .62%! It was the biggest rally in over a decade. For those of you currently in the market for a home, it is a good time to lock in an interest rate.

Kahiko private housing community in Kapolei.Next week’s potential market-moving reports are:

  • Monday, November 14th – NY Fed 1-year Inflation Expectations
  • Tuesday, November 15th – Real Household Debt, Real Mortgage Debt
  • Wednesday, November 16th – NAHB Home Builders’ Index, Business Inventories
  • Thursday, November 17th – Initial Jobless Claims, Building Permits, and Housing Starts
  • Friday, November 18th – Existing Home Sales, Leading Economic Indicators

As your Oahu mortgage professional, I am happy to assist you with any information you may need regarding Hawaii mortgage or real estate trends or to provide you with a second opinion. Contact Elias Halvorson today!

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6th Week of Mortgage Application Fall

Oahu houses in Manoa. VA home loans can be used by veterans to purchase a home in Manoa.

We have seen a continuation of the downward trend in mortgage applications, with this being the 6th straight week of decline. This is a concerning development for the real estate industry, as fewer applications could signal a slowdown in the housing market. Despite a slight decline in mortgage rates, applications decreased for a sixth consecutive week, according to the Mortgage Bankers Association’s Weekly Mortgage Applications Survey for the week ending Oct. 28.

CoreLogic Report: Affordable Areas Thrive Amid Home Price Growth

Even though home sales and the number of mortgages continued their months-long declines in September, annual home price increases remained in the double digits. Compared to the same month in 2021, the CoreLogic Home Price Index (HPI), the first look each month at prices from the previous two months, increased by 11.4% this year. Even if mortgage rates are rising, the appreciation of the prior year is still substantial. However, preference is slowing, and month-to-month variations have become negative. The growth rate dropped from August to September by 0.5%.Home prices fuel homebuyer enthusiasm for properties in relatively cheaper places in more expensive states on the West Coast and Northeast. According to CoreLogic, the conditions in the Southeast may benefit from this out-migration. Florida has led the country in home price growth for eight straight months.Modern homes in Kapolei. Looking for VA home loans near Kapolei, contact your local Kapolei mortgage broker today.

Next week’s potential market-moving reports are:

  • Monday, November 7th – Consumer Credit
  • Tuesday, November 8th – NFIB Small Business Index
  • Wednesday, Nov. 9 – N/A
  • Thursday, Nov. 10 – Initial Jobless Claims, Continuing Jobless Claims, Federal Budget
  • Friday, November 11th – Consumer Sentiment

As your Hawaii mortgage professional, I am happy to assist you with any information you may need regarding Oahu home mortgage or real estate trends. I welcome the opportunity to serve you in any way I can. Please reach me at (808) 517-6416 or elias@C2Hawaii.

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