Mortgage
Economists are forecasting a decrease in mortgage rates. Is it the right time for you to make a home purchase?
Mortgage rates skyrocketed since the onset of the COVID-19 pandemic in March 2020, leading to higher home prices and interest rates due to increased demand and limited supply. Many buyers have been pushed out of the market while sellers are reluctant to sell due to fear of losing favorable interest rates. Economists predict that mortgage rates will fall in 2024, making late 2024 a potentially better time to buy a home. Current average mortgage rates in the US are around 7% to 7.6%, with expectations for rates to decrease further in the final quarter of 2024. Lower mortgage rates are expected to allow more prospective home buyers to reenter the market.
– Mortgage rates have increased since the pandemic, resulting in higher home prices and interest rates
– Buyers have been pushed out of the market and sellers are hesitant to sell due to fear of losing favorable rates
– Economists predict that mortgage rates will fall in 2024, making late 2024 a better time to purchase a home
– Current average mortgage rates in the US are around 7% to 7.6%, with expectations for rates to decrease further in the final quarter of 2024
– Lower mortgage rates will allow more prospective home buyers to reenter the market
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Mortgage
CENTUM Canada has revolutionized client engagement with the introduction of Mortgage Monitor™.
Centum Financial Group has launched Mortgage Monitor™, a platform designed to empower homeowners and prospective buyers to make informed financial decisions and build wealth. This platform automatically enrolls clients into a communication system, providing monthly home value updates, personalized product and rate analysis, and mortgage protection support. It also serves as a lead generation tool for brokers. Centum Financial Group is a leading Canadian mortgage broker network with over 200 offices and 2200 agents nationwide. Mortgage Monitor™ is currently in pilot with a full release planned for later in Q2 2024.
– Centum Financial Group launches Mortgage Monitor™ to empower homeowners and prospective buyers
– Platform provides monthly home value updates, personalized product and rate analysis, and mortgage protection support
– Serves as a lead generation tool for brokers
– Centum Financial Group is a leading Canadian mortgage broker network with over 200 offices and 2200 agents nationwide
– Mortgage Monitor™ currently in pilot with full release planned for later in Q2 2024
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Mortgage
Mortgage applications experienced a slight decline last week, even with a decrease in rates.
In the week ending March 29, mortgage application volume decreased by 0.6%, with the average rate for a 30-year fixed-rate mortgage dropping to 6.91%. Refinance applications decreased by 2% compared to the previous week and were down 5% from the same week last year. Purchase applications also decreased by 0.1% compared to the previous week and were down 13% from the same week last year. The refinance share of mortgage activity decreased to 30.3% of total applications, while the adjustable-rate mortgage share remained unchanged at 7.0%. Overall, mortgage rates decreased slightly, but did not significantly impact overall application activity.
– Mortgage application volume decreased by 0.6%
– Average rate for a 30-year fixed-rate mortgage was 6.91%
– Refinance applications decreased by 2%
– Purchase applications decreased by 0.1%
– Refinance share of mortgage activity decreased to 30.3%
– Adjustable-rate mortgage share remained unchanged at 7.0%
– Mortgage rates decreased slightly but did not significantly impact application activity.
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– Mortgage rates declined slightly last week, with the 30-year fixed rate at 6.91% and the 15-year fixed rate at 6.35%
– Refinance share of total applications decreased to 30.3%
– ARM share remained steady at 7% of total applications
– FHA share of total applications decreased to 11.7%
– VA share increased to 12.1%
– USDA share remained unchanged at 0.5%
– Purchase applications were unchanged overall, with FHA purchases increasing slightly
– Refinance applications fell 5% below last year’s pace
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