Mortgage
Report: Cash transactions accounted for over 33% of home purchases in February.
In February, over one-third of homes were purchased with cash as mortgage rates remain high, nearing the record high of 38% in 2013. Despite a slight decrease from the peak rate in October, mortgage rates are still elevated compared to pandemic lows. Home prices have increased by 6.6% from the previous year, leading to larger down payments being made by buyers. The median down payment for a house was $55,640 in February, up 24.1% from the year before. However, many buyers, especially first-time home buyers, cannot afford all-cash purchases or larger down payments, widening the wealth gap between different groups of people. Redfin experts note that high mortgage rates are exacerbating this gap and making homeownership inaccessible to many.
– Over one-third of homes purchased with cash in February
– Mortgage rates remain high, nearing record levels
– Home prices increased by 6.6% from the previous year
– Median down payment for a house was $55,640 in February, up 24.1% from the year before
– Many buyers, especially first-time home buyers, cannot afford all-cash purchases or larger down payments
– High mortgage rates widening the wealth gap between different groups of people
– Homeownership becoming increasingly inaccessible for many due to high prices and rates
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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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