Mortgage Rates and the price of mortgage-backed securities improved marginally this week recovering slightly from the worst position in the last 3 years. Rates are up 1% from this time last year.
Housing Affordability – an executive order was made in the effort to improve homeownership opportunities. It is targeted at servicers using automated tools to remove mortgage insurance, lowering the costs of refinancing (title costs in particular), modernizing building/permitting codes, expanding factory-built homes, and lowering the rates of VA & USDA loans. These would all be helpful improvements for the housing market.
Pending Sales which measures signed contracts on existing homes (not new construction) declined 7.3% in September to the lowest level on record (25 years). Sales are down 11.3% year over year.
Home Values – despite the drop in pending sales and demand, ICE Home Price Index showed that home values were flat during October. Year over year values are up 1.23%. Condos declined 1.1% year over year and Single Family homes appreciated the most of any type in 99 of the top 100 markets.
Mortgage Applications to purchase homes fell 7% last week and are down 18% year over year. Refinance volume fell 2% and is down 59% year over year.
Oil – crude oil futures are up to 102.14, up from 99.4 last week.