Washington D.C. Real Estate News
Washington D.C.
Independent Mortgage Banks Still Losing Money on Each Origination in 2023
According to the Mortgage Bankers Association's latest Quarterly Mortgage Bankers Performance Report, independent mortgage banks and mortgage subsidiaries of chartered banks reported a pre-tax net loss of $534 on each loan they originated in the second quarter of 2023, an improvement from the reported loss of $1,972 per loan in the first quarter of 2023.
U.S. Mortgage Rates Hit 20-Year High in August, Above 7 Percent Now
Based on Freddie Mac's latest Primary Mortgage Market Survey, the 30-year fixed-rate mortgage averaged 7.09 percent, reaching its highest level in over twenty years in mid-August.
U.S. Builder Confidence Falls in August, Driven by Rising Mortgage Rates
The National Association of Home Builders is reporting this week U.S. builder confidence retreated in August 2023 as rising mortgage rates and stubbornly high shelter inflation have further eroded housing affordability and put a damper on consumer demand.
New Home Mortgage Applications in U.S. Spike 35 Percent in July
Based on the Mortgage Bankers Association's latest Builder Application Survey for July 2023 shows U.S. mortgage applications for new home purchases increased 35.5 percent compared from a year ago. Compared to June 2023, applications increased by 0.2 percent. This change does not include any adjustment for typical seasonal patterns.
Washington D.C. Property News
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