Is mortgage demand surging in 2024?

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Mortgage demand surges over 10%

Recent data from the Mortgage Bankers Association showed that mortgage application volume jumped by 10.4% last week compared to the previous week.

Joel Kan, vice president and deputy chief economist at the MBA, attributed the gains to lower mortgage rates. Kan said, “Mortgage rates declined across all loan types as Treasury yields moved lower last week on incoming inflation data, which helped to support a rise in mortgage applications.”

Could more housing inventory be on the way?

Business Insider looked into a recent homeowner survey, and their conclusion is that the housing market could loosen in 2024.

According to the survey, 21% of homeowners are considering selling their homes in the next three years. If these homeowners actually follow through on their intentions, it could bring a fresh wave of homes into the market.

The survey also showed that homeowners with a mortgage rate below 5% are almost equally as likely to consider selling their home as homeowners with rates above 5%.

Zillow chief economist Sylar Olsen wrote, “Rate lock appears to be wearing off for some homeowners, who show encouraging signs that they’re ready to come back to the market. The survey data shows more owners with low rates are warming up to the idea of selling, while those with higher rates probably purchased their house fairly recently. Currently, mortgage rates look to be less of a determining factor when considering a sale.”

How much does ‘off-the-grid’ living cost in New Mexico?

One of the last ‘Earthship’-style homes built by creator Michael Reynolds is on the market in Madrid, NM. The 2,666 sq. ft. home was built in 1998 and is constructed with sustainable materials that includes earth-filled tires as the main material. Most ‘earthships’ are off-the-grid and located in New Mexico.

The home comes with solar panels, a gray water system, and a cistern for fresh water. It also has two bedrooms, two bathrooms, and sits on 20 acres of land.

The cost to live sustainably in Madrid, NM? Only $550,000. If you want to live the quiet life, Guaranteed Rate can help you find a mortgage to afford it. Get pre-approved today and make it one step closer to living in a peaceful, sustainable home.

in 10 minutes?

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in under 10 minutes. Grab a few important documents to get started.
  1. Tax Returns
  2. Copies of W-2s (or 1099s for independent contractors,
    freelancers and the self-employed)
  3. A payroll stub
  4. A bank statement
  5. Loan obligation info (student loans,
    auto loans and credit cards)

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