Mortgage demand heads higher

Drone aerial view of Newport, RI old tradition building with ocean and port | mortgage rate news

Mortgage applications see an increase

According to recent data from the Mortgage Bankers Association, mortgage applications for home purchase rose 8% last week compared to the previous week.  

MBA economist Joel Kan said, “Mortgage rates increased slightly last week, but there continues to be an upward trend in purchase activity. Conventional and FHA purchase applications drove most of the increase last week as some buyers moved to act early this season.”

Is the Rhode Island housing market heating up?

Recent data from the Rhode Island Association of Realtors showed that the housing market in the Ocean State may be improving.

Sally Hersey, the association’s 2024 president, said, “We’re seeing some promising signs for 2024. Interest rates have recently fallen to the lowest level since May, and there are indications that some homeowners are ready to make a move.”

When it came to home prices, the association press release stated the following, “With the lowest median price of all residential property types – $360,000 – condominiums have become the most affordable option for many who are looking to gain access to homeownership at the lowest possible price point. The rise in contract signings in November and December bodes well for a rise in sales activity in the first quarter of 2024.”

According to the data, condo and multifamily inventory trends are bright spots for buyers. Condos spent 37 days on the market, an increase of 12.1%, and listings were up by 0.4%. Multifamily home listings increased by 18.2% year over year, although they were on the market for just 23 days, a decrease of 32.4%.

When is a good time to buy a home in California?

The Orange County Register looked into the current environment for housing and real estate in California. The goal was to answer the question, ‘When is it good time to buy a house in California?’

First, everyone’s situation is different. If you need a home, you need a home, and probably shouldn’t try to time the market. However, if you can afford to wait, you may want to consider it.

According to historic data, homes in California have averaged 6.1% one-year gains over the past 36 years. There have been peaks and valleys, but overall, California has seen its home values appreciate. Choosing to own a home in The Golden State has been a good choice for homebuyers.

The bottom line is, if you need to buy, try to find an affordable market and don’t overspend. If you can afford to wait, you may want to see what home prices and mortgage rates do over the next few months.

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