Demand for mortgages jump
According to recent data from the Mortgage Bankers Association, the demand for mortgages has increased. Total application volume was up 7.1% comparing last week to the previous week, and marked the second consecutive week of a significant increase.
Mike Fratantoni, senior vice president and chief economist at the MBA, said, “Mortgage rates dropped below 7% last week for most loan types because of incoming economic data showing a weaker service sector and a less robust job market, with an increase in the unemployment rate and downward revisions to job growth in prior months.”
Refinance applications were also up 12% for the week and are 5% higher than the same week a year ago.
How’s the Houston market performing?
A recent report on the Houston housing market stated that home sales for the Houston metro area were up 7% in February. The report also indicated that the spring season should be very busy for the Houston area.
The data also showed a stronger market for high-end homes in the Houston area. Sales on homes priced at $1 million or more were up 48% in February 2024 compared to February 2023.
Houston Association of Realtors chairman Thomas Mouton said, “Finally people are getting off the fence and deciding to purchase. We had two months in a row of very strong healthy indicators and I think it’s going to be an indication of more healthy months going forward.”
What does it cost to live like an 11-time All-Star?
Retired baseball player Albert Pujols recently sold his mega-mansion in Irvine, CA. The home came with five bedrooms, eight bathrooms, and offered over 9,200 sq. ft.
The home also comes with two offices, a movie theater, a wet bar, and a meditation room. There’s also a bonus room that can be converted into a wine cellar, playroom, or home gym. The backyard is designed to resemble a high-end resort with a swimming pool, custom rock grotto, a waterfall, a jacuzzi, and various patios, fire pits, and gardens.
The home was originally purchased for $5.5 million in 2012, but Pujols reportedly sold the property for a cool $8.8 million.
Pre-Approval
in 10 minutes?
in under 10 minutes. Grab a few important documents to get started.
- Tax Returns
- Copies of W-2s (or 1099s for independent contractors,
freelancers and the self-employed) - A payroll stub
- A bank statement
- Loan obligation info (student loans,
auto loans and credit cards)
Applicant subject to credit and underwriting approval. Not all applicants will be approved for financing. Receipt of application does not represent an approval for financing or interest rate guarantee. Restrictions may apply.
All information provided in this publication is for informational and educational purposes only, and in no way is any of the content contained herein to be construed as financial, investment, or legal advice or instruction. Guaranteed Rate does not guarantee the quality, accuracy, completeness or timelines of the information in this publication. While efforts are made to verify the information provided, the information should not be assumed to be error-free. Some information in the publication may have been provided by third parties and has not necessarily been verified by Guaranteed Rate. Guaranteed Rate its affiliates and subsidiaries do not assume any liability for the information contained herein, be it direct, indirect, consequential, special, or exemplary, or other damages whatsoever and howsoever caused, arising out of or in connection with the use of this publication or in reliance on the information, including any personal or pecuniary loss, whether the action is in contract, tort (including negligence) or other tortious action.
