Where were mortgage applications at in March 2024?
A recent report from the Mortgage Bankers Association stated that applications for new home purchases were up 6.2% in March 2024 when compared to the previous year. When compared to February 2024, applications in March 2024 increased by about 1.0%.
Joel Kan, MBA’s Vice President and Deputy Chief Economist, stated, “March is typically a month when new home purchases see a seasonal boost, but this year March applications for new home purchases saw less than a one percent increase over the prior month on an unadjusted basis.”
Where are the best metro areas for housing & jobs?
What’s the hottest market in the U.S. for jobs and affordable housing? Realtor.com recommended 10 potential landing spots for job seekers that know they’ll want to buy a home.
Coming in first place on the list? Salt Lake City, UT claimed the top spot. SLC has a median home list price of $570,000, but there are homes available for less. The Salt Lake City metro area also has a booming jobs market.
According to a recent article in the Wall Street Journal, “Many of the workers have taken jobs in Salt Lake City’s tech hub, aptly referred to as ‘Silicon Slopes’.”
Are higher mortgage rates impacting the market?
A recent article in Newsweek detailed what higher mortgage rates mean for the housing market. Is it possible for higher rates to slow sales, and lead to lower prices? That may be the case according to Chen Zhao, Redfin’s Economic Research Lead. Zhao stated, “Housing costs are likely to continue going up for the near future, but persistently high mortgage rates and rising supply could cool home-price growth by the end of the year, taking some pressure off costs.”
It remains to be seen how the housing market will react to stickier high rates. The housing market may continue to stay hot and keep prices elevated, or it may cool off and lead home prices lower. Homebuyers also have to keep in mind that local markets can be wildly unpredictable. Job availability and other factors can influence how hot or cool a market becomes.
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- 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)
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