Where is current mortgage demand?
Mortgage rates have cooled off from their highs in March 2024, and home inventory has increased throughout the country. So, where were mortgage applications last week? According to data from the Mortgage Banker’s Association, mortgage demand saw a 2% increase week-over-week.
Mike Fratantoni, the MBA’s SVP and chief economist, said, “Mortgage rates dropped last week following the latest inflation data and the FOMC meeting.”
When asked about the future of the market, Fratantoni stated, “MBA is forecasting a pickup in home sales for the remainder of the year as more inventory is hitting the market.”
How’s the housing market in Florida?
According to recently published data in Newsweek, the Florida housing market has seen a large increase in inventory this Spring.
Nick Gerli, the founder and CEO of real estate analytics firm Reventure Consulting, stated, “This housing market downturn in Florida is getting crazy. There’s ZIP codes where inventory has nearly tripled from its level last year.” Gerli went on to say that this could send housing prices lower if the higher-than-average inventory levels continue.
The median home price in Florida has dipped from $493,000 in June 2022 to about $450,000 in May 2024.
The housing market in Florida saw a massive boom during and after the pandemic. Homebuyers chased the warm weather and lower taxes, but it’s clear that the market dynamics have shifted.
Which housing markets are the most veteran friendly?
A recent article from Realtor.com reviewed which metro areas are the friendliest for current and former military members to get a home mortgage.
The GI Bill of Rights turns 80 years old on June 22nd and has enabled members of our armed forces to secure affordable mortgages for eight decades.
Markets were ranked based on homeownership rate among military households, job accessibility, VA loan usage, home availability, and home affordability.
The friendliest market on the list? It’s Des Moines, IA. The military homeownership rate in Des Moines is 0.18% higher than non-military households. Realtor.com economist Jiayi Xu said, “A higher homeownership rate among military households indicates greater accessibility to homeownership for these families. It also suggests high effectiveness of military benefits in promoting financial stability.”
Des Moines also ranks well for home affordability, availability, and its jobs market.
Pre-Approval
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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)
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