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Real estate Though U.S. home price growth slowed modestly on an annual basis, according to the ICE Home Price Index, March marked the third consecutive occurrence of above-average monthly gains.
Key Points:
- Though U.S. home price growth slowed modestly on an annual basis, according to the ICE Home Price Index, March marked the third consecutive occurrence of above-average monthly gains.
- Existing homeowners, on the other hand, continue to reap the benefits of historically strong price gains.
- This is helping to keep home price growth resilient even though demand is down.
- Of that, a record $11T is tappable, meaning available for a homeowner to leverage while retaining a 20% equity cushion in the property.
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Real estate There are many headwinds facing the would-be seller in today’s market, making their existing mortgage payment particularly attractive in comparison.
Key Points:
- There are many headwinds facing the would-be seller in today’s market, making their existing mortgage payment particularly attractive in comparison.
- “That average homeowner’s mortgage payment would more than double, to gain just 25% in property value – hardly an entertaining proposition.
- “After closing out 2023 at an 11-year low, home sales have begun to improve over the last two months,” Walden added.
- Much more information on these and other topics can be found in this month’s Mortgage Monitor.
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Real estate Looking back, last year’s market was dominated by purchase lending, with loans to buy homes making up 82% of a historically low number of originations.
Key Points:
- Looking back, last year’s market was dominated by purchase lending, with loans to buy homes making up 82% of a historically low number of originations.
- While it remains a tough market for prospective purchasers, our eMBS agency securities database revealed that first-time homebuyers actually made up 55% of all agency purchase mortgages last year.
- They made up 39% of all GSE securitizations in 2023 – 12 percentage points higher than any other vintage in the past decade.
- The market in which these folks purchased their first home was one of record house prices, ballooning down payments, rising rates and elevated DTIs.
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Risk Mortgage rates were at 6.71% as of January 24 according to the ICE US Conforming 30-year Fixed Mortgage Rate Lock Index – more than a full percentage point below their October 2023 high.
Key Points:
- Mortgage rates were at 6.71% as of January 24 according to the ICE US Conforming 30-year Fixed Mortgage Rate Lock Index – more than a full percentage point below their October 2023 high.
- As ICE Vice President of Enterprise Research Strategy Andy Walden explains, this and other recent market trends have produced positive, yet measured, signs for the 2024 housing market.
- “While the mortgage market remains overwhelmingly purchase-centric, refinance incentive is rising, albeit slowly, alongside easing interest rates,” Walden continued.
- Much more information on these and other topics can be found in this month’s Mortgage Monitor.
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Q3 Rising home prices, though cooling in recent months, have returned total tappable equity to near its 2022 peak.
Key Points:
- Rising home prices, though cooling in recent months, have returned total tappable equity to near its 2022 peak.
- “Despite the resurgence in tappable equity among U.S. mortgage holders, elevated interest rates are making homeowners reluctant to extract that wealth,” Walden said.
- “Indeed, in recent quarters, equity withdrawal rates have been running at less than half their long-run averages.
- Mortgage holders extracted a mere 0.41% of tappable equity available at the beginning of Q3.
