#mortgage-trends

#mortgage-trends

Borrowers generated 49,392 preapproval letters in Q3 2024, down 15% from Q2, signaling a cooling mortgage market.

Annual home-price growth in 2024 ended at 3.4% alongside rising inventory levels, notably in Southern states, while delinquency rates pose challenges.

Inventory improvement in Southern markets contrasts with lagging Midwest and Northeast regions, impacting home-price dynamics.

Despite normalizing inventories, FHA and VA delinquencies have increased, diverging from the performance of conventional loans.

Mortgage borrowers are increasingly shifting from conforming loans to refinance opportunities, marking a significant trend in the market.

The conforming loan share reached historic lows, indicating a reliance on government and non-conforming loans during challenging market conditions.

Rising home prices and a shortage of properties are driving first-time buyers to take on higher mortgages than ever before.

Mortgage application and origination activity fell by one-third from 2022 to 2023, largely due to high interest rates.

First-time buyers are gaining more market share despite challenging housing conditions, with their share of mortgages increasing significantly since 2004.

Irish mortgage rates are declining slowly compared to the Eurozone, with the gap at its widest in over two years.

Homeowners are actively refinancing or tapping into equity due to lower interest rates and higher home valuations.

UK house prices rose for the third month in a row, nearing record highs due to easing interest rates and improving market conditions.

Average UK house prices reached a record high in October, reflecting persistent growth despite economic challenges.