Mortgage Application Volume Reaches Five-Week High

Even though mortgage interest rates changed only slightly, the volume of mortgage applications moved higher for the second time in as many weeks. The Mortgage Bankers Association (MBA) said its Market Composite Index, a measure of application volume, increased 2.8 percent on a seasonally adjusted basis from one week earlier and was up 0.4 percent before adjustment.

The Refinance Index gained 2.0 percent compared to the previous week and was 7 percent higher than the same week one year ago. Refinancing accounted for 31.9 percent of total applications, up from 31.4 percent the prior week.

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Philly Is One of the Best Cities in the World to Visit in 2024, Says Lonely Planet

Lonely Planet’s “Best In Travel” 2024 awards are here — and Philly is a big winner.

The renowned travel authority highlighted the top 10 cities across the globe for travelers to visit as part of its larger travel guide of 50 destinations to visit in 2024. And — you guessed it — Philly made the list.

In fact, the City of Brotherly Love and Sisterly Affection is one of only two U.S. spots (alongside Kansas City) to make the “cities” list. Also included: international destinations like Paris, Nairobi and Prague.

The publication’s awards committee specifically cited Philadelphia’s “kinetic energy,” museums and thriving restaurant scene as reasons for this win.

Pending Home Sales Rise to Highest Level in a Year

U.S. pending home sales rose 1% month over month in October to the highest level in a year on a seasonally adjusted basis. They fell 4.8% from a year earlier, but that’s the smallest annual decline in almost two years.

Pending sales have been ticking up for several reasons:

The supply crunch has eased slightly, giving buyers more options to choose from. The more homes there are on the market, the more can sell. New listings in October were comparable with September’s level, which was the highest in six months on a seasonally adjusted basis. They fell 4.5% from a year earlier, but that’s the smallest decline since summer 2022. Active listings, the total number of homes for sale, rose 1.4% month over month to the highest level since May and were down 12.5% from a year earlier—the smallest decline in four months.

October New Home Purchase Mortgage Applications Increased 39.7 Percent

The Mortgage Bankers Association (MBA) Builder Application Survey (BAS) data for October 2023 shows mortgage applications for new home purchases increased 39.7 percent compared from a year ago. Compared to September 2023, applications increased by 6 percent. This change does not include any adjustment for typical seasonal patterns.

“Purchase activity for newly constructed homes continued its upward climb in October with purchase applications up 40 percent compared to a year ago, the ninth consecutive month of annual growth,” said Joel Kan, MBA’s Vice President and Deputy Chief Economist. “Home builders have been able to temper this high-rate environment by offering buyers rate buydowns and other incentives. We estimate that the pace of home sales increased for the third straight month to a 715,000-unit annual pace – the strongest sales month since May 2023.”

Starts, Permits Saw Unexpected Gains In October

Housing starts surged unexpectedly in October, suggesting some relief for homebuyers grappling with tight inventory.

Housing starts were up 1.9% last month to a 1.37 million annualized rate, their highest point in three months, according to data from the U.S. Census Bureau.

Single-family starts rose a modest 0.2%, adding to a 3.2% month-over-month increase in September, though they remain down 10.6% from the start of 2023. Multifamily starts saw a 6.3% boost to an annualized 402,000 pace.

Permits also increased by 1.1% to 1.49 million, a boon after slipping the month prior. Permits indicate how many homes will be built in the coming months.

Top 9 Takeaways from NAR's 2023 Profile of Home Buyers and Sellers

The National Association of REALTORS® has produced the Profile of Home Buyers and Sellers since 1981. The report provides an overview of who purchased and sold a home in the last year. While the report is 142 pages long, and of the many statistics included, some will appeal more than others, these findings are particularly interesting.

Survey: Only 3 In 10 Veterans Know About Zero Down Payment Benefit

Veterans are encouraged to learn more about their home loan benefits after a national survey found that a majority of former service members do not know they are eligible for a zero-down payment plan.

According to information from Realtor.com, just three out of 10 veterans know they can use their VA benefits to buy a home with no money down. That statistic comes from a survey conducted last month.

“VA home loans offer many benefits, especially at times like this when affordability is such a major factor in home purchase decisions. Yet only a small portion of eligible veterans are tapping into the financial benefits they deserve for their service,” Damian Eales, CEO at Realtor.com, said in a statement.