Mortgage News for the Week of May 10, 2019
Housing Affordability Holds Steady on a Year-Over-Year Basis

Lower home prices, declining mortgage rates and solid income gains contributed to a rise in housing affordability in the first quarter of 2019, according to the National Association of Home Builders (NAHB)/Wells Fargo Housing Opportunity Index (HOI). However, the HOI was little changed on a year-over-year basis, as home buyers continue to face ongoing challenges in terms of limited inventory, especially among starter homes for prospective first-time buyers Read more from the National Association of Home Builders.
Fulfilling the Dream of Homeownership: How Do Families and Others Play a Role? Many Would-Be Buyers Don't Know

For many prospective home buyers, saving for a down payment is the largest barrier to achieving the goal of homeownership. Part of the challenge for those planning to purchase a home is their perception of how much they will need to save for the down payment and lack of knowledge as to other sources for a down payment.  Read more from Freddie Mac.
14 Million Millennials Still Live With Mom
  • More than 14 million young adults nationwide - or 21.9% of people ages 23 to 37 - live with their mothers, up from 12.7% in 2000.
  • More millennials live with their moms in areas where rents are less affordable.
A growing share of young adults should be extra thankful for their moms this Mother's Day: They're still living with her. Nationwide, 14.3 million people between the ages of 23 and 37 live with the woman of honor, not too far off from the number of children under age five who do the same (18.3 million). And the share of young adults living with mom has grown considerably: It's now more than a fifth (21.9%) of them, up from 12.7% in 2000.  Read more at
Weekly Mortgage Applications Rise 2.7% in a Strong Week for Home Buyers
  • Total mortgage application volume increased 2.7% compared with the previous week, according to the Mortgage Bankers Association's seasonally adjusted index.
  • Volume was 8% higher compared with the same week one year ago.
  • Purchase applications drove the gains, rising 4% for the week and 5% annually.
  • Applications to refinance a home loan were 1% higher for the week and 13% higher than a year ago, when interest rates were 37 basis points higher.
  Read more from CNBC.
Mortgage Rates Drop Slightly

house and graph
Investors wary of the current economic situation due to ongoing trade disputes resorted to the bond market, causing the 10-year treasury yield to decrease. A combination of low mortgage rates, a strong job market and modest wage growth should spur home buyer interest and also serve as an incentive for homeowners looking to refinance.

We hope you enjoyed this week's Market News. For more information about how PMA can help you, please contact us.

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Information and analysis is obtained through third parties and is deemed accurate but not guaranteed.  Philadelphia Mortgage Advisors is a licensed mortgage lender by the PA Dept. of Banking and Securities, NJ Dept. of Banking & Insurance, the state of DE, the Florida Office of Financial Regulation, MD Mortgage Lender #23004 and VA State Corporation Commission #MC - 6797. NMLS #128570.

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