Mortgage applications saw an increase compared to the beginning of the month. This is due to a 13% surge in refinancing applications, up 188% from the same time last year. With rates still at a 3.5-3.7 percent average, homeowners are taking advantage to try and save more money.

Though affordability continues to be the biggest pain point for buyers, home affordability was at its best levels in over 3 years. There is more opportunity for those earning around $75,500 to afford a median-priced home. This is a positive growth from last year which saw only 56.4% homes sold to those making $71,000.

Next year is said to be a buyer’s market with a surplus of millennials and GenZ consumers entering the market. They are outpacing previous generations with a 3% increased share in mortgage origination. They’ve reached 46% compared to a fall for GenX and Baby Boomers to 35% and 17%. Mortgage amounts have seen similar amounts of growth. The median loan amount is around $232,000, a 7.3% increase than 2018. With more financial burdens, young buyers are interested in saving more money on monthly payments.

Want to know what’s happening in your local market? Call me to find out more information!


Real Estate Blog Opportunity for Affiliates

Hello affiliates! I have been using this real estate blog and video collection to educate prospective clients and grow my business. I would like to invite you to join me and do the same. Please contact me to discuss the opportunities to promote your product or brands through my network. You can book an appointment with me online or contact me directly with any questions. I am interested in experienced professionals (mortgage, title, escrow, insurance, home remodeling, staging, renovations) with great content to share and a positive work ethic. Let’s connect!