Remove FHA loan Remove Loans Remove Sales
article thumbnail

More homebuyers seek government-backed loans as an affordability lifeline

Housing Wire

The company’s newest National Housing Market Outlook shows that buyers are gravitating toward government-backed loans in their search for affordability. As a result, more buyers are turning to products like Federal Housing Administration (FHA) loans, which accounted for 24% of primary home purchases in 2024, and U.S.

article thumbnail

Down payments are getting smaller as buyers scoop up FHA, VA loans

Housing Wire

Down payments last declined in the summer of 2023, driven by falling home sale prices. Redfin also reported that a slightly higher share of homebuyers are using Federal Housing Administration (FHA) and U.S. Department of Veterans Affairs (VA) loans, another contributor to lower down payment amounts. a year earlier.

Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

Mortgage demand for new homes is down 6.9% in the past year

Housing Wire

The share of Federal Housing Administration (FHA) loan applications hit a record high for the survey, accounting for nearly one-third of all applications. The average loan size decreased, signaling that first-time homebuyers remain active in the market, Kan said. By loan type, conventional mortgages made up 56.7%

article thumbnail

Mortgage demand for new homes is slowing, but the market is still warm

Housing Wire

MBA estimates from the builder application survey show that sales of new single-family homes were running at a seasonally adjusted annual rate of 713,000 units in November 2024. Additionally, the 713,000 unit seasonally adjusted annual pace of new home sales was the third strongest month of 2024. from the 56,000 sales in October.

article thumbnail

ICE: First-time homebuyers account for record share of agency lending in Q1 2025

Housing Wire

Gen Z was responsible for one in four loans issued to first-time homebuyers. And despite tightened affordability , first-time buyer purchase lending has held up better than activity among repeat buyers compared to 2018 and 2019 especially for conventional loans through the government-sponsored enterprises ( GSEs ). Washington, D.C.,

article thumbnail

Mortgage demand jumps 6.3% as rates level off

Housing Wire

22, driven by a 12% increase in demand for purchase loans, according to data released Wednesday by the Mortgage Bankers Association (MBA). With the growth in for-sale inventory and signs that the economy remains strong, buyers have remained in the market even though rates have increased recently. Mortgage applications rose 6.3%

article thumbnail

Conforming mortgage share hit record low in December

Housing Wire

A report released Tuesday by Optimal Blue found that the conforming loan share sank to historic lows in December. More refis in December pulled market share away from other loan types, including conforming loans. ” The conforming loan share dropped by 1.5% mortgage market trends.