According to the Mortgage Bankers Association’s Weekly Applications Survey, average mortgage rates increased last week from one week earlier. Rates were up across all loan categories, including 30-year fixed-rate loans with both conforming and jumbo balances, loans backed by the Federal Housing Administration, and 15-year fixed-rate loans. Higher rates didn’t have much effect on mortgage applications demand, however. In fact, applications were down less than 1 percent. Joel Kan, MBA’s associate vice president of economic and industry forecasting, says purchase activity has been slow. “Purchase activity remained weak, but the average loan size increased again, which indicates that home-price growth remains strong, and a greater share of the activity is occurring at the higher end of the market,” Kan said. While rates have been up in recent weeks, Kan says events in Ukraine may have an impact on interest rates in the days ahead. The MBA’s weekly survey has been conducted since 1990 and covers 75 percent of all retail residential mortgage applications. (source)

When there are fewer homes available for sale, those that are on the market receive more interest. After all, it’s easier to get buyers interested in your home, if there aren’t many others to see. That’s the case these days. Simply put, it’s a good time for homeowners who want to sell. How good? Well, according to one recent report, very good. The analysis looked at the average number of home showings per listing in January, which is a pretty accurate way to measure current buyer demand. What they found was – even at a time of year when housing market activity is typically slow – the average number of home showings reached double digits in 83 markets across the country. Nationally, showings were up nearly 8 percent over year-before numbers, and in the top markets they were closer to 15 percent higher than last year. Based on the data, there’s pretty good evidence that the market is still hot, and primed for home sellers, heading into the spring sales season. (source)

There are more millennial home buyers in the housing market than ever before. The generation – roughly defined as those born between 1981 and 1996 – is now reaching, or just past, the age of the typical first-time home buyer. In fact, in 2021, they made up 67 percent of first-time home purchase applications. So what are these buyers looking for in a house? Well, according to one recent analysis, a lot of the same things older buyers want. For example, millennials say they want a house in a safe area, near good schools, and with enough space to raise a family. Affordability is also a big factor. And while you might expect young Americans to want a fast-paced, urban lifestyle, surveys have found that millennials are just as likely to say they’re looking for a place with a big yard in a quiet neighborhood. In other words, millennial buyers’ wish lists aren’t much different than buyers of other generations. They do differ in a couple of ways, though. Among those exceptions, they’re looking for a slightly smaller house than older buyers and are more open to buying a fixer-upper. (source)