With the seasons changing, and 2021 quickly coming to a close, you’ll want to recap the current state of mortgage rates and lending activity. With this knowledge, you can compare them to data collected over the course of the year to identify emerging patterns and plan for the New Year.
Mortgage rates themselves have seen their highs and lows throughout the year, mostly hovering just over 3 percent, but you can take a look at how mortgage rates have changed throughout 2021with Freddie Mac.. Mortgage applications also saw some see-sawing this past year, and even just this month alone. According to the Mortgage Bankers Association the following weeks saw these changes:
- For the week of November 3 , mortgage applications saw a 3.3 percent decline from the week prior
- For the week of November 17, mortgage applications saw a 2.8 percent decline from the week prior
- For the week of November 24, mortgage applications saw a 1.8 percent increase from the week prior
New Home Sales, Prices Are on the Move
Another area you’ll want to keep an eye on is new home purchase applications. As a result of the COVID-19 pandemic, there have been material shortages and rising costs in every industry, and housing is no exception. Those material shortages have caused a decline in the number of new homes being built all over the country which subsequently meant there was a decline in new home purchases. According to MBA, November marked the strongest pace in new home sales since January of this year. While October saw a 15 percent decline in new home purchases from those just one year ago, it was 6 percent higher than those of September. What about average purchase price? As demand remains steady and supply continues to be low, MBA cites another record high in new home loans of $412,000.
Recap 2021 With Loan Originator and Mortgage MarketShare Reports
If you’re looking for data to do your own research and analyze market activity over this past year, you’ll want to pre-order your 2021 Loan Originator and Mortgage MarketShare reports. Gain insight into patterns that evolved throughout 2021 to better understand the market going into 2022, and aid in predictions for the New Year. You’ll also be able to identify new opportunities to take advantage of and top performers in your area to recruit, compare your team’s performance, and set realistic benchmarks for your corner of the real estate world.
Reports are now available for the entire country, so now is your chance to utilize the most trusted and accurate data in real estate, just contact a data specialist today to get started.