Monmouth County Market Report

Refi Demand at 3 Month High Thanks to Lower Rates

Refi Demand at 3 Month High Thanks to Lower Rates Ryan Skove has shared this article with you.     View  |  Download       30YR Fixed 7.03% +0.01% 15YR Fixed 6.45% -0.01%   Refi Demand at 3 Month High Thanks to Lower Rates In this week's update on mortgage applications from the Mortgage Bankers Association (MBA), purchases continued a modest retreat but refinance demand improved for the 2nd week in a row. This was just barely enough for the Refi index to hit the highest levels since October 2024. The uptick makes sense in light of the mortgage rate situation last week.  Rates had been inching slowly to the lowest levels in almost 2 months as of Monday morning. Wednesday brought a a noticeable drop and there wasn't much of a bounce for the rest of the week. As has been and continues to be the case, all of the volatility seen in the past year represents only a fraction of the longer-term range. Here's the same refi index over a longer time frame. The purchase side of the market is typically never as responsive to rates in the short term, and last week was no exception. MBA's purchase app index moved down for the 3rd week in a row, although it's still closer to the top of the recent range. In the bigger picture, purchase applications suffer from the same jarring adjustment experienced across the housing market with the epic rate spike in 2022. Here's a breakdown of this week versus last week in several categories of loans in terms of market share: Refinances 40.2 vs 39.0 FHA Loans 16.0 vs 16.2 VA Loans 14.6 vs 13.3 Survey respondents had 30yr fixed rates at 6.95 with 0.64 points, down slightly from 6.97 in the previous week.  Jumbo loans were down to 6.96 from 7.01 and ARM rates moved up to 6.20 from 6.07. Ryan Skove Real Estate Professional, Skove Real Estate Team - eXp Realty P: (732) 284-1116 M: (732) 301-2687 https://NJShoreRealtors.c... NJShoreRealtors.com SkoveRealtyEXP.com 213 NJ-35Red Bank NJ 07701 License: #2186472       This newsletter is a service of MBS Live.© 2025 MBS Live, LLC. | 19701 Bethel Church Rd. | Cornelius, NC 28031 All information provided "as is" for informational purposes only, not intended for trading purposes or financial advice. This email was sent to: [recipientemail]. Please click here to UNSUBSCRIBE. Download PDF View on Web  

Home Price Appreciation Ran Just Above Expectations in November

Ryan Skove has shared this article with you.     View  |  Download     30YR Fixed 7.07% +0.00% 15YR Fixed 6.49% +0.01%   Home Price Appreciation Ran Just Above Expectations in November Both S&P Case-Shiller and the FHFA released national home price indices this morning. In both cases, November's prices were slightly higher than expected.  For the Case Shiller data, this meant that prices declined less than expected. Unlike FHFA prices, Case Shiller is NOT seasonally adjusted--something that is immediately apparent when viewing a month-to-month chart. November is frequently near the low point of any given year for price appreciation. This month's 0.1% decline is an improvement from October's 0.2% decline or the 0.3% drop from last November. Regionally, Boston and New York were top performers in November, but only NY and Chicago were over 6% year over year. As seen in the table above and the chart below, prices are easily in positive territory in year-over-year terms.  The same is true for FHFA, which is seeing almost the exact same change as Case Shiller.  In addition, both indices have been fairly flat in the low 4% range recently. Ryan Skove Real Estate Professional, Skove Real Estate Team - eXp Realty P: (732) 284-1116 M: (732) 301-2687 https://NJShoreRealtors.c... NJShoreRealtors.com SkoveRealtyEXP.com 213 NJ-35Red Bank NJ 07701 License: #2186472   This newsletter is a service of MBS Live.© 2025 MBS Live, LLC. | 19701 Bethel Church Rd. | Cornelius, NC 28031 All information provided "as is" for informational purposes only, not intended for trading purposes or financial advice. This email was sent to: [recipientemail]. Please click here to UNSUBSCRIBE. Download PDF View on Web