Is the US housing market turning a corner?

Date:

Share post:


That drop contributed to a boost in refinances, which increased to their highest level since August of 2022, while applications were up 3.9% over the week prior as the market started to gather pace.

After a prolonged cooldown throughout 2023 and the opening months of this year, spring and early summer have seen a healthy level of mortgage market activity, according to Richmond, Virginia-based senior loan officer Kristin O’Neil (pictured top) of Open Door Lending.

She told Mortgage Professional America that while a standard midsummer slowdown had taken effect in recent weeks, prospects for the market appeared stronger than they had been for a long time. “June and July were some of the strongest months I’ve seen in well over a year,” she said.

“We had a ton of momentum going into the summer, but it does seem to be cooling a bit. However, I think that’s pretty typical for this time of year – we often have a few-week lull when families will vacation and take a short hiatus from their home search.”

Is a Fed rate cut on the way?

Borrower optimism on the market appears to be growing, O’Neil suggested, with FHA and VA streamlines especially prominent on the refinancing front.



LEAVE A REPLY

Please enter your comment!
Please enter your name here

Related articles

Citizens revamps its lending tech

Citizens Financial launched a new credit card suite this month on the heels of a platform revamp. ...

Leading Through Continuous Change

The HBR Playbook on overcoming change fatigue and positioning your people for agility. by Ania W. MasinterJune...

Why Did Hims and Hers Stock Crash on Monday?

In this video, I will explain why Hims & Hers Health (NYSE: HIMS) crashed over 30% on...