Mortgage News for the Week of November 15, 2019
Borrowers Saw Increased Access to Home Loans Last Month
Obtaining a mortgage should have been easier last month overall as lending standards eased and new programs enabled certain borrowers to secure loans.

The Mortgage Bankers Association’s Mortgage Credit Availability Index (MCAI) gained 0.9% to 185.1 in October driven by a 2.4% increase in the Conventional MCAI while the Government MCAI decreased 0.9%. Read more at Mortgage Professional America.
Families Using Creativity When Buying, Selling Homes: 2019 Buyer and Seller Survey
One-third of first-time buyers used down payment help from family, friends.
With housing costs rising and no signs of a deceleration, first-time buyers are turning to family for help when embarking on homeownership. In spite of this, the percentage of first-time buyers remain at historic lows.

This is according to a new report from the National Association of Realtors®, the  2019 Profile of Home Buyers and Sellers , a yearly report which covers demographics, preferences and experiences of buyers and sellers across America. The full report will be released the afternoon of Friday, November 8, at NAR’s annual meeting. Read more from the National Association of Realtors.
'But the Internet Told Me My House is Worth More!'
Is this a familiar scenario?

After working with a seller to get their home ready to list, you propose a price to list, based on local comparisons, the state of the house, your knowledge and the local market. The seller looks disappointed and tells you that actually, Zillow or Trulia or another site has told them their home is worth way more. How do you handle this type of situation? Read more from the Pennsylvania Association of Realtors.
Low Prices are Reeling Buyers Back to the New Home Market, Says Redfin
As builders start to fill in the inventory gap with new homes, more Americans are seizing the opportunity to buy these low-priced new homes.

New-home sale prices fell 1.5% annually to a median of $370,300 in the third quarter, marking their biggest drop since at least 2012, according to Redfin’s latest report Read more at Mortgage Professional America.
How are American Adults Getting By Financially?
Most adults in the United States were moderately financially stable in 2018, but some still struggled to make ends meet.
The Consumer Financial Protection Bureau issued a report that analyzed the financial well-being of Americans nationwide. The report measured a person’s financial well-being score on a scale of 0 to 100. Read more at Mortgage Professional America.
Mortgage Market Update
Mortgage Rates Tick Up
The modest uptick in mortgage rates over the last two months reflects declining recession fears and a more sanguine outlook for the global economy. Due to the improved economic outlook, purchase mortgage applications rose fifteen percent over the same week a year ago, the second highest weekly increase in the last two years. Given the important role residential real estate plays in the economy, the steady improvement of the housing market is a reassuring sign that the economy is on solid ground heading into next year.
We hope you enjoyed this week's Market News. For more information about how PMA can help you, please contact us.
Plymouth Meeting Office: 610.834.8700
Doylestown Office: 215.345.7600
Ocean City, NJ Office: 609.398.8600

Information and analysis is obtained through third parties and is deemed accurate but not guaranteed. Philadelphia Mortgage Advisors is a licensed mortgage lender by the PA Dept. of Banking and Securities, NJ Dept. of Banking & Insurance, the state of DE, the Florida Office of Financial Regulation, MD Mortgage Lender #23004 and VA State Corporation Commission #MC - 6797. NMLS #128570.
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