PMA's Market News Update for the Week Ending April 19, 2019

Mortgage News for the Week of April 19, 2019

Historic Philly Home on America's Oldest Residential Street Is the Most Popular on Realtor.com This Week

A historic property sitting at the end of Elfreths Aly, the oldest residential street in America, is this week's most popular home on realtor.com. It's listed for $1.2 million.

Built in 1703, the home is a National Historic Landmark and within walking distance to shops, restaurants, galleries, and historic sites such as the Liberty Bell.

The history is visible in the listing photos, even below ground! "The basement is like a fortress," says listing agent Ryan McManus . "It was used as a root cellar." Read more at realtor.com.

U.S. Purchase Mortgage Activity Hits Nine-Year High: MBA

Applications to U.S. lenders seeking loans to buy a home climbed to their highest level in almost nine years last week even as mortgage rates increased for a second week, the Mortgage Bankers Association said on Wednesday.

The Washington-based group's seasonally-adjusted barometer on purchase mortgage activity, which is seen as a proxy on future housing activity, edged up 0.9% to 280.7 in the week of April 12, marking its strongest reading since 291.3 in the week of April 30, 2010. Read more from Reuters.

Millennial First-Time Buyers: Fears vs. Expectations

Even if they haven't bought yet, most millennials believe that buying a home is a realistic goal. According to a recent survey by Northshore Fireplace, 80% of millennials who haven't purchased a home yet think it is attainable, with 46% planning to purchase in the next few years.

Why are they waiting? Well, according to 45% of millennials, they want their first home to be their dream home. Additionally, 65% report they think they will have to relocate to be able to afford a home, including 41% who said they think they will have to move out of state to be able to afford purchasing a property. Read more from the PA Association of Realtors.

Home Buyers Still Optimistic, Despite Fear of Recession

A majority of home buyers reported that they believe a recession will hit the U.S. in the next three years.

Yet, that hasn't deterred these would-be home buyers from their plan to purchase a property this spring, according to a recent realtor.com survey . More than half of buyers said that they believe home prices have peaked, while 45% said they feel optimistic about owning a home after the 2008 recession. Read more from the PA Association of Realtors.

Mortgage Rates Continue to Rise

After dropping dramatically in late March, mortgage rates have modestly increased since then. While this week marks the third consecutive week of rises, purchase activity reached a nine-year high - indicative of a strong spring home buying season.

We hope you enjoyed this week's Market News. For more information about how PMA can help you, please contact us.

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Plymouth Meeting Office: 610.834.8700

Doylestown Office: 215.345.7600

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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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