What to Expect of the Housing Market in 2020: One Expert's Opinion
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The housing market of 2020 is changing demographically, said Anna DeSimone, the author of
Housing Finance 2020
.
“The year 2020 is a demographic turning point,” said DeSimone. “It begins a new decade. The demographics are changing, so that there will be more Hispanics, Asians, just a more multicultural homebuying market,” she said. DeSimone predicts the fastest-homebuying market will be Hispanic residents.
Read more from The Pennsylvania Association of Realtors.
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Home Prices Up Yearly and Monthly, Older Millennials Expected to Enter Market at a Rapid Rate
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Home prices jumped 3.6% from June 2019 to July 2019, and increased 0.5% yearly in July, according to the
CoreLogic Home Price Index
.
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Mortgage Refinancing Activity Dips But Still Strong
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In the most recent wave of mortgage activity for the week ending September 6, 2019, the Mortgage Bankers Association’s latest Weekly Application Survey showed a continuing decline in interest rates, notably, the 30-year fixed rate mortgage to 3.49% on a non-seasonally adjusted basis. The Market Composite Index, which measures mortgage loan application volume, increased 2% on a seasonally adjusted basis from the prior week. The data strongly support the market’s rallying in refinancing and purchase activity, as shown in the below figure, since the end of 2018.
Read more from the National Association of Home Builders
.
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Here’s How Many People Tapped a Retirement Plan to Buy Their House
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Some people will do just about anything to buy their first home. Just under 10% of homeowners surveyed said they took out money from their retirement savings to help cover the down payment and closing costs on their first dwelling.
The site polled a total of 2,582 adults from July 31 through Aug. 2.
Nearly half saved money specifically toward their home purchase, while another 20% said they received a financial gift from family and friends.
Read more at CNBC.
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Mortgage Rate Update
Mortgage Rates Increase
(US Weekly Averages as of 9/12/2019)
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Pipeline purchase demand continues to improve heading into the late fall with purchase mortgage applications up nine percent from a year ago. The improved demand reflects the still healthy underlying consumer economic fundamentals such as a low unemployment rate, solid wage growth and low mortgage rates. While there has been a material weakness in manufacturing and consistent trade uncertainty, so far, the American consumer has proved to be resilient with solid home purchase demand.
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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
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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Fun Things To Do In Philly This Weekend!
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PMA Named Best of the Main Line for the Fourth Consecutive Year!
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PMA &
PHFA
/
NJHMFA
can make it easier for first-time buyers to purchase a home!
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are Easier with PMA's
In-House Approvals!
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