Morning Briefing: Mortgage applications higher, refi share increased

by Steve Randall22 Apr 2016
Mortgage applications higher, refi share increased
Mortgage applications edged higher in the week to April 15. The Mortgage Bankers’ Association survey of mortgage applications shows a 1.3 per cent rise on a seasonally adjusted basis and a 2 per cent increase on an unadjusted basis.

The Refinance Index increased 3 per cent; the seasonally adjusted Purchase Index decreased 1 per cent; the unadjusted Purchase Index increased 1 per cent compared with the previous week and was 17 percent higher than the same week one year ago.

The refinance share of mortgage activity increased to 55.4 per cent of total applications from 54.9 per cent the previous week; ARM share remained unchanged at 5.0 per cent; FHA share decreased to 10.6 per cent from 10.8 per cent the week prior; VA share increased to 12.6 per cent from 11.9 per cent; USDA share remained unchanged at 0.8 per cent.
 
Virginia realtors report improving sales
Sales of homes in Virginia continue to show sustained long-term growth according to the latest quarterly market report from the state’s realtors’ association. There were 20,771 sales totaling $6.34 billion in the first three months of 2016, up 2.2 per cent in value terms compared to a year earlier.

“The first quarter of 2016 illustrates continued growth in the residential real estate market,” said 2016 VAR President Bill White. “As the housing market improves, so does the impact on Virginia’s economy. Growing home sales boost revenue for the state and spending in our communities.”

Aggregate median sales price for the first quarter was $249,000, rising 1.9 per cent from the first quarter of 2015. 2016 had the highest first quarter median price since 2008.
 
Coldwell Banker lists the X-Mansion for $75 million
Real estate firm Coldwell Banker has listed its most unusual property ever, due to the fact that it’s an entirely fictional building. The X-Men franchise’s 16-year run continues with the new movie Apocalypse in May and producers have teamed up with the realtors to list the X-Mansion as its Home of the Week.

The 24-bed Xavier School for Gifted Youngsters with retractable basketball court and underground parking is listed at $75 million and features in a video tour with Coldwell Banker realtor Tori Keichinger.

 

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