Morning Briefing: Mortgage applications increase slightly

by Steve Randall13 Aug 2015
Mortgage applications increase slightly
The number of new mortgage applications increased slightly in the week ending August 7th compared to the week before according to the latest data from the Mortgage Bankers’ Association. Its weekly survey of mortgage applications was 0.1 per cent higher than the previous week on a seasonally-adjusted basis.

On an unadjusted basis, the index decreased 1 per cent compared with the previous week. The refinance index increased 3 per cent to its highest level since May 2015 while the seasonally adjusted purchase index decreased 4 per cent and the unadjusted purchase index decreased 4 per cent.

The refinance share of mortgage activity increased to 53.1 per cent of total applications from 51.3 per cent the previous week. The ARM share remained unchanged at 6.8 per cent of total applications; FHA share decreased to 13.3 per cent from 13.8 per cent the week prior; VA share increased to 11.3 per cent from 10.5 per cent; USDA share decreased to 0.7 per cent from 0.8 per cent the week prior.
Mass. realtors report strong market confidence
Confidence in the real estate market in Massachusetts is soaring according to local realtors. The Mass. Association of Realtors’ confidence index climbed 20 per cent in the year to July 2015 and pending home sales are 37 per cent higher than a year ago.

“As the temperatures heated up in July, buyers were hot to get their offers accepted on the limited number of homes for sale,” said 2015 MAR President Corinne Fitzgerald, broker/owner of FITZGERALD Real Estate in Greenfield. “Buyer activity should stay strong as demand exceeds supply and interest rates remain low.” 

Single-family sales reached 6,315 and the median price was up 1.4 per cent to $365,000; condos increased 22.7 per cent to 2,221 and median price was up 5.1 per cent to $338,000.
Price drop for Ed Sheeran video property
The house featured in the video for Ed Sheeran’s smash “Don’t” is currently on the market but it seems that even the connection with the hugely popular singer failed to attract a buyer. The Bel-Air mansion with 6 bedrooms and 8 bathrooms was listed at $26 million a year ago but is now almost half price at $14.995 according to Zillow. The luxury home has a pool, patio and elevator together with stunning views over LA. John McCann of The Agency is handling the listing.