Morning Briefing: It was easier to get a mortgage in October

by Steve Randall09 Nov 2015
It was easier to get a mortgage in October
Mortgage credit was easier to come by in October according to the latest figures from the Mortgage Bankers’ Association. There was an increase in its Mortgage Credit Availability Index of 1.5 per cent which indicates a loosening of credit restrictions. The Conforming MCAI saw the largest loosening at 2.7 per cent followed by government (1.9 per cent), conventional (0.8 per cent) and jumbo (0.5 per cent). "Credit availability increased in October mainly as a result of new conforming loan programs, many of which were affordable housing programs which have lower down payment requirements," said Mike Fratantoni, MBA's Chief Economist.
New York City realtors still lacking confidence
Realtors in New York City are still not optimistic about the state of the property market. The Broker Confidence Index from the Real Estate Board of New York showed that rising interest rates and lack of inventory are the main concerns of the city’s realtors in the residential sector while the economy in the US and globally are the main concerns for the commercial brokers. While the Board’s indexes are still in positive territory they eased slightly in the third quarter. “Increased interest rates may get buyers off the sidelines and commit,” suggested one residential broker, while another expressed concern that any increase will make lending conditions for mortgages even more difficult than they are currently. “Buyers will remain price sensitive,” added another, noting that Wall Street bonuses should be significant and have an effect on demand.
Emily Blunt lists California home
Actress Emily Blunt and husband John Krasinski are selling their home in Ojai, CA for $4.25 million. Zillow says that the 4,177 square foot home with 4 bedrooms, 5 bathrooms, pool and guest wing was bought by the couple in 2012 for $2.15 million. The family are currently living in New York where Blunt is filming “The Girl on the Train” but own two other properties in Southern California.
October sales in Southern Georgia exceed last year
Home sales in Southern Georgia increased year-over-year by 12.5 per cent in October. The Southern Georgian Bay Association of Realtors says that 316 homes were sold in the month which is a new record for October. The year-to-date sales record has also been beaten this year with an 11.5 per cent increase on 2014. Overall supply remains at a decade low. There were 1,294 active residential listings on the MLS at the end of October 2015, down 37.9 per cent from year-ago levels. The value of all residential transactions in October was $101.3 million, up 24.1 per cent from a year earlier. This marked the first October where volumes had surpassed $100 million.


Should CFPB have more supervision over credit agencies?