Purchase

In a year beset with a pandemic, tornadoes and civil unrest, one bright spot that emerged in 2020 was a residential real estate market that enjoyed record-high sales and home prices in Chattanooga, Tenn.

For the 10th straight year, annual home sales in Central Texas and the median price of those sales surpassed the year-before totals, with 2020's records coming despite the global coronavirus pandemic.

Remote work and pandemic-induced requirements from the government related agencies forced lenders to pivot on a dime, making it entirely possible that compliance defects will have a larger share in future quarters, Nick Volpe, executive vice president of ACES Quality Management, says.

Mortgage applications decreased 1.9% from one week earlier as rising rates started to affect refinance activity, according to the Mortgage Bankers Association.

Bottomed-out mortgage rates cut listing times and housing inventory while sales volume and average prices jumped annually.

Upcoming changes to underwriting regulations, as well as the end of the QM patch, in addition to growing home values, all add up for this market to have a good year.

The pandemic-fueled exodus from New York City propelled nearby Westchester County to its strongest year for home sales in more than two decades.

Purchase apps for new homes only eked out a small gain in December but the Mortgage Bankers Association is forecasting that they will continue to increase.

Cash offers are taking priority in the Boise, Idaho, area, shutting out homebuyers who need a conventional mortgage.

Mortgage applications increased 16.7% from one week earlier to their highest level in 10 months, although rates rose in expectation of additional government pandemic relief, according to the Mortgage Bankers Association.