Purchase

Soaring home prices and the abundance of all-cash offers that the deep-pocketed can afford makes home buying even harder for the average borrower, according to a Redfin report.

The shift to higher-margin home purchase policies helped to boost results at First American, Old Republic and Stewart.

More units sold above asking price as skyrocketing home values pushed consumers out of the single-family market, according to Redfin.

While the unit saw a bigger increase in purchase volume compared to its competitors, net income, loan sales margins and total volume was lower compared with prior periods.

Meanwhile, the average new-home mortgage price climbed to a new all-time high, according to the Mortgage Bankers Association.

The adverse market fee change could contribute to an increase in refinance volume, adds Mortgage Bankers Association economist Mike Fratantoni.

The GSE forecasts $4 trillion in production this year because refinance activity is stronger than expected.

Competition amongst those shopping for homes fell for the second straight month as surging prices pushed consumers to the sidelines and inventory saw modest gains, according to Redfin.

Boosts in purchases and cash-out refinances drove the summer turnaround, according to Black Knight.

Still, the average time a property is on the market is at an all-time low, with more than half going into contract within two weeks.

The dynamic between housing market players diverged to an even greater degree amid intense demand and surging home prices, according to Fannie Mae.

While home prices hit another record high, the supply of for-sale properties improved, according to Realtor.com.

Lending startup Tomo Networks will eschew refinances to focus exclusively on purchases.

Though their rate of ownership lags behind preceding generations, millennial interest in purchasing property grew the most of any demographic last year, according to First American.

The lack of homes for sale is supporting the record values, unlike what happened in the mid-2000s, analysts say.

A Realtor.com survey of consumers aged 18 to 25 found that 45% share are already saving for a home.

For all respondents, cash edged financing by one percentage point, but half of those that bought last year used cash, ServiceLink found.

While purchasing power rose due to low rates and increasing income, “homebodies” suppressed inventory, according to First American.

The new calculation of borrowers’ monthly obligations will allow for a higher debt load from tuition, potentially opening eligibility to more Black applicants, according to public officials.

Signs from the Fed regarding tapering and interest rate hikes could spell the end to the year’s low rates.