This Week’s Mortgage News

Over the past several years, entry-level buyers – who tend to be first-time homeowners and who purchase smaller homes – have made up a diminished share of overall homebuyers. This has subsequently limited the ability of some homeowners to move up to a bigger home. Now, executives at several leading homebuilders report that they are seeing signs of entry-level buyers returning to the market, crediting improvements in jobs and greater access to mortgages.

Another outcome of the return of entry-level buyers to the market is a leveling off of the median size of a new home. New homes have been getting bigger since 2012, but an increase in first-time buyers is expected to put downward pressure on new-home sizes, according to Robert Dietz, an economist with the National Association of Home Builders.

Consumer surveys show that new-home buyers prefer homes with more rooms, larger garages, basements and great rooms, so the drop in home size will not be extreme. In addition, it is expected to occur gradually as the market shifts.

Industry Trends

WFS Jumbo rate – 5/5 ARM: 3.50% Other WFS rates – Check with your GSM for current rates. Refi Index – 1322.2 (-3.98%) Purchase Index – 164.8 (-1.02%) NAHB Builder Confidence – 55 (+2 pts.) Existing Home Sales – 5,150,000 (+2.4%) New Home Sales – 406,000 (-8.1%) Pending Home Sales – 102.7 (-1.10%)

(As of Aug. 21, 2014.)

SOURCE: Mortgage News Daily

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