MORTGAGE APPS FALL TO 28-YEAR LOW

via themreport.com — The Mortgage Bankers Association (MBA) has released its Weekly Mortgage Applications Survey for the week ending September 29, 2023, which found a 6% week-over-week decline in overall mortgage application volume, as the purchase market fell to levels last reported in 1995.

The MBA’s Refinance Index decreased 7% from the previous week and was 11% lower than the same week one year ago. The seasonally adjusted Purchase Index decreased 6% from one week earlier, while the unadjusted Purchase Index decreased 6% compared to the previous week and was 22% lower than the same week just one year ago.

“Mortgage rates continued to move higher last week, as markets digested the recent upswing in Treasury yields. Rates for all mortgage products increased, with the 30-year fixed mortgage rate increasing for the fourth consecutive week to 7.53%–the highest rate since 2000,” said Joel Kan, MBA’s VP and Deputy Chief Economist. “As a result, mortgage applications grounded to a halt, dropping to the lowest level since 1996. The purchase market slowed to the lowest level of activity since 1995, as the rapid rise in rates pushed an increasing number of potential homebuyers out of the market. ARM loan applications picked up over the week, and the ARM share increased to 8%, as some borrowers searched for ways to lower their payments.”

The MBA also reported that the refi share of mortgage activity decreased to 31.7% of total applications, down slightly from 31.9% the previous week. The adjustable-rate mortgage (ARM) share of activity increased to 8% of total applications.

By loan type, the FHA share of total applications rose slightly to 14.5%, up from 14.1% the week prior. The VA share of total applications decreased to 10.1% from 10.9% the week prior. The USDA share of total applications remained unchanged at 0.5% from the week prior.

As if rates were not posing enough of a challenge for many, home prices on the limited number of homes available are also playing a key role in affordability challenges as…READ MORE

The Current Miami Springs Market

TIME TO BUY OR SELL?
CALL US FOR AN EVALUATION

There are eighteen (18) active listings in the MS/VG market this week—a slight increase in inventory since last week. The market continues to be unpredictable. More inventory increases in the months ahead? Anything is possible in this unique market!One (1) pending sale this week. Values remain strong in Miami Springs and Virginia Gardens. Despite interest rate increases, there are still many qualified Buyers out there. With tighter inventory and continued high demand, the market is transitioning back to a Sellers' market. Please refer to the articles posted on our website.

Nearly half of the active listings are over one million dollars—one is even priced for over $2,000,000.00!! Six (6) of the active listings have had a price reduction; one this week. We were transitioning to a more neutral market. However, the continued tight inventory and demand, despite higher mortgage rates, gives Sellers an advantage and makes it difficult for Buyers. Although, things may start to slow down! Expected interest rates increases in the future can mean fewer buyers. We still anticipate more inventory increases.

DEMAND IS STILL THERE!

Mortgage interest rates are over 7% this past month. There are still serious qualified Buyers looking for the right property. Timing is everything! Multiple offers are becoming more common again. The number of days properties are staying on the market is averaging 43 days. The demand remains high for properties under $500,000. There are no listings under $500,000. The low inventory at entry-level, higher interest rates, and homeowner insurance costs make it difficult for many first-time Buyers. No properties are priced between $400,000-$500,000; one (1) is priced between $500,000-$600,000; four (4) are priced between $600,000-$700,000; two (2) are priced between $700,000-$800,000; two (2) are priced between $800,000-$900,000; two (2) are priced between $900,000-$1,000,000; six (6) between $1-2 million; and one (1) is listed for over $2 million.

SELLERS, THIS IS THE MOMENT TO PRICE IT RIGHT!
Increasing Inventory + Increasing Interest Rates = Less Demand.

During the period of September 29, 2023 through October 6, 2023, there were reported 4 new listings, 0 closed sales, 1 pending sale, 1 active with contract, 2 expired listings, 2 cancelled listings, 0 temp off market, 1 price reduction, and 0 price increases.

HOW DOES YOUR HOUSE COMPARE?

The table below shows the current status of the Miami Springs/VG real estate market as of Friday, October 6, 2023. All closed sales are within the last 90 days.

*Disclaimer: The data relating to real estate displayed on this website and the chart above comes from the Miami Board of Realtors MLS. All listing information is deemed reliable but not guaranteed and can be independently verified.

 A complete list of all the properties for sale in Miami Springs or any other area of 

Miami-Dade County can be sent to you on regular basis. 

Request it at:  charlie@leonardrealestategroup.com

………………………………………………..……………………………………………………………………………