Home affordability improves.  View online.
Marketing Perspective: Healthier Market Ahead for Homebuyers
Home Affordability Improves
Homes continue to appreciate, but at a slower rate. Home price growth was 4.4% YoY in Jan[1].
National Home Price Change YoY Chart[1]
Falling — or at least not rising — interest rates, strong employment, continued wage growth, and a deceleration in home price appreciation should support more favorable homebuying conditions heading into the spring, along with improved affordability. — Fannie Mae Chief Economist Doug Duncan
Only 1 Fed Rate Hike Expected in 2019[2]
How Will Brexit Impact U.S. Home Sales?[3]
  The impact of Brexit on world economics is expected to be felt even in the U.S., including in the housing market.
Data suggests that Soft- to No-Brexit scenarios are little cause for concern, while a Hard Brexit or No Deal could affect employment and homebuyer confidence, which may negatively impact homebuying.
 
Existing Single-Family Home Sales[3] Chart
No Brexit = UK remains a part of the EU
Customs Union = Brexit with Prime Minister Theresa May's originally-proposed deal
Soft Brexit = UK keeps close ties with EU; soft border between Ireland and Northern Ireland
Hard Brexit = UK leaves EU, Single Market, and Customs Union; hard border between Ireland and Northern Ireland
No Deal = UK reverts to trade rules governed by World Trade Organization; hard border between Ireland and Northern Ireland
Divider Graphic
Millennials Are Refinancing Already?4
Refis represent 35% of closed loans in January. Of those, Millennial refis represent 13%.
Uptick in refis likely due to seasonality and a modest dip in rates.
Divider Line
What the Average Millennial Refi Borrower Looks Like:4
Primarily Male:63%, Age: 33, FICO Score 728, Married:66%, Single: 33%
 
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Sources:
[1] CoreLogic, a data and analytics company, Home Price Insights report, January 2019.
[2] Fannie Mae Economic & Strategic Research Group, February 2019 Economic Outlook.
[3] Realtor.com® "Brexit Impact on the US Economy and Housing Markets," February 2019.
[4] Ellie Mae® Millennial Tracker, January 2019.
 
 

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Mid America Mortgage, Inc.
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