by: Aimee Hartwig Real Estate
Strong consumer demand helped drive builder confidence higher in October according to the most recent National Association of Home Builders Housing Market Index. The National Association of Realtors also released This Week in Real Estate that September existing-home sales realized a 7% increase over August sales. The Mortgage Bankers Association announced their expectations for 2022 this week, forecasting a 9% increase of purchase mortgage originations to a record of $1.73 trillion, a 62% decrease in refinance originations to $860 billion and the 30-year fixed-rate mortgage increasing to 4.0% by the end of 2022.
“Some improvement in supply during prior months helped nudge up sales in September,”LAWRENCE YUN, NATIONAL ASSOCIATION OF REALTORS CHIEF ECONOMIST