On The Market 152: New Mortgage Report: Originations Plummet, Buying Power Wiped Out w/Andy Walden
Mortgage demand has fallen off a cliff, according to ICE’s recent Mortgage Monitor Report. With affordability hitting new lows and mortgage rates still rising, home buyers have simply given up on buying a house any time soon. Mortgage applications are now forty-five percent below pre-pandemic levels, and something BIG will have to change for buyers to jump back into the market—are lower home prices the answer?
To explain the Mortgage Monitor Report’s most recent findings, we brought on ICE’s Andy Walden. Andy has the most recent home buyer, mortgage rate, foreclosure, and delinquency data to share. We’ll talk about the buying power that’s been wiped out of the market, why mortgage applications fell off a cliff, rising unaffordability and whether or not it’ll force foreclosures, and the real estate markets with the most potential for home price growth.
Andy even gives his 2024 housing market forecast with some eerie warnings about what could happen to home prices as we reach an “inflection point” in the market and enter the traditionally slower winter season.
In This Episode We Cover:
Why mortgage originations are falling faster than ever before (and what this means for home prices)
Andy’s Q4 housing market forecast and how to tell where prices are headed
Foreclosures, delinquencies, and why “distressed sellers” aren’t flooding the market
Why investors have “backed off” the housing market waiting for mortgage rates to dip
Regional housing markets that could see the best (and worst) home price performance
The rising popularity of assumable mortgages and the massive downside to doing one of these deals
And So Much More!
Links from the Show
Join the Future of Real Estate Investing with Fundrise
Connect with Other Investors in the “On The Market” Forums
Subscribe to The “On The Market” YouTube Channel
Hear Our Last Episode with Andy
Read the October 2023 Mortgage Monitor Report
Archive of Past Mortgage Monitor Reports
Connect with Andy:
Click here to listen to the full episode: https://www.biggerpockets.com/blog/on-the-market-152
Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email advertise@biggerpockets.com.
Learn more about your ad choices. Visit megaphone.fm/adchoices