The WPJ

Boca Raton

U.S. Mortgage Applications Dip Again in Mid-October

Based on new data from the Mortgage Bankers Association's Weekly Mortgage Applications Survey for the week ending October 21, 2022, U.S. mortgage applications decreased 1.7 percent from one week earlier.

Pending Home Sales Plummet Over 50 Percent in Hurricane Ian Stricken Florida Cities

According to national property broker Redfin, pending home sales plunged 58% year over year in the Cape Coral, FL metro area during the four weeks ending Oct. 16, 2022, in the aftermath of Hurricane Ian. That's nearly twice the nationwide decline of 32%.

Palm Beach County Overall Home Sales Down 25 Percent Annually in September

According to the Miami Association of Realtors, total Palm Beach County residential sales decreased 25.5% year-over-year in September 2022, from 2,830 to 2,109, because of rising mortgage rates and low inventory.

U.S. Mortgage Originations to Decline 9 Percent in 2023 to $2.05 Trillion

Based on new projections from the Mortgage Bankers Association, total U.S. mortgage origination volume is expected to decline to $2.05 trillion in 2023 from the $2.26 trillion expected in 2022. Purchase originations are forecast to decrease 3 percent to $1.53 trillion next year, while refinance volume is anticipated to decline by 24 percent to $513 billion.

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