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Mortgage Application Payments Increased Slightly to $2,170 in August
“Prospective homebuyers’ budgets continue to be impacted by the combination of high home prices and mortgage rates that remain higher than 7 percent,“ said Edward Seiler, MBA’s Associate Vice President, Housing Economics, and Executive Director, Research Institute for Housing America. “If mortgage rates shift lower in 2024 as we anticipate, the combination of rising inventory levels and lower rates should lead to stronger demand for buying a home.”
Pending Home Sales Tumbled 7.1% in August
"Mortgage rates have been rising above 7% since August, which has diminished the pool of home buyers," said Lawrence Yun, NAR chief economist. "Some would-be home buyers are taking a pause and readjusting their expectations about the location and type of home to better fit their budgets."
Mortgage Applications Decrease in Latest MBA Weekly Survey
Mortgage applications decreased 1.3 percent from one week earlier, according to data from the Mortgage Bankers Association’s Weekly Mortgage Applications Survey for the week ending September 22, 2023.
NAR Supports SAFER Banking Act
"On behalf of the 1.5 million members of the National Association of Realtors®, we thank Congress for introducing the SAFER Banking Act. Since 2019, NAR has supported efforts by Congress to create a clear framework and open up access to financial services for cannabis businesses and those who provide services to them.
Action Title Research Taps Title Industry Veteran Jack Sudol
Action Title Research, a leading technology-based search solution for the title insurance market, announced that respected Title industry veteran Jack Sudol joined its sales and business development team. This addition widens ATR's reach, leveraging Mr. Sudol's deep consultative expertise across the Northeast to deliver exceptional value to current and future clients.

Real Document Solutions
Stewart National Commercial Services Announces New National Sales Director; Hires Regional Leader for Southern California
“With Peggy’s promotion and Ed’s recent transition to Stewart, we are uniquely positioned to accelerate our current growth trajectory,” said Erin Sheckler, Head, National Commercial Services. “The addition of industry talent of this caliber will help cement Stewart’s position as the premier title services company within the national commercial space.”
New Home Sales Weaken in August on Higher Mortgage Rates
“Sales weakened in August with average mortgage rates above 7%,” said NAHB Chief Economist Robert Dietz. “While some builders were able to offset that effect via mortgage rate buydowns, rates moved higher this month, suggesting the pace of new home sales will weaken further for September.”
Existing-Home Sales Decreased 0.7% in August
"Home sales have been stable for several months, neither rising nor falling in any meaningful way," said NAR Chief Economist Lawrence Yun. "Mortgage rate changes will have a big impact over the short run, while job gains will have a steady, positive impact over the long run. The South had a lighter decline in sales from a year ago due to greater regional job growth since coming out of the pandemic lockdown."
ALTA, ILTA Applaud Indiana AG on Consumer Exploitation Lawsuit
The American Land Title Association (ALTA) and Indiana Land Title Association (ILTA) applaud Indiana Attorney General Todd Rotikafor his efforts to combat unfair and deceptive practices in the Indiana real estate market by filing a complaint against Florida-based real estate brokerage MV Realty.
Mortgage Applications Increase in Latest MBA Weekly Survey
“Mortgage applications increased last week, despite the 30-year fixed mortgage rate edging back up to 7.31 percent – its highest level in four weeks,” said Joel Kan, MBA’s Vice President and Deputy Chief Economist.
Housing Starts Lower on Rising Mortgage Rates
“High mortgage rates above 7% combined with low resale inventory and higher home prices are slowing housing production, as many first-time home buyers and younger households are struggling to purchase an affordable home,” said Alicia Huey, chairman of the National Association of Home Builders.
Commercial and Multifamily Mortgage Debt Outstanding Increased by $37.7 Billion in Second-Quarter 2023
“Commercial and multifamily mortgage debt outstanding rose again in the second quarter, driven by increases in the mortgage holdings of life companies, the GSEs, banks, and other depositories,” said Jamie Woodwell, MBA’s Head of Commercial Real Estate Research. “Commercial and multifamily mortgage originations are down by more than half from a year ago, and this lack of new demand means that fewer loans are being paid off. This in turn is helping to maintain, and in some cases even grow, the amount of credit outstanding.”
High Mortgage Rates Continue to Weaken Builder Confidence
“High mortgage rates are clearly taking a toll on builder confidence and consumer demand, as a growing number of buyers are electing to defer a home purchase until long-term rates move lower,” said NAHB Chief Economist Robert Dietz.
ALTA Reports Q2 2023 Title Insurance Premium Volume
“While title premium volume decreased 37% during the latest quarter, title insurance professionals continue to manage their businesses through the challenging market and remain focused on facilitating real estate transactions and protecting property rights,” said Diane Tomb, ALTA’s chief executive officer.
Snapdocs Promotes Michael Sachdev to CEO; Aaron King Becomes Executive Chairman
“Snapdocs has matured from a startup into an industry leader that powers one-out-of-every-four real estate transactions,” said King. “Maximizing future success requires a high level of operational excellence, and Mike is the ideal leader to take the company to that next level. He is already a key leader at Snapdocs, and will bring his proven dedication to our customers, our team, and business results to the CEO role. I’m thrilled to be elevating Mike as our new CEO.”
OneSpan Named a Leader in Worldwide eSignature Software Vendor Assessment by the IDC MarketScape
“As more organizations have adopted these digital workflows – replacing paper-centric processes with digital ones – the security capabilities offered by e-signature software are becoming increasingly important to organizations,” said Holly Muscolino, Group Vice President, Content Strategies and the Future of Work, at IDC. “OneSpan’s offering provides robust security along with strong authentication and compliance features that don’t require organizations to sacrifice the security necessary for high-assurance interactions.”
August New Home Purchase Mortgage Applications Increased 20.6 Percent
“There was strong purchase demand in August for newly constructed homes, as existing for-sale inventory remains low with most homeowners locked into lower mortgage rates and unwilling to give those rates up in this higher rate market,” said Joel Kan, MBA’s Vice President and Deputy Chief Economist.
Elevated Home Prices and Mortgage Rates, Limited Inventory are Home Buying Barriers, According to Realtors® and Prospective Home Buyers Across Races and Ethnicities
"Home buyers face the most difficult affordability conditions in nearly 40 years due to limited inventory and rising mortgage interest rates," said Jessica Lautz, NAR's deputy chief economist and vice president of research. "The impact is exacerbated among first-time buyers who are more likely to be from underrepresented segments of the population."
Mortgage Applications Decrease in Latest MBA Weekly Survey
“Mortgage applications decreased for the seventh time in eight weeks, reaching the lowest level since 1996. Last week’s decline was driven by a 5 percent drop in refinance applications to the weakest reading since January 2023,” said Joel Kan, MBA’s Vice President and Deputy Chief Economist.
CertifID Secures $20M in Series B Funding to Protect Real Estate Industry from Fraud
“CertifID’s mission is to be the frontline defense for consumers and businesses against the growing wave of wire fraud plaguing the real estate industry,” stated Tyler Adams, CEO at CertifID. “Since our founding, we have protected billions of dollars from attempted fraud attacks, as well as helped recover over $60M in stolen funds for victims. This investment will help us continue to safeguard against the intensifying risks of fraud.”
DataTrace Executive Kim Armstrong Named a HousingWire 2023 HW Insiders Award Winner
DataTrace®,the nation’s largest provider of data and automation solutions to the title and settlement services industry, announced today that Kim Armstrong, vice president of title automation and title production services, was named one of HousingWire’s 2023 HW Insiders award winners.
Mortgage Applications Decrease in Latest MBA Weekly Survey
“Mortgage applications declined to the lowest level since December 1996, despite a drop in mortgage rates. Both purchase and refinance applications fell, with the purchase index hitting a 28-year low, as prospective buyers remain on the sidelines due to low housing inventory and elevated mortgage rates,” said Joel Kan, MBA’s Vice President and Deputy Chief Economist.
Title Insurance Underwriter Announces New Name, Plans for Expansion
Chicago-based title insurance underwriter, Attorneys’ Title Guaranty Fund, Inc., (ATG®), www.atgf.com, announces its new name and brand, Advocus National Title Insurance Company, effective September 1, 2023.
InspectHOA Unveils Municipal Lien Search Offering
“With the municipal lien search solution, we are moving forward in our efforts to accelerate real estate transactions across the nation,” said Co-Founder Anton Tonev. “Locating municipal liens, especially unrecorded liens, can be a nightmare for title companies. We combine outstanding professional service, leading technology and clear communications to eliminate the roadblocks and allow our clients to redeploy their staff to more worthwhile tasks like client experience.”
Large Metro Markets Show Biggest Slowdown in Single-Family Construction
“While the pace of single-family construction posted a year-to-year decline in all the small and large geographic markets measured by the HBGI between the second quarter of 2022 and 2023, we expect these levels have bottomed out,” said NAHB Chairman Alicia Huey, a custom home builder and developer from Birmingham, Ala.
NAHB Kicks Off Registration for 2024 International Builders' Show with Special Offers in September
“We are thrilled to once again bring together the housing industry for the event of the year,” said NAHB Chairman Alicia Huey, a custom home builder and developer from Birmingham, Ala. “This event is the spotlight for the industry’s cutting-edge products and trends, with unbeatable education offerings, and the chance to network with other industry leaders. This year we are excited to roll out even more opportunities and special features that our attendees are sure to love.”
August Jobs Report Commentary from MBA's Mike Fratantoni
“This report should be enough for the Fed to keep the federal funds target rate on hold at its next meeting. We expect that they will hold here until next spring, and their next move should be cut. The combination of a still strong job market, and rates that should trend down over time, is positive for the housing market.”

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