A&D Market Digest for Week of 11/13/23

What sets Millennial homebuyers apart? What are their priorities and unique needs? How to address their common misconceptions? Find the answers to these questions and learn strategies for mortgage brokers to navigate the dynamic Millennial homebuyer market in our latest episode of A&D Market Digest with industry expert Marianela Velazquez! 

KEY HIGHLIGHTS 

• Millennials’ characteristics and preferences: tech-savvy, involvement in real estate investing
• Financial security concerns: the 2008 financial crisis impact, fears of a potential economic downturn
• Understanding the burden of student loans on Millennials: extended debt, impact on qualifications
• Remote work trends and industry adaptation: embracing technology for online-savvy Millennials
• Sustainability in homebuying as a priority for Millennials
• Common Millennial homebuying misconceptions: overlooking closing costs, down payment illusion

Want more expert guidance on advising Millennial homebuyers? Find it out in our blog post: Advising Millennials in Today’s Housing Market: Trends, Characteristics, and Effective Marketing Strategies – AD Mortgage

MORTGAGE NEWS

• DSNEWS – Freddie Mac Reports $2.7B in Q3 Net Income. Freddie Mac has reported net income of $2.7 billion for the third quarter of 2023. The government-sponsored enterprise (GSE) reported net revenues were $5.7 billion, up 10% year-over-year, driven by higher net interest income and non-interest income. 
• FOX BUSINESS – Mortgage rates drop again, housing forecast looking more favorable: Freddie Mac. Mortgage rates dipped for the second week straight, breathing some life into the housing market, according to Freddie Mac. Mortgage rates had been aggressively climbing towards the 8% threshold in sync with 10-year treasury yields, which have also slowed.  
• MReport – Down Payment Assistance Resources on the Rise Nationwide. Down Payment Resource (DPR), a provider of homebuyer assistance program data and solutions, reports that homebuyer assistance program administrators are responding to the mounting home affordability crisis by rapidly rolling out new homebuyer assistance programs and funding buydowns, as there are now 2,256 homebuyer assistance programs available to help people affordably finance homes, an increase of 54 programs over Q2’s totals.