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Housing market update: August 2021

Home prices went down this month nationwide with the median price of $361,800 ($12,600 less than in May). Overall 676,000 houses were sold and 353,000 new homes are available (source). See below for more home and mortgage stats from June 2021.

How much does it cost to buy a house?
It’s incredibly hard to find any homes listed under $150,000. In fact, there are three times more $750,000+ houses available than homes priced $150,000 – $199,000. Home prices vary greatly by region, but nationally, home prices since last June have increased (8.62%).

Source: https://www.census.gov/construction/nrs/pdf/newressales.pdf

How long are houses staying on the market?
June 2021 had an average of 14 days on the market – the lowest it’s been all year. If we figure each house spends 10-ish days in inspection, appraisal, and completing contingencies, that means a house was on the market an average of four days before it moved to pending.

The number of days between when a home was listed on the market until the seller signed a contract for the sale of the property.
Source: https://www.redfin.com/us-housing-market#overview


How long it takes to close a home loan
If we just look at purchase loans, it took Mann Mortgage an average of 43 days to close a loan. That’s 6 days faster than the national average of 49. Overall, loans are taking a little longer to close than they did in June 2020.

This is the time it takes from the loan application to its funding.
Source: https://www.icemortgagetechnology.com/mortgage-data/origination-insight-reports

Interest rate on a mortgage
It’s not as low as it was a few months ago, but interest rates continue to be historically low. August 1 saw an average of 2.77% on a 30-year fixed loan, which is still incredibly low.

Source: http://www.freddiemac.com/pmms/

Homes under construction
In June, 111,100 privately-owned housing unit permits were issued. That’s the highest it’s been in the past 12 months. One-unit houses are still the most popular with 5+ unit houses still representing a large portion of new builds.

Source: https://www.census.gov/construction/nrc/pdf/newresconst.pdf
Source: https://www.census.gov/construction/nrc/pdf/newresconst.pdf

If you have any questions about the market or wonder what your interest rate might be, reach out to your local Mann Mortgage lender. They can give you the scoop on your local market and what you can do to pay off your mortgage faster, reduce your interest rate, or find a new home for your next step in life.

Mann Mortgage Named one of America’s Best Place to Work by Outside Magazine

Each year, Outside magazine accepts submissions from companies around the U.S. to be included in their prestigious list of Best Places to Work. Outside vets each company’s workplace culture, demographics, work-life balance, and perks of the job. In addition, they do an extensive anonymous survey with current employees to get their take on the work environment. Only those companies that excel in both areas – providing excellent company benefits and getting great reviews from employees – make it to the list of 50 Best Places to Work.

To be eligible for the award, everyone at Mann Mortgage completed an anonymous survey. They were asked to rate areas such as their relationship with their supervisor, their work environment, their confidence in the leadership team, their role satisfaction, and their pay and benefits. The survey results were 75% of Mann’s total score, and they were high enough to rank us as the #12 Best Place to Work in the US.

This year, a theme among companies that made the Best Place to Work list was embracing the new working environments where social distancing and creative team building are the norm. At Mann, we quickly adapted to working, meeting, and partying remote – 40% of us now work from our home offices. Like many of the companies on the list, we’ve found working remote to be an effective and efficient way to work and we’ll continue to allow it, even once the pandemic is over.

“We’re thrilled that we, a mortgage company, are included in this list of exceptionally innovative companies. These organizations are defining what great corporate culture looks like in this country, and we are honored to be included with them,” said Cassidy O’Sullivan, business executive for Mann Mortgage. “We want Mann to be a positive place where people are excited to come to work and have a voice in the company.”

Mann Mortgage’s positive corporate culture was also recognized by Mortgage Professionals America who gave the company a Top Mortgage Workplace 2020. Of the hundreds of mortgage companies that were nominated, Mann Mortgage was one of only 29 who received the award.

“These awards show our employees do a great job making each other feel welcome, needed, and heard” said company CEO, Jason Mann, “and I’m just so grateful to be part of such an exceptional team.”

Mann Mortgage is based out of a beautiful Kalispell, Montana. We’re always on the lookout for talented and fun-loving people to join our team. Our corporate office hires for positions such as quality control, underwriters, and product specialists. We also have branch offices across the United States that hire loan officers, production assistants, processing agents, mortgage sales managers, and more. You can view and apply for open positions at mannmortgage.com/careers or email your resume and cover letter to jobs@mannmortgage.com.

Housing market update: July 2021

Home prices are up nationwide with the median price of $374,400. Overall 769,000 houses were sold and 330,000 new homes are available (source). See below for more home and mortgage stats from May 2021.

How much does it cost to buy a house?
It’s getting very difficult to find any homes listed under $150,000, and in May, it was very difficult (but not impossible) to even find a home under $199,000. Home prices vary greatly by region, but nationally, home prices since last May have increased (17.95%).

Source: https://www.census.gov/construction/nrs/pdf/newressales.pdf

How long are houses staying on the market?
May 2021 had an average of 16 days on the market (down 58% in since May of 2020). If we figure each house spends 10-ish days in inspection, appraisal, and completing contingencies – that means a house was on the market an average of six days before it moved to pending.

The number of days between when a home was listed on the market until the seller signed a contract for the sale of the property.
Source: https://www.redfin.com/us-housing-market#overview


How long it takes to close a home loan
If we just look at purchase loans, it took Mann Mortgage an average of 43 days to close a loan. That’s 10 days faster than the national average of 53. Overall, in the past year, loans are taking longer to close this past May than they did in May 2020.

This is the time it takes from the loan application to its funding.
Source: https://www.icemortgagetechnology.com/mortgage-data/origination-insight-reports

Interest rate on a mortgage
It’s not as low as it was a few months ago, but interest rates continue to be historically low. Jun 1, 2021 saw an average of 2.88% on a 30-year fixed loan, which is still incredibly low.

Source: http://www.freddiemac.com/pmms/

Homes under construction
In May, 100,600 privately-owned housing unit permits were issued. That’s up from 67,500 in May 2020. One-unit houses are still the most popular with 5+ unit houses still representing a large portion of new builds.

Source: https://www.census.gov/construction/nrc/pdf/newresconst.pdf
Source: https://www.census.gov/construction/nrc/pdf/newresconst.pdf

If you have any questions about the market or wonder what your interest rate might be, reach out to your local Mann Mortgage lender. They can give you the scoop on your local market and what you can do to pay off your mortgage faster, reduce your interest rate, or find a new home for your next step in life.

Conforming loan limits for 2021

When applying for a mortgage, one of the most popular options is a conforming loan. These loans are called “conforming” because they conform to the guidelines set by Fannie Mae and Freddie Mac, federally backed home mortgage companies created by the U.S. Congress to boost homeownership.

What do Fannie Mae and Freddie Mac Do?
These entities exist only to support the U.S. mortgage system. They don’t originate loans. Instead, after a loan has been issued, one of the entities will buy the loan from the lender if it meets their criteria. This is an important part of the mortgage market because it allows lenders to sell loans to Fannie Mae and Freddie Mac and use the cash raised to engage in further lending.

For a loan to be purchased by Fannie Mae or Freddie Mac, the borrower generally needs:

  • A good credit score
  • A debt-to-income ratio of 50% or less
  • At least 3% down payment
  • A loan amount of less than conforming loan limit

2021 conforming loan limits
Each year, the Federal Housing Agency decides what the conforming loan limit is. As houses become more expensive, the limits are increased. In 2021, the amount increased for all units.

2021 Conforming Loan Limits
UnitsBase LimitHigh-Cost Limit
One$548,250$822,375
Two$702,000$1,053,000
Three$848,500$1,272,750
Four$1,054,500$1,581,750

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Base limit: This is the maximum loan amount for homes in most areas of the United States.

High-cost limit: This is the maximum loan amount for homes in high-cost markets such as parts of Alaska, Hawaii, California, and Washington, D.C.

Units: The number of housing units per building.

More >> See what the conforming loan limit is where you live.

Because conforming loans can be re-sold, they’re not as risky for lenders and often have favorable terms for borrowers. Savvy home buyers will keep their loan amount within the conforming loan limits so they have an easier time securing their loan, they’ll have more relaxed requirements, and their rates will probably be better.

If you’re looking for a conventional 15 or 30-year loan (as most people are), you may want to consider keeping the loan amount under the loan limit in order for it to be a conforming loan.

When you need a bigger loan – consider a jumbo loan
If the limits won’t get you a home you’re interested in buying, you could look into a jumbo loan. Jumbo loans won’t be purchased by Fannie Mae or Freddie Mac, so they don’t need to conform to their loan limits – meaning you can get more money. If you have a strong credit score and low debt-to-income ratio, you may find a lender willing to extend one to you.

However, they come with some disadvantages. Jumbo loans have stricter qualification rules, require a sizable down payment (sometimes 20% or more), and normally have a higher interest rate. For those reasons, a lot of homebuyers try to avoid them by finding a home that will keep them within the conforming loan limits.

To see whether you’ll be eligible for a conforming home loan, contact your local Mann Mortgage home lender. Together, they’ll help you crunch the numbers to see what type of loan would be best for you.

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