Houston’s housing market is healing quickly. Not long after Hurricane Harvey’s wake, Houston had a 4% home sales growth this September. In other mortgage news, the MBA Annual Convention brought a lot of tech talk to the scene. It’s an exciting time in the mortgage industry!
Didn’t get a chance to read this week’s housing news? Catch up on the highlights:
Houston’s Home Sales on the Rebound
Only six weeks after Hurricane Harvey devasted Houston, the city’s housing market has bounced back.
- The natural disaster set housing sales back during August (down 24% from the previous year), but September saw an increase of 4%.
- Many purchases are from investors looking to flip homes or rental companies that lease single-family homes.
- Cindy Hamann, chair of the Houston Association of Realtors, stated, “I don’t think anyone expected to see home sales in positive territory this soon after a natural disaster of Harvey’s magnitude.”
Mortgage Companies Desire Tech Growth in AI, Machine Learning, & Big Data
The MBA Annual Convention took place this week in Denver, and most mortgage companies are about talking integrating technology to streamline the mortgage process.
- Ben Lane from Housing Wire reported from the convention that ”…companies in the mortgage space are looking hard at technology, right now and in the future.”
- The buzz at the convention is definitely tech, and “…lots of techy buzzwords were thrown around. Blockchain, AI, machine learning, big data…”
- Follow the MBA Annual Convention & Expo 2017 for a recap of the latest news in the mortgage banking industry!
Daily Mortgage Rates
- Mortgage rates fluctuated this week, with a slight rise overall.
- 30 year fixed rates reflected the biggest change, showing 75% last week to now 3.84%.
- It’s a great time for buyers to buy, refinance, or lock as rates are still at historic lows.