FHA mortgage refinance demand climbs
As mortgage rates have fluctuated in the last week, one group of borrowers still sees an opportunity to refinance: those with loans from the Federal Housing Administration.
Data from the Mortgage Bankers Association showed that in the week ended Oct. 10, refinance applications for FHA loans increased 12% from the previous week. That's mostly because the FHA rate is "more than 10 basis points lower than the conventional fixed rate," according to Joel Kan, the group's vice president and deputy chief economist.
The increase in FHA refinance demand stands in contrast to the MBA's broader measure of refinance activity that includes all types of mortgages. That index decreased 1% from the previous week, a result of mixed movements in the mortgage market.
Overall, the MBA's Market Composite Index, a measure of mortgage loan application volume that includes purchase and refinance demand, decreased 1.8% from the previous week.
Cheapest time to buy a house is January
According to a recent study from LendingTree, the most affordable time to buy a home is in the new year.
The study looks at the median sales prices in 2024 and finds that buyers who purchased a 1,500-square-foot home in January could save about $23,000 compared to people who bought one in May.
May was the priciest month for homebuyers in 2024, at a median of $194.20 per square foot, according to the study. The median per square foot in January was $178.60.
Still, people are 1.4 times more likely to purchase a home in the summer than in the winter, according to Lending Tree data.
From 2015 through 2024, the summer months — June through August — accounted for 29.1% of total sales, while the winter months — December through February — accounted for 20.2%.
“Moving during the summer means parents don’t have to uproot their kids in the middle of a school year, which can be traumatic,” Matt Schulz, LendingTree chief consumer finance analyst, said in a statement. “While there may be less inventory in the winter, you may find less competition for available homes.”
Sellers might also be more willing to bargain in the winter months, Schulz added.
Hispanic workers represent nearly one-third of construction labor force
Nearly one in three construction workers in America is Hispanic, according to recent data from the National Association of Home Builders.
The 2023 American Community Survey shows non-Hispanic White workers still make up most of the industry at 57%.
Hispanic workers make up 32%, non-Hispanic Black workers make up 5% and non-Hispanic Asian workers make up 1.8%.
This trend has been climbing for the last 23 years, according to the data.
From 2010 to 2023, the number of Hispanic workers in construction increased from 2.5 million to about 3.8 million.
While they make up a larger portion of the overall industry, it varies across states.
Data shows only 1% of workers in construction are Hispanic in Maine, while in New Mexico, Texas, California and Nevada, more than half the construction labor force is Hispanic.
About 52% of the nation’s Hispanic construction workforce is employed by Texas, California and Florida. In New Hampshire, Vermont and Maine, non-Hispanic White workers account for more than 90% of the construction labor force, according to the data.