DECEMBER 2020
Housing Market Recovery Index 112.8 106.5
110
4 components: 1. Demand 2. Supply 3. Price 4. Time on market
100
90
February 1st Baseline = 100
83.1 80
2/1
3/7
4/4
5/2
6/6
7/4
8/1
9/3
10/1
11/3 realtor.com
“Buyers and sellers quickly jumped back into the market this week after taking a break during election week, according to realtor.com's Weekly Housing Report for the week ending Nov 14.� move.com
4.76 4.73
4.66
4.6
4.68
4.58
The number of mortgages in active forbearance is decreasing dramatically 4.14 4.12 4.12 4.1
4
in millions 3.93 3.93 3.93 3.8
3.72 3.69
3.59 3.62
2.97 2.99 2.97 3.01 2.86
2.74 2.76
2.79
5/29 6/5 6/12 6/19 6/26 7/3 7/10 7/17 7/24 7/31 8/7 8/14 8/21 8/28 9/4 9/11 9/18 9/25 10/2 10/8 10/15 10/22 10/29 11/6 11/13 11/20 11/27
McDash Flash Forbearance Tracker
Upon exit from forbearance plan:
54.6% are paid in full 30.7% work out repayment plan 14.7% are still in trouble
12.8% 6.8%
No loss mitigation plan
Modif ication
1.9% Repayment plans, short sales, deed-in-lieus
30.6%
Made their monthly payments during their forbearance period
23.9% Loan deferral
16.9%
7.1%
Past due payments were brought current
Loan paid off
MBA
5 steps to ask for mortgage forbearance due to the Coronavirus 1. Find the contact information for your servicer (Mortgage statement) 2. Call your servicer (explain the situation. Use the number in your statement to avoid scams) 3. Ask if you are eligible for protections under the CARES act (The CARES Act protects homeowners with federally-backed loans: FHA, VA, USDA, Fannie Mae, and Freddie Mac) 4. Ask what happens when your forbearance period ends Questions to ask: • What happen to the payments I miss? • What are my repayment options? • When will repayment be due? • Are there any fees? 5. Ask your services to provide the agreement in writing and check to make sure matches what you discuss “Don’t wait, forbearance is not automatic. It must be requested.” Consumer Financial Protection Bureau
Are Prices Going Up too Fast?
“Housing prices were notably – I am tempted to say ‘very’ – strong in September. The National Composite Index (NCI) gained 7.0% relative to its level a year ago… Our three monthly readings since June of this year have all shown accelerating growth in home prices, and September’s results are quite strong.”
Craig J. Lazzara
Managing Director at S&P Dow Jones Indices
Compound Annual House Price Appreciation Rate 6.1% 3.8%
Since 1991
Since 2012 FHFA HPI
US Existing Home Median Sales Price 320 300 280 260
in thousands
Actual Historic Appreciation (3.8%)
240 220 200 180 160 140 120 100
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Today
NAR
US Existing Home Median Sales Price 320 300 280 260
in thousands
Actual Historic Appreciation (3.8%)
240 220 200 180 160 140 120 100
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Today
NAR
Inventory & Home Prices: 2010 - Today 12.0
$325,000
11.0 10.0
Inventory
$300,000
Home Prices
$275,000 $250,000
9.0
$225,000
8.0
$200,000
As supply of inventory goes down, prices go up
7.0
$175,000 $150,000
6.0
$125,000
5.0
$100,000 $75,000
4.0
$50,000
3.0
$25,000
2.0
$0 2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
NAR
“Such a frenzy of activity, reminiscent of 2006, raises questions about a bubble and the potential for a painful crash. The answer: There’s no comparison. Back in 2006, dubious adjustable-rate mortgages taxed many buyers’ budgets. Some loans didn’t even require income documentation. Today, buyers are taking out 30-year fixed-rate mortgages. Fourteen years ago, there were 3.8 million homes listed for sale, and home builders were putting up about 2 million new units. Now, inventory is only about 1.5 million homes, and home builders are underproducing relative to historical averages.”
Lawrence Yun Chief Economist at NAR
“Mortgage balances - the largest component of household debt - rose by $85 billion in the third quarter and sat at $9.86 trillion on September 30. Mortgage originations, which include refinances, were at $1.05 trillion, the second highest volume in the history of the series and second only to the historic refinance boom in 2003Q3.� Federal Reserve Bank
2007 4Q
7.21%
1991 1Q
6.22%
1980 1Q
1998 4Q
5.46%
Housing Bubble
4.38%
TODAY
3.72% Household Debt Service Ratio for Mortgages as a Percentage of Disposable Personal Income Total quarterly required mortgage payments divided by total quarterly disposable personal income.
1980
TODAY The Fed
Looking Ahead
“Above all, the 2021 outlook hinges on the course of the coronavirus. Both the recent virus surge and the election make government emergency relief more likely. Next year will also start to show whether two of the big pandemic shifts will endure — from services to goods and from in-office to remote work. Even small shifts in these trends, if permanent, could cause big changes in how businesses hire, how job seekers search, where people live, and how much they earn.�
Jed Kolko
Chief Economist at Indeed
Mortgage Rates Freddie Mac
2019
30-Year Fixed Rate
- Actual - Projected
2018
2017
2020
2016
2021 2016 2016 2016 2016 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 2021 2021 2021 2021 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Rate 3.7
3.6
3.5
3.8
4.2
4.0
3.9
3.9
4.3
4.5
4.6
4.8
4.4
4
3.7
3.7
3.5
3.2
3.0
3.0
3.0
3.0
3.0
3.0
Freddie Mac
“We expect home sales in 2021 to come in 7.0% above 2020 levels, following a more normal seasonal trend and building momentum through the spring and sustaining the pace in the second half of the year. While home sales are expected to lose some momentum over the last months of 2020, the shallower than normal seasonal slowdown creates a higher base of activity leading into 2021 that is roughly maintained for the first half of the year. As vaccines for the coronavirus become broadly available to the public, and economic growth reflects the resumption of more normal patterns of consumer spending, home sales gain even more in the second half of the year.�
Danielle Hale
Chief Economist at realtor.com
Home Price Forecasts 5.9%
12 Month Forecast
2021 Forecast
5.7%
4.5% 3.7%
2.6% 2.1%
1.9%
Zelman
HPES
CoreLogic
realtor.com
NAR
Freddie Mac Fannie Mae
2%
MBA
“Any foreclosure increases will likely be quickly absorbed by the market.
It will not lead to any price declines.� Lawrence Yun Chief Economist at NAR
Now Available: Winter 2021 Buyer & Seller Guides
“This winter may be one of the best winters for sales activity… on a winter-to-winter comparison, this could be one of the best breakout years just based on the fact that pending contracts are at such a higher level.” Lawrence Yun Chief Economist at NAR
The value of virtual events “Virtual events exploded in popularity due to the pandemic, but they’re proving to be a high value opportunity regardless. Not only can they be just as engaging and exciting as in-person events, they allow you to bring together a wider audience.�
Eventbrite
Resources Slide
Slide Title
Link
2
Housing Market Recovery Index
https://www.realtor.com/research/housing-market-recovery-index/
3
move.com Quote
https://news.move.com/2020-11-19-Realtor-com-R-Weekly-Housing-Report-Buyers-andSellers-Jump-Back-in-Post-Election
4
Active Forbearances
https://www.blackknightinc.com/blog-posts/forbearance-numbers-see-another-slight-uptick/
5
Upon Exit from Forbearance Plan
https://www.mba.org/2020-press-releases/november/share-of-mortgage-loans-inforbearance-decreases-to-547-percent
6
5 Steps to Ask for Forbearance
https://www.youtube.com/watch?v=0UzmTxYmw94 https://www.consumerfinance.gov/coronavirus/mortgage-and-housing-assistance/
8
Lazzara Quote
https://www.spglobal.com/spdji/en/documents/indexnews/announcements/202011241264559/1264559_cshomeprice-release-1124.pdf
9
Compound Annual Price Appreciation
https://www.fhfa.gov/AboutUs/Reports/ReportDocuments/2020Q3_HPI.pdf
10, 11
Existing Home Median Sales Price
https://ycharts.com/indicators/sales_price_of_existing_homes
12
Inventory & Home Prices
nar.realtor
13
Yun Quote (Inventory)
https://magazine.realtor/news-and-commentary/feature/article/2020/11/the-double-edgedhousing-boom
14
Record Mortgage Debt
www.cnn.com/2020/11/17/economy/third-quarter-household-debt/index.html
15
Federal Reserve Bank Quote
https://www.newyorkfed.org/newsevents/news/research/2020/20201117
Resources Slide
Slide Title
Link
16
Household Debt Service Ratio
https://www.federalreserve.gov/releases/housedebt/
18
Kolko Quote
https://www.hiringlab.org/2020/12/01/2020-labor-market-review-2021-outlook/
19
Mortgage Rates
http://www.freddiemac.com/research/forecast/20201014_quarterly_economic_forecast.page?
20
Hale Quote
https://www.realtor.com/research/2021-national-housing-forecast/
21
Home Price Forecasts
https://www.corelogic.com/insights-download/home-price-index.aspx www.pulsenomics.com www.zelmanassociates.com (subscription required) nar.realtor www.mba.org www.freddiemac.com www.fanniemae.com https://news.move.com/2020-12-02-Realtor-com-R-2021-Housing-Forecast-Sellers-Will-Get-Top-DollarAs-Buyers-Struggle-with-Affordability
22, 24
Yun Quote (Foreclosure, Winter Sales)
https://magazine.realtor/daily-news/2020/11/18/yun-real-estate-could-see-best-winter-ever
25
Eventbrite Quote
https://www.eventbrite.com/blog/11-virtual-event-ideas/
Resources Slide
Slide Title
Link
33, 53, 65
Confidence Index
https://www.nar.realtor/research-and-statistics/research-reports/realtors-confidenceindex
34-36, 44, 5358
Existing Home Sales
https://www.nar.realtor/topics/existing-home-sales
37-40
New Home Sales
http://www.census.gov/construction/nrs/pdf/newressales.pdf http://www.census.gov/newhomesales http://www.census.gov/construction/nrs/pdf/newressales.pdf
41
Total Home Sales
http://www.census.gov/construction/nrs/pdf/newressales.pdf https://www.nar.realtor/topics/existing-home-sales
42,43
Pending Home Sales
https://www.nar.realtor/research-and-statistics/housing-statistics/pending-homesales
48-50
Case Shiller
https://www.spglobal.com/spdji/en/indices/indicators/sp-corelogic-case-shiller-20city-composite-home-price-nsa-index/#news-research
51
CoreLogic Forecasted YOY % Change in Price
https://www.corelogic.com/insights-download/home-price-index.aspx
54-60
Inventory
https://www.nar.realtor/topics/existing-home-sales http://www.census.gov/construction/nrs/pdf/newressales.pdf
Resources Slide
Slide Title
Link
62-64
Foot Traffic
http://nar.realtor/infographics/foot-traffic
67,68, 70,71
Mortgage Rates
http://www.freddiemac.com/pmms http://www.freddiemac.com/pmms/pmms_archives.html
69
Mortgage Rate Projections
http://www.freddiemac.com/research/forecast/ http://www.fanniemae.com/portal/research-insights/forecast.html https://www.mba.org/news-research-and-resources/research-andeconomics/forecasts-and-commentary https://www.nar.realtor/research-and-statistics
73,74
Mortgage Credit Availability
https://www.mba.org/news-research-and-resources/newsroom https://www.mba.org/news-research-and-resources/research-and-economics/singlefamily-research/mortgage-credit-availability-index
75-79
Days To Close, FICO Scores, DTI
http://www.elliemae.com/resources/origination-insight-reports
Average Days on the Market
NAR
EXISTING Home Sales
Since January 2014 Jan 2014
Jan 2015
Jan 2016
Jan 2017
Jan 2018
Jan 2019
Jan 2020 NAR
EXISTING Home Sales Y-O-Y by region
32.8% 28.1%
26.7%
26.1% 22.8%
U.S.
Northeast
Midwest
South
West NAR
Existing Home Sales in thousands
January
February
March
April
May
June
2018
July
2019
August
September October November December
2020 Census & NAR
New Home Sales in thousands
January
February
March
April
May
June
2018
July
2019
August
2020
September October
November December
Census & NAR
New Home Sales annualized in thousands
jun-14
Jan-15
Jan-16
Jan-17
Jan-18
Jan-19
Jan 2020
Census
New Home Sales % of sales by price range
27% 20% 15% 10% 1% Under $150K
5% $150-$199K
3% $200-299K
$300-$399K
$400-$499K
$500-$749K
Over $750K Census
New Homes Selling Fast (median months from completion to sold)
4.6 4.6
4.2 3.9 3.7
3.8
3.7
3.3
3.6 3.6 3.4
3.3
3.5
3.6
3.2 3.2
3.1
3.2
3.4 3.4 3.4 3.1
3.0
2.9 2.9
3.6
3.5
3.4
4.3
3.2
3.3
3.0
3.0
2.7
Jan-18 Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec Jan-19 Feb
Mar
Apr
May
Jun
Jul
Aug
sep
Oct
Nov
Dec 20-Jan Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Census
Oct
Total Home Sales in thousands 682 643 598
594 586
595
589
520
506
468 475 376
368
426
398
653
642
517 454
436
483
334
January
February
March
April
May
June 2019
July
August
September October November December
2020 Census & NAR
PENDING Home Sales since 2014
100 = Historically Healthy Level
NAR
Pending Home Sales Year-Over-Year By Region 21.0%
20.8%
20.2% 19.6%
18.5%
U.S
Northeast
Midwest
South
West
NAR
35%
Percentage of Distressed Property Sales Distressed sales – foreclosures and short sales – represented less than 1% of sales in October
4%
January 2012 - Today Jan 2012
Jan 2013
Jan 2014
Jan 2015
Jan 2016
Jan 2017
Jan 2018
Jan 2019
1% Jan 2020
NAR
Home Prices
EXISTING Home Prices Y-O-Y by region
20.2% 16.7%
15.5%
U.S.
Northeast
Midwest
15.7%
South
15.1%
West NAR
% Change in Sales from last year by Price Range
102.2% 79.9% 64.4% 37.6% 2.3% -21.8%
%
$0-100K -21.8%
$100-250K 2.3%
$250-500K 37.6%
$500-750K 64.4%
$750K-1M 79.9%
$1M+ 102.2% NAR
Case Shiller
Year-Over-Year
PRICE
CHANGES
Jun 2012
Jan 2013
Jan 2014
Jan 2015
Jan 2016
Jan 2017
Jan 2018
Jan 2019
Jan 2020
S&P Case Shiller
Jan 2014 Feb Mar Ap r May Jun Jul Au g Sept Oct Nov Dec Jan 2015 Feb Mar Ap r May Jun Jul Au g Sept Oct Nov Dec Jan 2016 Feb Mar Ap r May Jun Jul Au g Sept Oct Nov Dec Jan 2017 Feb Mar Ap r May Jun Jul Au g Sept Oct Nov Dec Jan 2018 Feb Mar Ap r May Jun Jul Au g Sept Oct Nov Dec Jan 2019 Feb Mar Ap r May Jun Jul Au g Sept Oct Nov Dec Jan 2020 Feb Mar Ap r May Jun Jul ago sept
Case Shiller Year-Over-Year PRICE CHANGES 20 City Composite
S&P Case Shiller
Case Shiller
6.6%
Year-Over-Year PRICE CHANGES 20 City Composite
5.3%
3.9%
4.1%
4.0% 3.6%
3.5%
3.5%
3.1% 2.6%
2.8%
2.2%
Oct
Nov
Dec
Jan 2020
Feb
Mar
Apr
May
Jun
Jul
Aug
Sept S&P Case Shiller
Year-Over-Year % Change in Price 7.3%
1.9%
Current
Forecast CoreLogic
HOUSING INVENTORY
Seller Traffic Index
NAR
Months Inventory of HOMES FOR SALE 2011 - Today
Januar y 2011
Januar y 2012
Januar y 2013
Januar y 2014
Januar y 2015
Januar y 2016
Januar y 2017
Januar y 2018
Januar y 2019
Januar y 2020
NAR
Months Inventory of HOMES FOR SALE last 2 years
4.2
4.3 4.3 4.3
4.4
4.3
4.2
4.3 4.3
4.2
4.0
4.0 4.0 3.8 3.6
4.8
3.8
4.0
3.9
3.9
3.7
3.6
3.4
3.0
3.1
3.1
3.0
3.0 2.7
O ct
ep t S
ug A
Ju l
Ju n
ay M
pr A
ar M
Fe b
20 Ja n-
D ec
N ov
O ct
ep t S
ug A
Ju ly
Ju ne
ay M
pr A
ar M
Fe b
19
D ec
N ov
O ct
ep S
ug A
Ju l
Ju n
Ja n-
M
ay -1 8
2.5
NAR
Months Inventory of HOMES FOR SALE Last 12 Months
4.8
4.0
3.9
3.7 3.4 3.0
3.1
3.1
3.0
3.0 2.7 2.5
Nov
Dec
Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
oct NAR
Year-over-Year Inventory Levels January 2014
January 2015
January 2016
January 2017
January 2018
January 2019
January 2020
% 7. 5. 3. 6. 6. 5. 5. 4. 6. 5. 5. -0 -0 -0 2. -0 1. 0. -4 -1 -3 -4 -1 -3 -2 -1 -1 -3 -9 -5 -5 -1 -6 -1 -9 -6 -7 -6 -6 -9 -8 -7 -9 -6 -6 -1 -9 -1 -9 -8 -7 -6 -6 0. 0. 2. 1. 2. 4. 6. 4. 2. 2. 1. 2. 0. -1 -2 -2 -4 -5 -9 -1 -9 -1 -1 -1 -1 -2 -1 -1
NAR
HOUSING SUPPLY
Year-Over-Year
Nov
Dec
Jan 2020
Feb
Mar
-9.8%
-10.20%
Apr
May
June
Jul
Aug
Sept
Oct
-5.2% -9.0% -11.3%
Last 12 Months
-19.70%
-18.8%
-18.2%
-18.6%
-19.2%
-19.8%
-21.1%
NAR
New Home Inventory months supply Last 12 Months 6.8 6.5
5.6
5.5
5.3
5.3
5.0 4.3 3.6 Nov
Dec
20-Jan
Feb
Mar
Apr
May
Jun
Jul
3.4
3.3
3.3
Aug
Sept
Oct Census
New Home Inventory months supply
2019 6.8
6.5
2020
6.7
6.5 6.1
6.1 5.9
5.8
5.7
5.5
5.6
5.5 5.3
5.0
5.3
5.3
5.0
4.3
3.6 3.4 Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
3.3 Sept
3.3 Oct
Nov
Dec Census
BUYER DEMAND
Foot Traffic indicator of future sales
Jul 2013 Jan 2014
Jan 2015
Jan 2016
Jan 2017
Jan 2018
Jan 2019
Jan-20 NAR
Foot Traffic Last 12 Months Indicator of future sales
60.9
47.1
47.3
46.5 41.8
40.7
35.6
39.8
32.9
13.5 6.8 1.8 Nov
Dec
Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct NAR
Foot Traffic indicator of future sales
2019 2020
January
February
March
April
May
June
July
August
September
October
November December NAR
Buyer Traffic Index
NAR
INTEREST RATES
12/3
11/5
10/1
9/3
8/6
7/2
6/4
5/7
4/2
3/5
2/6
1/2
12/5
11/7
10/3
9/5
8/1
7/3
6/6
5/2
4/4
3/7
1/31
1/3
12/6
11/1
10/4
9/6
8/2
7/5
6/7
5/3
4/5
3/1
2/1
1/4
Mortgage Rates Freddie Mac 30-Year Fixed Rate
3.95%
2.71%
Freddie Mac
11/5 12/3
8/6 9/3 10/1
5/7 6/4 7/2
2/6 3/5 4/2
11/7 12/5 1/2/2020
9/5 10/3
6/6 7/3 8/1
3/7 4/4 5/2
12/6 1/3/2019 1/31
9/6 10/4 11/1
6/7 7/5 8/2
4/5 5/4
1/5/2017 2/2 3/2 3/30 4/27 5/25 6/22 7/20 8/17 9/14 10/12 11/9 12/7 1/4/2018 2/1 3/1
10/6 11/3 12/1
7/7 8/4 9/1
4/7 5/5 6/2
1/7/16 2/4 3/3
30-Year Fixed Rate Mortgages from Freddie Mac
3.97%
2.71%
Freddie Mac
Mortgage Rate Projections Quarter
Freddie Mac
Fannie Mae
MBA
NAR
Average of All Four
2021 1Q
3.0
2.8
3.0
2.9
2.92%
2021 2Q
3.0
2.8
3.0
3.0
2.95%
2021 3Q
3.0
2.8
3.2
3.1
3.02%
2021 4Q
3.0
2.8
3.3
3.2
3.07%
Mortgage Rates Freddie Mac 30-Year Fixed Rate
2019
2018
- Actual - Projected
2017 2020
2016
2021 2016 2016 2016 2016 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 2021 2021 2021 2021 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Rate 3.7
3.6
3.5
3.8
4.2
4.0
3.9
3.9
4.3
4.5
4.6
4.8
4.4
4
3.7
3.7
3.5
3.2
3.0
3.0
3.0
3.0
3.0
3.0
Freddie Mac
Mortgage Rates
Freddie Mac
30-Year Fixed Rate
Where Are They Going?
1/4 2/1 3/1 4/5 5/3 6/7 7/5 8/2 9/6 10/4 11/1 12/6 1/3 1/31 3/7 4/4 5/2 6/6 7/3 8/1 9/5 10/3 11/7 12/5 1/2 2/6 3/5 4/2 5/7 6/4 7/2 8/6 9/3 10/1 11/5 12/3
January 2018 – Today Actual Interest Rates
3.0
3.0
3.0
3.0
2021 Q1
2021 Q2
2021 Q3
2021 Q4
Freddie Mac
Mortgage Credit Availability YES
NO
MAYBE
Mortgage Credit Availability
Mortgage Credit Availability Index (MCAI), a report from the Mortgage Bankers Association Apr 2013
Jan 2014
Jan 2015
Jan 2016
Jan 2017
Jan 2018
Jan 2019
Jan 2020
MBA
900
800
Historic Data for the
700
MORTGAGE CREDIT AVAILABILITY INDEX
600
500
(a report from the Mortgage Bankers Association) 400
300
200
100
0
June 2004
June 2005
June 2006
June 2007
June 2008
June 2009
June 2010
June 2011
June 2012
June 2013
June 2014
June 2015
June 2016
June 2017
June 2018
June 2019
June 2020
October
MBA
Average Days To Close A Loan
54
Last 12 Months
51 49
48 48
47 47
45
45 43
42 40
Nov
Dec
Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
All Closed Loans as per Ellie Mae
® FICO
Score Requirements
Last 12 months
752 753 753 751 750 749 750 736 735
Nov
Dec
738 738
Jan
Feb
742
Mar
Apr
May
Jun
Jul
Aug
Sept
Oct
All Closed Loans as per Ellie Mae
® FICO
37.12%
Score
Distribution
23.08% 17.08%
16.90%
5.61% 0.01%
0.21%
500-549
550-599
600-649
45.99%
650-699
700-749
750-799
800+
All Closed Loans as per Ellie Mae
Average 753
759
® FICO
Score
for Closed Purchase Loans by Loan Type
725 683
All Loans
Conventional
FHA
VA All Closed Loans as per Ellie Mae
Average Back End DTI for Closed Purchase Loans by Loan Type
43 35
35
All Loans*
Conventional
FHA
41
VA All Closed Loans as per Ellie Mae