All right, on that note, let's get to Kevin Green who joins me now as always for a look at the stories that are moving markets this morning. We did get some data out today, by the way, of the mortgage applications at KG. What are you seeing on that front.Good morning to you. >> Good morning, Sam. Yeah, you are actually seeing a really significant surge in refinancing demand.We have seen mortgage rates pretty much across the curve if you're looking at the 30-year fix or if you're looking at the adjustable ra ...

Core Insights - New home sales for August significantly exceeded expectations, coming in at 800,000 compared to the anticipated 650,000, with previous months also revised upward [1][2] - There was a remarkable 20.5% month-over-month increase in new home sales, indicating a potential seasonal trend rather than a long-term shift [3] - The housing market is showing signs of recovery, with mortgage applications increasing as rates decline, leading to a rise in refinancing activity [5][7] Housing Market Trends - The increase in new home sales may be linked to decreasing mortgage rates, which have encouraged more buyers to enter the market [2][4] - Mortgage application volume rose by 0.6% week-over-week, while refinance applications increased by 1% week-over-week and 42% year-over-year, indicating strong demand for refinancing [7][8] - Building permits have shown better-than-expected results, although there is a long-term deceleration in the issuance of these permits [10] Company-Specific Insights - KB Home is expected to report lower performance metrics due to margin pressures and the need to lower prices to attract buyers [12][14] - The focus for KB Home should be on future guidance regarding deliveries and new orders, which will provide insight into demand trends [16][17] - The company primarily targets first-time homebuyers, who may face more pressure from rising mortgage rates, impacting their sales performance [17][19]

Core Insights - The artificial intelligence boom presents a multitrillion-dollar investment opportunity, but the real estate sector also holds significant potential, particularly with $35 trillion in home equity available to U.S. homeowners [1][3][14] Real Estate Market Opportunity - U.S. homeowners currently possess an all-time high of $35 trillion in home equity, largely due to rising home values and low refinancing activity [3][13] - A potential decline in mortgage rates could trigger a surge in refinancing volume, possibly reaching trillions of dollars [3][13] Company Analysis: Rocket Companies - Rocket Companies is the leading mortgage originator in the U.S., and a rise in refinancing volume could significantly boost its business [5][6] - In the most recent quarter, Rocket closed on $26.1 billion in loan origination volume, a decrease from $103.5 billion in the same quarter of 2021 when rates were lower [6] - The company is expanding its all-in-one real estate platform and has recently acquired Redfin, with a pending acquisition of Mr. Cooper [7][8] - Rocket has a 97% client retention rate and aims to capture a larger market share in a highly fragmented mortgage market, which sees $5 trillion to $6 trillion in home sales annually [8] Company Analysis: Upstart - Upstart focuses on improving loan repayment predictions compared to traditional credit scoring models, utilizing extensive data points [9] - The company is expanding into auto loans and home equity lines of credit (HELOCs), with home loan volume increasing by 52% sequentially in the first quarter [10][11] - Upstart's current annual run rate for HELOC origination is about $160 million, representing a small fraction of the overall market opportunity [12] - Capturing even a small percentage of the HELOC market could yield significant benefits for Upstart if interest rates decline [12][14]

Lower interest rates are not the only reason you might want to refinance your mortgage loan. In fact, refinancing at other times, even when rates are flat or rising, could work in your financial favor by reducing your monthly payment, giving you access to much-needed cash, or even helping you pay off your loan faster if that’s what you want. Here are six times refinancing is a smart move. In this article: When to refinance a mortgage: 6 good reasons Your particular financial situation will determine whe ...