Whether or not a borrower is approved for a loan depends on a number of factors, including current lending standards and the availability of loan programs. Because they aren’t fixed, these factors can affect how easy or difficult it is for a borrower to get a mortgage at any given time. That’s why the Mortgage Bankers Association tracks credit availability each month with its Mortgage Credit Availability Index. When the index increases, it means lending standards have loosened, and when it falls, standards have … [Read more...]

The National Association of Home Builders keeps a monthly measure of how confident home builders are in the market for newly built single-family homes. Its Housing Market Index is a closely followed market barometer, scored on a scale where any number above 50 means more surveyed builders feel conditions are good than poor. In November, the index hit 46, the third consecutive monthly gain and three points higher than the month before. The improvement was attributed to post-election expectations that regulatory … [Read more...]

Negotiation is an important part of the home buying process. In fact, you can negotiate just about anything when buying a home, from the price of the house to any conditions, contingencies, and concessions you’d like. But while you’ll have an opportunity to negotiate, you won’t necessarily succeed. Market conditions will often be the determiner of whether or not the home’s seller accepts your offer. When homes for sale are scarce and buyers are fighting for available options, a seller is less likely to agree to … [Read more...]

Everybody always wants to get the best deal – on everything. Anytime you make a purchase, you hope to get the best price. This certainly applies to buying a home. It’s a big financial commitment, so it’s natural that buyers hope to find a great home at a great value. Fortunately, this is the time of year when they get the most bang for their buck and, according to ATTOM Data Solutions, the absolute best day to buy is approaching. ATTOM calculates the day buyers get the best deal by comparing the median sales price … [Read more...]

According to the Mortgage Bankers Association’s Weekly Applications Survey, average mortgage rates increased again last week. Rates were up from the week before for 30-year fixed-rate loans with both conforming and jumbo balances, as well as 5/1 ARMs. The average rate for 15-year fixed-rate loans was unchanged from the previous week and rates for loans backed by the Federal Housing Administration saw a slight decline. Joel Kan, MBA’s vice president and deputy chief economist, says higher rates didn’t slow buyers. … [Read more...]

Home buyers put a lot of thought into making sure they’ve got the money to cover the upfront costs of buying a home. Coming up with a down payment and the funds necessary to cover closing costs takes budgeting. But there are other expenses that buyers need to consider when running the numbers. In fact, according to one new analysis, there are some fairly common expenses most new homeowners encounter after closing on their house – and they’re ones buyers may not be thinking about yet. According to the breakdown, new … [Read more...]

Homeownership is always popular, regardless of housing market conditions. Americans consistently say they want to own their own home. That means demand for homes for sale is relatively consistent. There are always buyers. Home sellers, on the other hand, are another story. In recent years, with the supply of homes for sale lower than historically normal, there has been a lot of focus on why there are fewer homes available to buy. One answer is explored more closely in a new report from the Mortgage Bankers … [Read more...]

The Federal Reserve recently lowered the target range for the federal funds rate 25 basis points to 4.5 percent. It was only the second time the Fed cut the benchmark interest rate since March 2020. But while that sounds like it might mean mortgage rates will also fall 25 basis points, that isn’t necessarily the case. In fact, it may not lower rates at all in the short term. Why? For one, the cut was widely expected and, therefore, much of its impact was already absorbed – much the same way declining mortgage rates … [Read more...]

Each month, Fannie Mae’s Home Purchase Sentiment Index tracks how Americans feel about the housing market, buying and selling a home, mortgage rates, home prices, their jobs and financial situation. In October, the index found participants more optimistic about the market than they’ve been at any point since February 2022. Mark Palim, Fannie Mae’s senior vice president and chief economist, says the gains are encouraging but home buying sentiment still remains low. “While we have seen significant improvement in … [Read more...]

According to the Mortgage Bankers Association’s Weekly Applications Survey, average mortgage rates climbed higher again last week. Rates were up from one week earlier for 30-year fixed rate loans with both conforming and jumbo balances, as well as loans backed by the Federal Housing Administration. On the other hand, the average interest rate for 15-year fixed-rate loans and 5/1 ARMs saw declines. Joel Kan, MBA’s vice president and deputy chief economist, says recent upward pressure on rates has subdued demand for … [Read more...]