According to the latest Applications Survey from the Mortgage Bankers Association, average mortgage rates fell last week from the week before. Rates were down for 30-year fixed-rate loans with both conforming and jumbo balances, loans backed by the Federal Housing Administration, and 15-year fixed-rate loans. Naturally, the decline led to an increase in demand for mortgage loans. In fact, application demand was up 8.1 percent from the week before. Joel Kan, MBA's associate vice president of economic and industry … [Read more...]

Freddie Mac's most recent forecast is good news for anyone concerned that there's trouble ahead for the housing market. That's because, despite recent reports of a potential economic slowdown, the market is well positioned to remain strong. Why? Well, Sam Khater, Freddie Mac's chief economist, points to mortgage rates as one factor stirring interest in buying a home. “Despite fears of an economic slowdown, the housing market continues to be a bright spot in the economy,” Khater said. “While mortgage rates have … [Read more...]

In the days before the industrial revolution, motorized vehicles, and grocery stores, people were much more likely to have to rely on one another to provide things that would otherwise be difficult to come by. That's where the idea of borrowing a cup of sugar from your neighbor comes from. In short, there was a time neighbors really did sometimes have to borrow sugar from each other. These days, that's obviously less common or necessary. But a new survey looks at just what being neighborly means in the modern … [Read more...]

Interest in buying a home never seems to fade too much. Most Americans want to own a home. But despite having a desire to become homeowners, prospective buyers will sometimes postpone their plans due to their financial situation, the economy, market conditions, etc. There are many factors that can influence someone's decision to buy. This year, mortgage rates may have played a role. At the beginning of the year, rates were increasing and the effect it had on affordability meant some otherwise interested home buyers … [Read more...]

According to the Mortgage Bankers Association's Weekly Applications Survey, average mortgage rates rose slightly last week from the previous week. Rates were up for 30-year fixed-rate loans with conforming loan balances, loans backed by the Federal Housing Administration, and 15-year fixed-rate loans. But though it marked the second straight week of increases, rates remain just above historic lows. Still, the increase led to a drop in mortgage demand. In fact, refinance activity fell 15 percent from one week … [Read more...]

The most recent results of the S&P Case-Shiller Home Price Indices – considered to be the leading measure of U.S. home prices – show home values are up 3.2 percent over where they were last year at the same time. That's encouraging news for prospective home buyers and a significant drop from where price growth was just a few years ago. But the news comes with a word of caution. That's because price growth is slowing at the same time mortgage rates have been declining. And the improvement in affordability levels … [Read more...]

These days, the imbalance between the number of Americans who want to buy a home and the number of homes available for sale is the housing market's main challenge. With mortgage rates low and the job market strong, there are more people thinking about making a move. But a lack of available homes has held sales back and put upward pressure on prices. There is a solution to this problem, though. And it's new home construction. That's why news that home builders are beginning to build smaller, more affordable homes is … [Read more...]

Markets have cycles. Sometimes they're up, sometimes they're down. The housing market is no different. There are years when homes are selling and years when they aren't. Of course, prospective home buyers don't necessarily decide when to move based on market cycles. But knowing where we are can help them make more informed decisions. For example, a recent analysis from Nationwide says that the housing market passed the peak of its current cycle in 2017. Since then, things have been slowing down. But what does that … [Read more...]

The summer sales season is coming to a close. But that doesn't mean it isn't a good time to buy a house. In fact, new numbers from the National Association of Realtors show buying conditions have actually improved. For example, in August, homes for sale were on the market longer than they were the month before. According to the report, properties typically remained on the market for 31 days in August, up from 29 days in July. Additionally, mortgage rates are hovering near historic lows. Lawrence Yun, NAR's chief … [Read more...]

Housing market conditions fluctuate. Home prices, mortgage rates, and inventory all rise and fall. For most home buyers, however, market conditions aren't what motivates them to make a move. More often than not, buyers are shopping for a house because they've started a family, changed a job, retired, or just need more space. In other words, buyer demand sometimes doesn't coincide with market fluctuations. Take the most recent Applications Survey from the Mortgage Bankers Association. The survey which tracks … [Read more...]