The National Association of Home Builders’ Housing Market Index measures how confident home builders are in the market for newly built single-family homes. It’s based on a survey and scored so that any number above 50 indicates more builders view market conditions as good than poor. In May, the index scored a 45 – down from 51 in April. Robert Dietz, NAHB’s chief economist, says inflation was behind the decline. “A lack of progress reducing inflation pushed long-term interest rates higher in the first quarter and … [Read more...]

According to the Mortgage Bankers Association’s Weekly Applications Survey, average mortgage rates fell again last week. It was the second consecutive week of declines. Rates fell across most loan categories, including 30-year fixed-rate loans with both conforming and jumbo balances, loans backed by the Federal Housing Administration, and 5/1 ARMs. Joel Kan, MBA’s vice president and deputy chief economist, says rates are at the lowest level in over a month. “Treasury yields continued to move lower last week and … [Read more...]

The Federal Reserve Bank of New York conducts an annual survey of Americans that asks for their opinion on everything from the housing market to inflation and household finances. According to the most recent results, Americans are feeling pessimistic about housing affordability but are optimistic about homeownership as an investment. Survey respondents say they believe mortgage rates will rise over the next year – though they also say there’s a 61 percent chance they fall over the next 12 months. Home prices, … [Read more...]

A borrower’s ability to get a loan depends on a number of different things. Their financial situation, income, and savings play a big role, of course. Lending standards and the number of available loan programs do too. That means there are times when it’s easier to obtain a mortgage and others when it’s more difficult. The Mortgage Bankers Association’s tracks this each month with their Mortgage Credit Availability Index. When the index increases, it indicates that mortgage credit has become more available. When it … [Read more...]

Nostalgia can be powerful. It can make you wistful for people, places, and days gone by. According to one new survey, it can even make you wish you could buy your childhood home and move back to the old neighborhood. The survey, which asked participants if they’d buy the home they grew up in, found a lot of us would. In fact, 44 percent of respondents said they’d buy their childhood home if cost weren’t an issue. Among younger Americans, the numbers were even higher. Nearly two-thirds of survey participants born in … [Read more...]

A home is considered equity rich when the loan balances secured by the property are no more than half the home’s estimated value. In other words, if your home is worth twice what you owe on it, you’re equity rich. That’s a good situation for a homeowner to be in and, according to ATTOM Data Solutions, a lot of homeowners are currently reaping the benefits. “Homeowner balance sheets continue to benefit in a huge way from the boom times in the form of elevated equity that can be used to help finance all kinds of … [Read more...]

According to the Mortgage Bankers Association’s Weekly Applications Survey, average mortgage rates fell last week from one week earlier. Rates were down across most loan categories, including 30-year fixed-rate loans with both conforming and jumbo balances, loans backed by the Federal Housing Administration, and 15-year fixed-rate loans. Mike Fratantoni, MBA’s senior vice president and chief economist, says the declines were due to a slower job market. “Treasury rates and mortgage rates fell last week on the news … [Read more...]

Housing market sentiment has plateaued, according to a new survey from Fannie Mae. Its monthly Home Purchase Sentiment Index asks participants for their feelings about buying/selling a home, mortgage rates, prices, their job, and financial situation. The latest results show consumer sentiment was largely unchanged from one month earlier, as Americans wait to see whether market conditions improve. Doug Duncan, Fannie Mae’s senior vice president and chief economist, says consumers are adjusting. “We think consumers’ … [Read more...]

Choosing a home to buy is a big decision. It’s also one that you may not have a lot of time to make. Inventory is still low in most markets across the country and that means homes for sale sell quickly – especially good ones. These days, interested buyers have to act fast if they see something they like. But how fast? Well, how long a home spends on the market depends a lot on where it’s located. In some parts of the country, homes are selling faster than others. A recent analysis looked at the top 100 most … [Read more...]

As a home buyer, you want more homes on the market. Not only will it increase the likelihood that you’ll find one that fits your needs and lifestyle, it’ll also help keep prices in check. Simply put, if the inventory of homes for sale is rising where you’re looking to buy, you’re going to have an easier time. The good news, according to new numbers from the National Association of Realtors’ consumer website, is active inventory is rising. In fact, it was up almost everywhere in April. Active inventory spiked in all … [Read more...]