The typical home buyer doesn’t pay much attention to fluctuating lending standards or the number of available loan programs. They aren’t the first thing on buyers’ minds when shopping for a home. But they matter. Why? Because they affect how easy it is to find and secure financing. That’s why the Mortgage Bankers Association tracks mortgage credit availability each month. Its Mortgage Credit Availability Index gauges whether credit has become more or less available on a scale where any increase means credit is … [Read more...]

The housing market was good for home sellers before the pandemic and became even better after it. The number of homes available for sale was low almost everywhere, and that meant multiple offers and competing home buyers. Homes sold quickly and for more than their asking price. But what about now? Well, according to the latest results of Fannie Mae’s Home Purchase Sentiment Index – which surveys Americans and asks for their opinions on buying/selling a home, mortgage rates, home prices, their job, and financial … [Read more...]

The combination of rising mortgage rates and continued price increases have made buying a home more challenging over the past year or more. But according to a recent Fannie Mae poll of 100 experts from the housing and mortgage industry, relief may be on the way. In fact, the expert panel sees home prices beginning to moderate through the end of this year and into 2025. Their forecast calls for national home price growth of 4.3 percent in 2024, followed by a 3.2 percent increase the year after. The gradual calming … [Read more...]

According to the Mortgage Bankers Association’s Weekly Applications Survey, average mortgage rates were mostly flat last week from the week before. Rates saw slight increases for 30-year fixed-rate loans with conforming loan balances, loans backed by the Federal Housing Administration, and 15-year fixed-rate loans. Rates for loans with jumbo balances and 5/1 ARMs both saw declines week-over-week. Mike Fratantoni, MBA’s senior vice president and chief economist, says loan application demand also fell. “Mortgage … [Read more...]

Square footage isn’t always the best way to measure a home’s value. The price for two homes with the exact same square footage can be very different based on their features, upkeep, etc. But while it may not be the best way to measure a home’s worth, it is a commonly cited data point and its ups-and-downs can tell us something about the market. In the case of a recent analysis from the National Association of Realtors’ consumer website, what it tells us is buying a home has gotten significantly more expensive over … [Read more...]

Before you can seriously consider buying a home, you have to calculate whether or not you can afford the monthly mortgage payment. After all, there’s no point in falling in love with a house you can’t afford. But what’s a typical monthly mortgage payment look like these days? Well, the Mortgage Bankers Association tracks mortgage payments each month based on the loan amounts applied for by hopeful home buyers. In April, for example, the data shows the national median payment was $2,256. That’s up $55 from March … [Read more...]

How many homes there are available for sale affects both home buyers and sellers. For buyers, climbing inventory is good news and means price increases and competition should begin to slow. For sellers, more homes for sale could mean having to put in some extra effort to attract buyers and make your home stand out from the pack. These days, inventory is on the rise and – after falling to historic lows in recent years – that’s encouraging. It helps balance the market and evens out the highs and lows for both buyers … [Read more...]

The number of signed contracts to buy homes can be a good indicator of where home sales are headed. After all, there are several weeks between when a buyer’s offer is accepted and when the deal is closed. That means the number of contracts to buy homes signed in one month is a good indicator of where the next month’s sales numbers will fall. The National Association of Realtors tracks pending home sales for this reason. Its Pending Home Sales Index can provide a more current picture of sales activity. According to … [Read more...]

According to the Mortgage Bankers Association’s Weekly Applications Survey, average mortgage rates moved higher last week from one week earlier. Increases were seen across all loan categories, including 30-year fixed-rate loans with both conforming and jumbo balances, loans backed by the Federal Housing Administration, 15-year fixed-rate loans, and 5/1 ARMs. It was the first time rates increased in four weeks. Joel Kan, MBA’s vice president and deputy chief economist, says borrowers have been sensitive to recent … [Read more...]

Each month, Fannie Mae’s Economic and Strategic Research Group releases an outlook detailing its expectations for the housing market and economy. According to its most recent forecast, the group foresees dampened housing activity through the end of the year, though they acknowledge the market’s direction is largely dependent on where mortgage rates head from here. “Our consumer survey suggests that households who are paying attention to the housing market continue to take a wait-and-see approach,” Doug Duncan, … [Read more...]