According to the Mortgage Bankers Association’s Weekly Applications Survey, average mortgage rates saw mixed results last week, with little movement from the week before 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. Though steady, rates remain up from last month’s lows and that’s pushed demand for mortgage applications lower, with purchase loan activity down 5 percent … [Read more...]

The quickest way to solve an inventory problem is to create new supply. That’s certainly true for the housing market. When there are few available homes for sale and current homeowners don’t look likely to sell, new home construction can help fill the gap. And luckily for today’s home buyers, builders have been doing just that. In fact, according to one new analysis, roughly 1 million single-family homes were completed in 2023 – the second highest total since before the housing crash and financial crisis nearly 15 … [Read more...]

Most home buyers need a loan to buy a house, which makes access to credit a potentially important factor in the home buying process – even if it isn’t as closely followed as the ups-and-downs of home prices and mortgage rates. The Mortgage Bankers Association follows access to credit, though, and its monthly Mortgage Credit Availability Index gives potential borrowers a look at whether lending standards are loosening or tightening. In September, the index fell 0.5 percent on a scale where any decline indicates … [Read more...]

Home builders have a unique perspective on the housing market. After all, their success depends on being able to know what buyers want, where they want it, and when. That’s why the National Association of Home Builders’ monthly Housing Market Index – which measures builder confidence in the market for newly built, single-family homes – is a closely watched barometer of market health. If builders feel good about their prospects, chances are the market is in good shape. The index is scored on a scale where any number … [Read more...]

Fannie Mae’s Economic and Strategic Research Group releases a monthly outlook forecasting what the group believes is ahead for the economy and housing market. In October, the group says the economy is stronger than expected and should slow less than previously thought. The housing market, on the other hand, still depends a lot upon whether – and when – current homeowners decide to move. Doug Duncan, Fannie Mae’s senior vice president and chief economist, says affordability levels hinge on homeowners. “The timing of … [Read more...]

Demand for mortgage applications slowed last week from one week earlier, according to new data from the Mortgage Bankers Association. The MBA’s Weekly Applications Survey found application demand down 17 percent week-over-week as average mortgage rates continued to move higher after several late-summer declines. Joel Kan, MBA’s vice president and deputy chief economist, says rates were up for the third straight week. “Mortgage rates moved higher for the third consecutive week, with the 30-year fixed rate increasing … [Read more...]

It’s election season again and America’s pundits and prognosticators are scouring the polls attempting to predict the outcome. But while there’s a lot of talk about the candidates and their positions, there is one potential factor that doesn’t get as much airtime: interstate movers. That’s right. Americans moving from one state to another could affect the results of this and future elections, according to a new analysis from the National Association of Realtors’ consumer website. Danielle Hale, the website’s chief … [Read more...]

The typical home buyer calculating the costs of homeownership doesn’t spend as much time thinking about insurance premiums as they do mortgage rates and home prices. After all, the cost of homeowners insurance is relatively small when compared to the big-ticket items buyers have to consider. Still, after recent storms in the Southeast, homeowners insurance is becoming a hot topic. Mostly, Americans are concerned about the availability and cost of insurance in areas affected by severe weather – which, of course, is … [Read more...]

There are going to be necessary touchups, fixes, and upgrades anytime you sell a house. If you’re lucky, they’ll mostly be cosmetic, easily resolved, and affordable. After all, it’s never fun putting money into a house you’re about to leave. That’s why it should come as a relief to potential sellers that there’s one job anyone can do to improve their home’s curb appeal – and it costs nothing. So what it is it? Well, six in 10 recently surveyed real estate agents said a messy yard decreases a property’s value – and … [Read more...]

There are a lot of financial calculations involved in buying a home. Buyers need to figure out their down payment, what their prospective mortgage rate might be, their price range, what the monthly mortgage payment will look like, etc. It’s a long list – and too often, it’s a list that doesn’t take into account future renovations. If you own a home, you’ll have to do a major renovation sooner or later. In fact, according to one recent survey of current homeowners, 94 percent said they’d completed a major project in … [Read more...]