Mortgage rates were at their recent peak in October. But despite elevated rates, new home buyers were active, pushing sales of newly built single-family homes higher than the month before. In fact, according to recently released numbers from the U.S. Census Bureau and the Department of Housing and Urban Development, new home sales rose 7.5 percent above September's rate and were down just 5.8 percent from last year at the same time. The improvement beat expectations, as economists polled by Reuters predicted a … [Read more...]

According to the Mortgage Bankers Association's Weekly Applications Survey, average mortgage rates fell again last week. Rates 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 all declined. It was the second straight week mortgage rates fell. They are now down 50 basis points from last month's peak. Joel Kan, MBA's vice president and deputy chief economist, said the news was good for home buyers. “The decrease in … [Read more...]

It's nice to have a grocery store in the area. After all, you're going to need groceries. So having a store nearby that you can quickly run to when you run out of something is a coveted convenience. But it may be more than just convenient, according to a new analysis from ATTOM Data Solutions. Their recently released 2022 Grocery Store Wars looked at home values near three popular grocery store chains to determine where values were the highest. What they found was average home values were highest in neighborhoods … [Read more...]

Each month, Fannie Mae’s Economic and Strategic Research Group releases a forecast detailing what they believe is ahead for the housing market and economy. According to their most recent release, the group sees the current market slowdown continuing into the first half of next year. Among the reasons for this, the “lock-in effect” is a significant contributor. With rates higher than those homeowners already have locked in on their current mortgage, there is a financial disincentive to move for many homeowners right … [Read more...]

At the height of last year's housing market, a good home listed for sale on a Wednesday would often be sold by the end of the weekend. Hopeful home buyers had to act fast if they hoped to get a winning offer in on a listing that garnered a lot of interest. These days, though, the housing market has slowed. But does that mean you no longer have to worry about losing an opportunity to a faster, better prepared buyer? Not really. Though buyer demand has definitely slowed, the supply of homes remains low and good homes … [Read more...]

Each month, the National Association of Home Builders conducts a survey to gauge builders' perceptions of the current market for newly built single-family homes. Their monthly measure of home builder confidence is a closely watched housing market indicator, as home builders have a unique perspective on the market. In November, builder confidence fell from the month before. Jerry Konter, NAHB's chairman, says higher mortgage rates have slowed demand. “Higher interest rates have significantly weakened demand for new … [Read more...]

According to the Mortgage Bankers Association's Weekly Applications Survey, average mortgage rates for 30-year fixed-rate mortgages with conforming loan balances saw their biggest week-over-week decline in months last week. Rates for 15-year fixed-rate loans and 5/1 ARMs also fell, while rates for jumbo and FHA loans were relatively flat from the week before. Joel Kan, MBA's vice president and deputy chief economist, says the decline was the result of inflation slowing. “Mortgage rates decreased last week as signs … [Read more...]

The standards lenders use to determine whether or not a borrower is approved for a mortgage aren't fixed. Depending on market conditions, getting a mortgage may be easier at one point and more difficult the next. Because of this, the Mortgage Bankers Association keeps a monthly measure of mortgage credit availability. The index was benchmarked to 100 in March 2012 and any increase is indicative of looser credit while a decline is evidence that standards are tightening. In October, the MBA found mortgage credit … [Read more...]

It's no secret that the housing market has been more challenging this year. Higher mortgage rates, combined with still-high home prices, low inventory, and an uncertain economy, have had an effect on affordability conditions. It may have you wondering whether or not it's a good time to buy. After all, how many homes out there are actually affordable to the typical buyer? Well, according to the National Association of Home Builders' Housing Opportunity Index – which tracks how affordable new and existing homes are … [Read more...]

The number of available homes for sale is up 42 percent from where it was last year at this time, according to new numbers from the National Association of Realtors' consumer website. The analysis – which looked at the housing market through the week ending November 5 – found active inventory up for the fourth consecutive week. That's good news for home buyers. It means more options, less competition, and more time to make buying decisions. In fact, the data shows homes for sale are spending an extra week on the … [Read more...]