There is an expectation that this year's market won't be quite as competitive as last year's. In 2021, homes sold quickly, bidding wars were common, and buyers had to be prepared and decisive when they found a house that fit their needs. A significant share of homes sold were on the market for just weeks and, in some cases, only days before being swept up by an interested buyer. But while the housing market may not be as hot as last year, it will still be hot. In other words, home buyers should be ready to act … [Read more...]

There are two ways of looking at today's housing market. On the one hand, buying conditions have gotten more challenging, as prices and mortgage rates have risen. On the other hand, the market looks like it's starting to cool off, after an overheated year where the number of interested buyers far outpaced the supply of homes for sale. The National Association of Realtors most recent Pending Home Sales Index is evidence of this. The index shows the number of contracts to buy homes fell 1.2 percent in March, the … [Read more...]

According to the Mortgage Bankers Association's Weekly Applications Survey, average mortgage rates rose again last week, moving up 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, and 15-year fixed-rate loans. With rates continuing to rise, more borrowers are opting for adjustable rate mortgages. ARM loans typically offer a lower rate for a fixed period of time but then, after that initial … [Read more...]

Home prices have spiked over the past year. The most recent S&P Case-Shiller Home Price indices, for example, shows, in the 12 months ending in February, prices rose at the third fastest pace in the 35 years they've been tracking them. S&P's index – which is considered among the leading measures of U.S. home prices – found prices up in every region and at an accelerating pace from the previous month's report. But while the data could seem discouraging for hopeful spring home shoppers, there may be good news … [Read more...]

The housing market hasn't been easy on home buyers the past few years. Even before the pandemic, the inventory of homes for sale was lower than normal and pushing home prices higher. The coronavirus' onset made those issues even more pronounced. But despite the challenging environment, home buyers have remained active. Demand for homes has been elevated the past two years regardless of buying conditions or world events. More often than not, industry experts pointed to low mortgage rates as the reason for this. … [Read more...]

The number of home buyers looking to move to a new area continues to climb, according to a recently released report. The trend began when the pandemic first started early in 2020. The share of prospective home buyers thinking about moving metros grew as mitigation efforts changed the way we lived our day-to-day lives. Locations in the suburbs and exurbs saw an influx of interested buyers as remote work made the daily commute less of a factor in home buying decisions. Now, two years later, the share of relocating … [Read more...]

New numbers from the National Association of Realtors show sales of previously owned homes fell 2.7 percent in March, pushing sales 4.5 percent lower than they were last year at the same time. It was the second straight month home sales slowed. Lawrence Yun, NAR's chief economist, says homes are still selling quickly despite the decline. “The housing market is starting to feel the impact of sharply rising mortgage rates and higher inflation taking a hit on purchasing power,” Yun said. “Still, homes are selling … [Read more...]

According to the Mortgage Bankers Association's Weekly Applications Survey, average mortgage rates increased again last week. Rates were up from one week earlier across all 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. With rates continuing to climb, mortgage application demand has fallen, particularly refinance demand. In fact, the MBA's refinance index fell 8 percent last week from the … [Read more...]

Sometimes you have to move. Maybe you need a bigger house to accommodate a growing family. Maybe you need to move for a job. Whatever the case, there are certainly situations that make a move unavoidable. There are other times, however, that the decision to move isn't quite as clear cut. In those cases, there are many factors that can influence whether, or when, you move. According to Fannie Mae's Economic and Strategic Research Group, recent mortgage rate increases may be among them. Doug Duncan, Fannie Mae's … [Read more...]

The National Association of Home Builders' Housing Market Index is a monthly measure of how confident builders are in the market for new homes. The index is scored on a scale where any number above 50 indicates that more builders view conditions as good than poor. In April, the index scored a 77, which indicates builders remain optimistic about the market. However, though still high, it fell two points from the month before, as affordability concerns are rising. “Despite low existing inventory, builders report … [Read more...]