According to the Mortgage Bankers Association's Weekly Applications Survey, average mortgage rates increased last week from one week earlier. Rates were up 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. The increases continued an upward trend that started last month. They also pushed rates to their highest level since February. But despite higher rates, home buyers remained active. In fact, demand for … [Read more...]

In September, sales of newly built single-family homes increased 14 percent from the month before, according to new numbers from the U.S. Census Bureau and the Department of Housing and Urban Development. The improvement exceeded economists' expectations and pushed sales to their highest level since March. But despite the gains, new home sales are still 17.6 percent lower than they were at the same time last year. Why? Well, affordability is a big part of the reason sales trail last year's pace. For example, the … [Read more...]

The housing market has remained remarkably strong throughout the coronavirus pandemic. But while it rebounded quickly and has stayed hot since, the market still faces pandemic-related risks. That's why ATTOM Data Solutions releases a report each quarter, tracking the pandemic's effects and which markets are most threatened. Todd Teta, ATTOM's chief product officer, says the risks aren't immediate but are still worth watching. “It's important to stress that this doesn't mean that any one area faces imminent danger, … [Read more...]

A competitive housing market can be difficult for home buyers. Not only do they have to prepare for the possibility of a bidding war, they also have to be prepared to lose one. The stress and potential for disappointment is almost enough to make home shoppers feel like giving up. Fortunately, newly released numbers show relief may be on the way for buyers concerned that a bidding war may blow up their budget. According to the data, the number of buyers in September who faced competition fell to the lowest level all … [Read more...]

Sales of previously owned homes spiked 7 percent in September, according to new numbers from the National Association of Realtors. The month-over-month improvement included gains in every region of the country and reversed August's 2 percent decline. Lawrence Yun, NAR's chief economist, said the sales rebound was likely helped by the fact that there are more homes available for sale. “Some improvement in supply during prior months helped nudge up sales in September,” Yun said. “Housing demand remains strong as … [Read more...]

According to the Mortgage Bankers Association's Weekly Applications Survey, average mortgage rates increased again last week, moving higher for 30-year fixed-rate loans with both conforming and jumbo balances. Rates for 15-year fixed-rate loans also increased, while the average rate for loans backed by the Federal Housing Administration fell from the week before. With rates rising, demand for mortgage loan applications decreased 6.3 percent week over week. Joel Kan, MBA's associate vice president of economic and … [Read more...]

Labor shortages and supply-chain disruptions have been an issue for home builders ever since the pandemic's onset last year. But, despite those challenges, the National Association of Home Builders' Housing Market Index has remained strong. The index - which surveys builders and scores their responses on a scale where any number above 50 means more builders view conditions as good than poor – has remained high mostly because demand from buyers has kept builders optimistic about the market. That trend continued in … [Read more...]

Predictions aren't easy, but Fannie Mae's Economic and Strategic Research Group makes them on a monthly basis. The group's forecasts cover what they see ahead for the housing market and general economy. And, according to their October outlook, they expect inflation and consumer spending concerns to cause monetary policy to tighten in the months ahead. But what does that mean to the average home buyer or seller? Well, Fannie Mae says they should expect mortgage rates to rise slightly but remain low throughout 2022. … [Read more...]

First-time home buyers used to make up a larger share of the homes sold in any given year. Typically, they'd account for around 40 percent of annual home sales. But younger home buyers, for a multitude of reasons, have been less active in the housing market in recent years. According to one new analysis, for example, the share of buyers between the ages of 18 and 39 fell 13 percent between 2009 and 2019. That wasn't the only demographic shift during those years, though. In fact, while the share of younger buyers … [Read more...]

According to the Mortgage Bankers Association's Weekly Applications Survey, average mortgage rates increased last week 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. But while rates moved to their highest level in months, mortgage application demand was relatively unaffected, increasing 0.2 percent week over week. Joel Kan, MBA's vice president of economic and industry … [Read more...]