When a homeowner refinances their mortgage, they're replacing their original mortgage with a new one. The reason to do this is to secure better terms on their home loan. So naturally, the right time to refinance a loan is when mortgage rates are lower than they were when the house was purchased. That's why it's no surprise that a recent report from Ellie Mae shows that, in September, refinances made up a larger share of total mortgage loan activity than they had in any previous month dating back more than four … [Read more...]

The most recent forecast from Fannie Mae's Economic and Strategic Research Group says the housing market may be an economic bright spot going into 2020. While other economic indicators are pointing to uncertainty and downside risk, real estate looks strong and may help contribute to economic growth after nearly two years of being a drag on the economy. But while a strong housing market is a positive for the economy, what does it mean for the average home buyer? Well, Doug Duncan, Fannie Mae's senior vice president … [Read more...]

Supply and demand have a lot to do with how much it costs to buy a house. When there are more homes than buyers, prices fall and buying becomes more affordable. When there are more buyers than homes, it gets more expensive. That's why the new home market is so important. After all, new home construction is a big part of the supply side of that basic equation. That's why a new survey from the National Association of Home Builders is encouraging. Their Housing Market Index asks builders for their opinion of the new … [Read more...]

According to the Mortgage Bankers Association's Weekly Applications Survey, average mortgage rates rose slightly last week, with increases for 30-year fixed-rate loans with conforming loan balances and loans backed by the Federal Housing Administration. Jumbo loans were unchanged from the week before. But, despite the week-over-week rate increase, demand for loans to buy homes remains higher than last year at the same time. Joel Kan, MBA's associate vice president of economic and industry forecasting, says the … [Read more...]

Young Americans' financial health is an important factor in the housing market. After all, first-time home buyers historically have accounted for almost half of all home sales. So whether or not younger Americans are ready to buy has an impact on home sales, inventory, prices, etc. That's why new data from the National Association of Realtors' consumer website is illuminating. The research shows that the average student loan borrower owes $34,500, which is $8,500 more than the typical down payment of $26,000. In … [Read more...]

Everyone knows real estate is about location. If you're looking to buy a house, the zip code you're searching in will play a big role in determining the price of homes you find and the amount of competition you face from other home buyers. In short, conditions can vary widely from one neighborhood to the next. That's why, though there are areas in the country where affordability is a concern and finding a home that fits your budget can be difficult, there are also areas where homes are still affordable to people … [Read more...]

If you've lived in a home for a while, you've likely let some things go. Which means, when it comes time to sell, you'll probably have a pretty substantial to-do list to get done before your home's ready for sale. But though getting your house ready to put on the market can be stressful for home sellers, it isn't the top thing that causes them stress, according to a new survey. In fact, the number one thing that stresses out sellers is timing. Selling a house within a desired time frame was named by 56 percent of … [Read more...]

According to the Mortgage Bankers Association's Weekly Applications Survey, average mortgage rates fell sharply last week. In fact, rates were down 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. The decline brought mortgage rates to their lowest level since August. Joel Kan, MBA's associate vice president of economic and industry forecasting, said falling mortgage rates led to a … [Read more...]

When you're ready to buy a home, the market conditions you encounter will partly be determined by your price range. First-time home buyers looking for an affordable, entry-level home will find very different conditions than someone looking to spend $750,000 on a house. Why is that? Well, the short answer is inventory. How many available homes there are in a particular price range will dictate how much competition buyers encounter and how fast prices are rising or falling. These days, for example, the high end of … [Read more...]

Fannie Mae's monthly Home Purchase Sentiment Index is a monthly gauge of how Americans feel about the housing market, economy, and their personal financial situation. The survey asks participants for their opinions about home prices, mortgage rates, their job, income, and whether or not they think now is a good time to buy or sell a home. According to the most recent release, respondents are feeling optimistic about the housing market but are beginning to feel less confident about economic conditions and job … [Read more...]