According to the Mortgage Bankers Association's Weekly Applications Survey, average mortgage rates fell last week, reversing an upward trend seen over the past several weeks. Though the decline was slight, it affected all loan categories except those backed by the Federal Housing Administration. Joel Kan, MBA's associate vice president of economic and industry forecasting, says rates slowed due to economic concerns. “Treasury rates declined last week, as equity markets continued to see large swings amidst investor … [Read more...]

For most of this year, new home builders have been optimistic. With high buyer demand and a stronger economy, the market for newly built homes was building some momentum. But, according to the most recent Housing Market Index from the National Association of Home Builders, conditions are changing and builders are reacting. In fact, the index – which measures builder confidence on a scale where any number above 50 indicates more builders view conditions as good than poor – dropped eight points in November. Robert … [Read more...]

Young Americans want to own a home. Research consistently shows large majorities who say they aspire to one day become homeowners. And yet, the number of first-time home buyers active in the market has been lower than what is historically normal for several years. So why aren't more young Americans buying houses? Well there are a number of factors at play but, among them, student loan debt is a big one. According to one recent study, the average monthly student debt payment for current renters who say they'd like … [Read more...]

One good way of measuring where home prices are headed is to look at how many homes for sale have had to adjust their initial listing price. If there are a lot of homes in your area with price reductions, it could be a sign that the local market is softening. And, according to one national report, it likely is. That's because, new numbers show 31.3 percent of homes for sale in October had at least one price cut of more than 1 percent. By comparison, last year at the same time just 25 percent of homes had previously … [Read more...]

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Naturally, affordability is a big consideration for anyone buying a home. After all, it's a significant purchase and you want to be sure you're getting a good deal. For that reason, recent reports of higher prices and rising mortgage rates may give you the impression that buying a house is out of reach. But new data from the National Association of Home Builders shows otherwise. That's because, their Housing Opportunity Index found that the majority of “new and existing homes sold between the beginning of July and … [Read more...]

According to the Mortgage Bankers Association's Weekly Applications Survey, demand for loans to buy homes fell last week. In fact, purchase application demand was down 2.3 percent from one week earlier. Joel Kan, an MBA economist, told CNBC there are a couple of factors that could be contributing to the decline. “Recent volatility in the financial markets and increasing rates continue to adversely impact mortgage application activity, even as the general economic outlook remains positive,” Kan said. In other words, … [Read more...]

The housing market has been hot for a while. As the number of buyers outpaced the number of houses for sale, competition and prices rose. But just as competition helps push prices higher, higher prices help motivate homeowners to sell. Which is where we are today. Americans feel now is a good time to sell a house and, as more homeowners decide to list theirs, prices and competition will begin to slow down. That should start making conditions more favorable for buyers. But when will the seller's market become more … [Read more...]