For the most part, people sell their home because they want to buy a different one. Which means, if you’re a home seller, you’re also likely a home buyer. It also means there are likely more than a few potential home sellers who are ready to move but have been waiting for affordability conditions to improve before becoming a buyer again. After all, an affordable monthly payment isn’t an easy thing to give up. So now that rates have fallen over the past few months, are more homeowners ready to sell? According to one … [Read more...]

According to recently released housing market forecasts, economists expect a better year for home buyers in 2024. Mortgage rates have started to come down after climbing higher over the past year and a half. Home price increases have slowed in most parts of the country. Even the inventory shortage is expected to get better this year. There’s a general sense that the housing market will improve in the months ahead. And according to a new survey from the National Association of Realtors’ consumer website, that … [Read more...]

Mortgage rates have calmed recently. In fact, they’ve fallen pretty significantly since reaching highs last October. But while rates have given buyers some relief over the past few months, they remain elevated compared to the historic lows seen during the pandemic. In other words, rates are still a factor for potential home buyers – especially younger buyers. But while 67 percent of millennials say they regret not buying when rates were at all-time lows, they aren’t discouraged by today’s rates. In fact, according … [Read more...]

In a challenging housing market, home buyers need to stay flexible. That means considering everything from buying a house that needs some work to buying a house in a neighborhood farther from home. These days, with prices and mortgage rates pushing buyers’ budgets, some shoppers have even weighed interstate moves. Of course, moving to another state is a big commitment and isn’t for everyone but one recent study found buyers who take the leap have found big savings after hitting the road. In fact, buyers who moved … [Read more...]

Fannie Mae’s monthly Home Purchase Sentiment Index is based on a survey of Americans which asks participants for their view of the housing market and economy. Participants are asked whether they feel now is a good or bad time to buy or sell a home, where they think mortgage rates and prices are headed, and about their personal financial situation and job security. According to the most recent results, Americans are feeling more optimistic about home buying conditions and specifically mortgage rates. In fact, a … [Read more...]

The first thing a prospective home buyer has to plan for financially is the down payment. It’s a significant amount of money to come up with and you need to have a plan to cover it and closing costs. After that, though, it’s time to start thinking about your potential monthly mortgage payment. It’s likely to be among your biggest bills and you want to make sure it works with your budget and won’t cause you financial stress. So what is the typical mortgage payment these days? Well, according to the Mortgage Bankers … [Read more...]

It’s a new year and that means everybody’s thinking about what the next 12 months will look like. In the housing market, that means wondering what’s ahead for prospective home buyers and sellers. Will the market heat up again and move prices higher? Will mortgage rates fall and improve buyers’ purchasing power? Will there be inventory gains or will the number of homes for sale remain low? Well, according to one recently released report, Americans expecting to get into the market this year should expect improved … [Read more...]

According to the Mortgage Bankers Association’s Weekly Applications Survey, average mortgage rates ended 2023 with a slight increase for most loan categories, including 30-year fixed-rate loans with both conforming and jumbo balances and loans backed by the Federal Housing Administration. But despite the end-of-the-year increases, Joel Kan, MBA’s vice president and deputy chief economist, says rates are now significantly lower than they were in October, when they peaked. “The 30-year fixed mortgage rate edged … [Read more...]

The internet changed the way we shop for homes. These days, hopeful home buyers typically start their search online before heading out to look at houses that seem like a good fit. Online searches are certainly convenient for potential buyers but they’re also a good way of tracking what buyers want and where they’re looking. One new analysis looked at page-view traffic – along with home price growth and days on market – in an effort to narrow down which were the most popular markets of 2023. The results show that … [Read more...]

After slowing in October, the number of contract signings stabilized in November. The National Association of Realtors’ Pending Home Sales Index – which measures the number of contracts to buy homes signed during the month – saw no change from the month before but did find buyer activity increasing in most regions, with gains seen in the Northeast, Midwest, and West. Lawrence Yun, NAR’s chief economist, says falling mortgage rates are beginning to build home buyer interest. “Although declining mortgage rates did … [Read more...]