When you see a home for sale that looks great, has all the right updates, and is in an desirable neighborhood, chances are you aren’t the only one excited about the prospect of living in it. Especially in a market short of available homes, good ones are going to attract buyers, and that means competition, bidding wars, and quick sales. It can also mean heartbreak, if you’ve grown attached to a home that eventually sells to another buyer. Fortunately for today’s home buyer, competition has eased a bit from its … [Read more...]

Housing market conditions can vary from one location to the next. What’s true in one area may not be in another. That’s certainly the case when looking at home price trends in different cities across the country. The trend in Los Angeles, for example, can be very different from what’s happening in Louisville. So while home prices have been increasing recently, not every metro area has seen the same gains and some may not even have seen gains at all. A new report from the National Association of Realtors addresses … [Read more...]

Current housing market conditions present some challenges for prospective home buyers. Elevated mortgage rates and home prices – combined with a lower than normal number of homes for sale – have made it more difficult for buyers looking for a home that fits both their needs and their budget. But housing market conditions are never perfect and, despite the ups-and-downs, Americans have consistently expressed a desire to own their own home. That remains true today, according to the latest Housing Trends Report from … [Read more...]

According to the Mortgage Bankers Association’s Weekly Applications Survey, average mortgage rates fell across all loan categories last week, including 30-year fixed-rate loans with both conforming and jumbo balances, loans backed by the Federal Housing Administration, 15-year fixed-rate loans, and 5/1 ARMs. The decline was the biggest week-over-week decrease since July 2022. Joel Kan, MBA’s vice president and deputy chief economist, says there are a few reasons for the improvement. “Last week’s decrease in rates … [Read more...]

Fannie Mae’s monthly Home Purchase Sentiment Index measures how Americans feel about the housing market and overall economy. Based on a survey that asks participants for their view of buying and selling a home, home prices, mortgage rates, their income and job, the survey provides a look into what Americans are thinking and how willing they may be to get into the market. According to the most recent results, Fannie Mae’s survey shows a large majority of respondents feel now is a good time to sell a house. In fact, … [Read more...]

As home prices have increased, so has the share of homeowners who can consider themselves equity rich – meaning the combined amount of loan balances secured by their home is no more than half the home's value. That's a good position to be in as a homeowner and its one in which a significant share of homeowners find themselves, according to a new report from ATTOM Data Solutions. ATTOM's third-quarter U.S. Home Equity & Underwater Report shows 47.4 percent of mortgaged homes in the country were equity rich in … [Read more...]

October is the first full of month of fall and a time when more than just the weather cools off. Typically, the housing market does too. Summer shoppers have settled in and the number of active buyers and homes for sale both tend to decline as winter approaches. This year, however, the typical seasonal slowdown in homes for sale has reversed, according to the National Association of Realtors’ consumer website. The site’s October Monthly Housing Trends Report found that, in October, the number of homes for sale … [Read more...]

There are a lot of numbers to keep track of when you’re a home buyer trying to figure out how much you can afford. There’s the price of the home, your prospective mortgage rate, your down payment, closing costs, and moving expenses. It can be dizzying. In the end, though, after all the upfront costs are paid for, what you’ll be left with is your monthly mortgage payment. So how much can you expect to pay each month after the dust settles? Well the Mortgage Bankers Association tracks median mortgage payments with … [Read more...]

According to the Mortgage Bankers Association’s Weekly Applications Survey, the average mortgage rate for 30-year fixed-rate loans with conforming loan balances fell last week for the first time in more than a month. The decline is encouraging news for prospective borrowers but Joel Kan, MBA’s vice president and deputy chief economist, warns rates are still high. “Mortgage applications declined for the third straight week as mortgage rates remained elevated, with all rates around 30 basis points higher than they … [Read more...]

The double-digit home price increases seen a couple of years ago have subsided, but that doesn’t mean prices aren’t still increasing. In fact, according to the latest S&P Case-Shiller Home Price Indices – considered among the leading measures of U.S. home values – prices remain strong. Craig J. Lazzara, managing director at S&P, says they’re even hitting all-time highs. “One measure of the strength of the housing market is the relationship of current prices to their historical level,” Lazzara said. “On that … [Read more...]