More than 10 million households have recently purchased and moved into a new home, according to a new study from the National Association of Home Builders. The study – which looks at data from the American Housing Survey in hopes of determining who today’s typical buyer is and what type of home they buy – breaks down buyers based on age, income, down payments, and home purchased. So who is today’s typical home buyer? Well, the study found recent home buyers had a median age of 41 and a household income of $97,700. … [Read more...]

If you’re thinking about making a move, you’re likely thinking about home values. Whether they’re up or down will have an impact on the decisions you make, whether you’re a buyer, a seller, or both. So where are they now? Well, according to one recent analysis, values were relatively flat in September from the month before. In fact, they were down just 0.1 percent nationally. That’s slower than they’ve been at any point since February but not that far off normal. In fact, between 2015 and 2019, monthly home-price … [Read more...]

For most home buyers, applying for a mortgage is step one. You aren’t going to get very far in the home buying process without first confirming that you’ll be able to get a loan. But while your financial stability, income, and history has a lot to do with whether you’re ultimately approved to borrow, those aren’t the only determining factors. Mortgage credit availability is another. Put simply, lending standards aren’t fixed. There are times when it’s easier to get a mortgage and times when it’s more difficult. … [Read more...]

According to the Mortgage Bankers Association's Weekly Applications survey, average mortgage rates were up last week 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. But while rates for most loan categories increased, rates for adjustable rate mortgages saw a significant decline from the week before. Joel Kan, MBA's vice president and deputy chief economist, says interest in ARMs spiked as a result. “The level of … [Read more...]

Traditionally, buying a house was something you did with your spouse. First, you’d get married then you’d move into your newly purchased home together. But while married couples still account for the largest share of home buyers, things have been changing recently. In fact, according to one new survey from the National Association of Realtors’ consumer website, an overwhelming majority of survey participants now say they’d be willing to buy a home with someone other than a spouse or partner. Danielle Hale, the … [Read more...]

Fannie Mae’s Home Purchase Sentiment Index measures how Americans feel about their finances, the economy, their job, and the housing market. Based on a monthly survey, the index gauges whether consumers believe mortgage rates and home prices are headed up or down, whether they think it’s a good or bad time to buy or sell a home, and whether their personal finances and job security has improved or worsened over the past year. According to the most recent results, Americans are feeling cautious about the housing … [Read more...]

A lot about the way we live changed during the pandemic. Some of those changes were temporary. Others, though, are here for the long term. Remote work, for example. The Internet made working from a home a possibility but it was the pandemic that turned it into a reality. Now, more than three years later, it’s clear that remote work is here to stay. So are the changes it brought to the housing market. With more people able to work from anywhere, ideas about how and where we want to live changed too. People who no … [Read more...]

The housing market has an inventory problem. The lower-than-normal number of homes for sale has prices rising and home buyers frustrated. But while year-over-year numbers show fewer homes on the market and prices higher than last year, monthly data tells a different story. In fact, it shows some short-term improvement. For example, according to newly released numbers from the National Association of Realtors’ consumer website, inventory increased in September from the month before, rising nearly 5 percent. That’s a … [Read more...]

According to the Mortgage Bankers Association’s Weekly Applications Survey, average mortgage rates were up last week from one week earlier. Rates rose across all loan categories, 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. Joel Kan, MBA’s vice president and deputy chief economist, says rates have been moving higher in recent weeks. “Mortgage rates continued to move higher last week as markets … [Read more...]

These days, home buyers face a number of challenges. With prices and mortgage rates both up and the supply of homes for sale down, the market has gotten more difficult over the past year and a half. But not all the news is bad for buyers. For example, according to the Mortgage Bankers Association, median mortgage payments were relatively flat this summer. The MBA’s Purchase Applications Payment Index measures new monthly mortgage payments based on the loan applications of recent home buyers. The latest results show … [Read more...]