Fannie Mae's monthly Home Purchase Sentiment Index is based on a survey of Americans. The survey asks participants whether they think now is a good time to buy or sell a home, where they think prices and mortgage rates are headed, and how they feel about their job security and financial situation. According to the most recent release, Americans are feeling slightly more cautious than they were in previous months. In fact, the index fell for the first time in three months, with respondents expressing concern about … [Read more...]

At some point, we've all fantasized about moving somewhere far from home. Whether it was after a particularly good vacation or a bout of bad weather, it isn't uncommon to think about what it might be like to live in a different place. Truthfully, though, a lot of those fantasies involve moving some place more expensive than where we currently live. So, if you're dreaming of moving away but would like some more affordable options, you may be interested in a recent analysis of the country's most affordable states. … [Read more...]

It's natural to look back on decisions you've made and wonder what might've been had you made different choices. So it's not surprising that an overwhelming majority of recent home sellers say they wish they'd done something differently when they sold their home. It's a major undertaking and a significant financial transaction, after all. But what is the top thing home sellers say they regret? Well, if you guessed it has to do with pricing their home, you're correct. The most common answer in a survey of sellers … [Read more...]

According to the Mortgage Bankers Association's Weekly Application Survey, average mortgage rates moved higher last week across all loan categories. Rates were up for 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. It was the third consecutive weekly increase. Joel Kan, MBA's vice president and deputy chief economist, says inflation concerns are behind the upward trend. “Data on inflation, employment, and … [Read more...]

In 2021, home prices set a record. According to the S&P Case-Shiller Home Price Indices, they were nearly 19 percent higher than they were the year before. That was the largest annual home price gain in the 35-history of S&P's index. Last year, though, prices slowed considerably, and with S&P's latest release we know just how much. The index found that, after peaking in June, home prices ended the year up 5.8 percent from the previous year. Craig J. Lazzara, managing director at S&P, says prices … [Read more...]

When a contract to buy a home is signed, that home's sale is considered pending until it eventually closes weeks later. During this period, the details of the sale and financing are finalized. The lag between signings and closings makes pending sales an excellent predictor of future home sales. That's why the National Association of Realtors tracks them each month. According to their most recent report, pending home sales increased 8.1 percent in January. It was the second consecutive increase and the largest … [Read more...]

Sales of newly built homes were rising at the end of last year and continued to increase once 2023 arrived. In fact, according to new numbers from the U.S. Census Bureau and the Department of Housing and Urban Development, new home sales rose 7.2 percent in January – and that's following an upward revision of December's numbers. The increases were likely fueled by falling mortgage rates, which provided relief to winter home shoppers. So what does this mean to the average buyer? Well, any increase in new home sales … [Read more...]

The housing market has been through some ups-and-downs over the past year. A booming market began to slow down early in 2022, as mortgage rates climbed and caused affordability challenges for buyers. Last fall, though, mortgage rates started to decline and the drop caused housing market optimism to rise. Add to that unexpectedly strong economic data and some were feeling that the worst may be over. But according to Fannie Mae's Economic and Strategic Research Group – which releases a monthly outlook detailing their … [Read more...]

According to the Mortgage Bankers Association's Weekly Applications Survey, average mortgage rates increased last week 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. The increases brought rates to their highest levels since November. Joel Kan, MBA's vice president and deputy chief economist, says they also had a cooling effect on buyers. “This time of the year is … [Read more...]

There was a time, not long ago, when the typical home listed for sale would be on the market for barely two weeks before it sold. With buyer demand high and the number of available homes lower than normal, the pace of the housing market was fast - nearly 90 percent of homes sold in under a month. These days, though, things have slowed down a bit and that's good for buyers, as it gives them more time to deliberate before making an offer. But how long does the typical home stay on the market now? Well, according to … [Read more...]