There have been a few factors fueling buyer demand the past three years. Certainly, historically low mortgage rates drove some Americans to buy a house sooner than they may have otherwise. But most people don't buy a house simply because market conditions are favorable. Most of us buy because of a big life change like a new job, getting married, or having kids. That never changes, which is why in the months ahead demographics will play a bigger role in the housing market than affordability conditions. For example, … [Read more...]

Home builder sentiment is an important gauge of housing market health. Builders, after all, have to be able to accurately read the market in order to know when and where to build homes. Their success depends on it. That's why the National Association of Home Builders' monthly Housing Market Index is a closely watched market metric. When builders are feeling optimistic, it's a good sign that things are headed in the right direction. That's why the NAHB's most recent release is such welcome news. Builder confidence … [Read more...]

According to the Mortgage Bankers Association's Weekly Applications Survey, average mortgage rates increased last week after falling for five consecutive weeks. Rates were up from the week before across all loan categories, including 30-year fixed-rate loans with both conforming and jumbo balances, loans backed by the Federal Housing Administration, and 15-year fixed-rate loans. As a result, demand for mortgage applications fell 7.7 percent, with both refinance and purchase activity decreasing from one week … [Read more...]

Each month, Fannie Mae surveys Americans to gauge how they feel about the housing market. Survey respondents are asked whether they think it's a good time to buy or sell a home, where they think mortgage rates and home prices are headed, and how they're doing financially. The results make up Fannie Mae's monthly Home Purchase Sentiment Index. In January, the index rose for the third consecutive month. Despite the gains, though, it still remains below its pre-pandemic highs. Respondents say they believe home prices … [Read more...]

If you're a potential home buyer or seller, you're most likely wondering what's happening with home prices. The market continues to slow, after running hot for two years, and Americans are looking for answers. Well, some of those answers can be found in the latest Metropolitan Median Area Prices and Affordability report from the National Association of Realtors. The report found home prices up 4 percent year-over-year during the fourth quarter of 2022. But while they were still rising at the end of last year, … [Read more...]

Home buyers have regained some of their purchasing power in recent weeks. Mortgage rates have fallen from the peak they hit last October and buyers are now getting more house for their money. That's welcome news after last year, when the average square footage a buyer could afford with a $3,000 monthly mortgage payment fell 140 square feet from the year before. So how much more for their money are buyers getting now that rates have moderated somewhat? Well, according to one recent analysis of cities across the … [Read more...]

Modern technology has given many of us the ability to work from almost anywhere. But while the technology that enables it has existed for a while now, remote work didn't become commonplace until the onset of the pandemic. Since then, according to recent Census data, the number of Americans who work from home has tripled. Naturally, the increased ability to work from home has had an effect on how and where we live. One new survey looked at remote work and moving patterns, and its findings aren't all that surprising. … [Read more...]

According to the Mortgage Bankers Association's weekly applications survey, average mortgage rates fell for the fifth consecutive week last week. Rates were down for 30-year fixed-rate loans with both conforming and jumbo balances. They also fell for loans backed by the Federal Housing Administration. The downward trend over the past several weeks has led to increasing demand for mortgage applications, with both purchase and refinance demand moving higher last week. Joel Kan, MBA's vice president and deputy chief … [Read more...]

Buying a home has become more affordable, according to new numbers from the Mortgage Bankers Association. The MBA's Purchase Applications Payment Index – which measures how mortgage payments change from month to month – found that the median payment fell 2.9 percent at the end of last year, dropping from $1,977 in November to $1,920 in December. Edward Seiler, executive director of MBA's Research Institute for Housing America, says affordability looks like it'll continue to improve as spring approaches. “With … [Read more...]

When mortgage rates spiked last year, many potential home buyers put their plans on hold. But hesitant home buyers may want to rethink their position now that the winter housing market has seen mortgage rates fall a full percentage point from where they were last November. After all, newly released research shows the decline means up to 3 million more Americans can now afford a $400,000 loan. Nadia Evangelou, senior economist and director of real estate research at the National Association of Realtors, says lower … [Read more...]