Traditionally, the end of the year is the time when prognosticator and forecasters release their predictions for the year ahead. Fannie Mae's Economic and Strategic Research Group is no different. The group's most recent release details what they believe awaits the economy and housing market in 2023. So what do they expect? Well, for starters, they've raised their expectations for home sales next year – though they still believe sales will fall from 2022. Among the reasons they think there will be fewer sales in … [Read more...]

Home builders are in the business of knowing what buyers want and when. Which is why the National Association of Home Builders' monthly Housing Market Index is a closely watched indicator of market health. The index is based on a survey where builders' responses are collected and scored on a scale where any number above 50 indicates more builders view conditions as good than poor. In December, the overall index fell for the 12th consecutive month. But while builders are clearly feeling the effects of high inflation … [Read more...]

There are a lot of ways to measure the health of the housing market. You can find stats and trends detailing everything from home sales to housing starts. Ultimately, though, potential buyers just want to know that the home they purchase won't hurt them financially or leave them stuck with a house they can't afford to leave. That's why this year's housing market has caused some anxiety. The market has slowed after a period of rising home values and elevated demand. The change has caused hesitation among Americans … [Read more...]

Winter weather has already arrived in much of the country. That means snow, ice, and cold. But though that may not sound inviting to a lot of people, it doesn't mean living in a colder climate is necessarily less expensive than it is to live where the weather is milder. In fact, according to one newly released study, median home values in the 14 states that got the most snow in December 2021 are, on average, nearly, $57,000 more expensive than median values in states that reported no snow. That may come as a … [Read more...]

According to the Mortgage Bankers Association's Weekly Applications Survey, average mortgage rates were mostly flat last week from one week earlier. Rates were virtually unchanged week-over-week for 30-year fixed rate loans with conforming loan balances, loans backed by the Federal Housing Administration, 15-year fixed-rate loans, and 5/1 ARMs. Jumbo loans saw a slight increase. Joel Kan, MBA's vice president and deputy chief economist, says rates remain near their lowest level in a month. “The 30-year fixed-rate … … [Read more...]

Part of the home buying process is deciding whether you want to buy a new home or an existing home. They both have advantages. Previously owned homes, for example, are generally more affordable and typically located in more established neighborhoods. New homes, on the other hand, have the benefit of being brand new. And, these days, they're increasingly being offered with added incentives to encourage potential buyers. In fact, according to a recently released survey from the National Association of Home Builders, … [Read more...]

The Mortgage Bankers Association's monthly Mortgage Credit Availability Index offers prospective home buyers a gauge of how easy or difficult it currently is to get approved for a loan. The index measures whether lending standards are tightening or loosening. When standards tighten, it means borrowers need to have a more secure financial situation than when standards loosen. In November, the index found mortgage credit was more available than it was the month before. That means borrowers should have an easier time … [Read more...]

You may be someone who envisions moving somewhere beautiful when you retire. After all, spending your retirement soaking up the sun somewhere near the water doesn't sound too bad. But while many of us may fantasize about moving away in retirement, the reality is the majority of us are happy where we are. According to one newly released survey, 70 percent of Gen X and Baby Boomers say they plan to retire in the home they currently own. The reasons are varied, including everything from having a low mortgage payment … [Read more...]

The number of Americans who say it's a good time to buy a home increased in November, according to Fannie Mae's Home Purchase Sentiment Index. The index – which is based on a monthly survey that asks Americans for their feelings about the housing market, economy, mortgage rates, home prices, and whether or not it's a good time to buy or sell a home – found a 1 percent increase in the number of respondents who say now's a good time to buy. The improvement came as the overall index saw its first gains in eight … [Read more...]

According to the Mortgage Bankers Association's Weekly Applications Survey, average mortgage rates fell again last week. Rates were down from the week before 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 despite favorable rates, home buyer demand for loans to buy homes fell 3 percent from the week before. Joel Kan, MBA's vice president and deputy chief economist, says demand slowed, even as rates and prices … [Read more...]