According to the Mortgage Bankers Association’s Weekly Applications Survey, average mortgage rates moved higher last week from one week earlier. Rates were up 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 increase was due to stronger-than-expected economic news, including the September jobs report. Mike Fratantoni, MBA’s senior vice president and chief economist, … [Read more...]

Have you thought about moving lately? If so, you’re not alone. In fact, according to one new survey of current homeowners, 72 percent said they’re ready to pack up and find a new place to live. Last year, by comparison, only 35 percent said the same. That’s a sizable increase and a significant amount of pent-up buyer demand in the market, particularly among current homeowners. So what’s behind Americans’ growing desire to move? Mostly, affordability conditions. Many Americans want to buy but have been holding off, … [Read more...]

Fannie Mae’s monthly Home Purchase Sentiment Index is based on a survey of Americans that asks for their feelings about buying and selling a home, mortgage rates, prices, their financial situation, and job security. In September, the index rose 1.8 points to its highest level in two years. And while the number of respondents who say it’s a good time to buy a home is still low, optimism about mortgage rates has reached a survey high, with 42 percent of respondents saying they expect rates to fall over the next year. … [Read more...]

Affording a home got easier in August, according to newly released numbers from the Mortgage Bankers Association. The MBA’s monthly Purchase Applications Payment Index measures the national median mortgage payment applied for by home buyers and, in August, the index found payments fell. In fact, the median payment was down nearly 4 percent from the previous month, bringing it to $2,057 from $2,140 the month before. The improvement continues a trend. “Home buyer affordability conditions improved for the fourth … [Read more...]

In a fast moving market, home buyers have to make big decisions quickly. Spend too much time deliberating over whether or not to make an offer and you may just lose your chance. That’s been the case in recent years, and certainly during the pandemic. Too few homes for sale combined with a surge of interested buyers meant a good home for sale could be off the market in a matter of days. That’s why it’s good news for buyers that inventory has since improved and, according to one recent analysis, so has the amount of … [Read more...]

According to the Mortgage Bankers Association’s Weekly Applications Survey, average mortgage rates were relatively flat last week, remaining near recent lows despite a slight increase 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. Mike Fratantoni, MBA’s senior vice president and chief economist, says rates moved higher but so has purchase demand. “Mortgage rates were … [Read more...]

Before closing on a house, it’s important to find out as much about it as you can. That’s why scheduling an inspection is typically among the first things buyers do after having their offer accepted. A buyer has to be sure the house is structurally sound and has no major issues. But while you can know a lot about a home’s structure and mechanical systems before committing to it, you can’t always know what the neighbors are like and how well you’ll get along with them – and sometimes that can be just as important as … [Read more...]

New home sales numbers are known to be volatile on a month-to-month basis. They’re also frequently revised. That’s certainly the case with the latest numbers from the U.S. Census Bureau and the Department of Housing and Urban Development. Their latest New Residential Sales report shows the previous three months’ sales numbers were revised higher after their initial release. That means sales were better than reported. It also means the market for newly built single-family homes is on good footing and should see … [Read more...]

The National Association of Realtors’ Pending Home Sales Index tracks the number of contracts to buy homes signed each month. The index is considered a good future indicator of home sales numbers since signings take place near the beginning of the home buying process and final sales numbers are based on closed transactions, which typically happen weeks later. That means the NAR’s latest release showing contract signings increasing is a good sign sales numbers are about to head higher too. In August, contract … [Read more...]

For years now, buying a home has been getting more expensive. Higher home prices and climbing mortgage rates have had affordability trending in the wrong direction. But lately, things have started to change. In fact, according to ATTOM Data Solutions’ third-quarter 2024 U.S. Home Affordability Report, buying a home was more affordable during the third quarter. Rob Barber, ATTOM’s CEO, says market challenges remain but conditions are starting to head in the right direction. “Home affordability continues to show … [Read more...]