Home prices shot upward over the past two years. Driven by a historically low number of homes for sale and growing demand from buyers, prices surged. This year, though, the housing market has slowed. So, naturally, the price spikes have too. Right? Well there's good and bad news for prospective home buyers. First off, the price surge is likely over. Higher mortgage rates have calmed demand from buyers and allowed the number of homes for sale to increase. That's helped slow prices, which have already begun to show … [Read more...]

According to the Mortgage Bankers Association's Weekly Applications survey, average mortgage rates increased again last week, with rates climbing 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. It was the second consecutive week rates moved higher. The increases played a role in slowing demand for home purchase loans. In fact, demand for loans to buy homes was down 2 percent from the week before. Joel Kan, MBA's … [Read more...]

There's a reason it's called a seller's market. When there are too few homes for sale and plenty of buyers, home seller's set the terms. Take last year, for example. In the frenzy of last year's housing market, home buyers were waiving inspections and even buying homes sight unseen. Home sellers didn't have to negotiate to get a buyer to sign a contract, they could simply wait for a better offer. This year, though, things may be changing. According to the National Association of Realtors' consumer website, recent … [Read more...]

Your mortgage payment is bound to be among your biggest monthly bills. So it's natural to want it to be as affordable as possible. Which is why the Mortgage Bankers Association's most recent Purchase Applications Payment Index is encouraging news for prospective home buyers. The index – which tracks the typical monthly mortgage payment based on recent home purchase loan applications – found the national median payment applied for by applicants fell in July, dropping to $1,844 from $1,893 the month before. Edward … [Read more...]

Measuring the number of contracts to buy homes signed in a given month will give you a good idea of what the following month's home sales numbers will look like. After all, signing a contract to buy is the first step in a closing process that usually lasts a few weeks. Which means a signed contract today will be a closed home sale in about a month. It also means The National Association of Realtors' Pending Home Sales Index can give us an early insight into what's happening in the housing market now. The NAR's most … [Read more...]

Fannie Mae's Economic and Strategic Research Group releases a forecast each month detailing their outlook for the economy and housing market in the months ahead. The group looks at things like consumer spending, GDP growth, home sales, and mortgage originations and predicts where they're headed through the end of this year. Their August release contains few surprises for anyone thinking about buying or selling a house. In short, it says the housing market has been softening due to rapid home price increases and the … [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, and 15-year fixed-rate loans. As a result, home purchase activity slowed, dropping 1 percent from the week before. Demand for home purchase loans is now 21 percent lower than last year at the same time. Joel Kan, MBA's associate vice president … [Read more...]

The housing market has gotten a little easier for buyers lately. Listings are lasting longer and home-price increases have slowed. It's definitely still a seller's market, but buyers have it easier than they did last year at this time. Of course, how much easier depends on where and what you're looking to buy. Conditions can vary from one neighborhood to the next. They can also vary depending on price range. In fact, according to one recent report, if you're shopping for something smaller and more affordable, … [Read more...]

Home values have been rising steadily for years now. The pandemic caused them to accelerate, but it's not as though they just start increasing two years ago. In fact, according to one monthly measure, there hasn't been a month when they haven't increased since 2012. There were times, of course, when the increases would slow, but no month in the past 10 years saw the typical home value decline month over month. It did in July, though, falling 0.1 percent from the month before. The typical home, according to the … [Read more...]