According to the Mortgage Bankers Association's Weekly Applications Survey, average mortgage rates were mostly flat last week, with rates for 30-year fixed-rate mortgages with conforming balances unchanged from the week before. Rates for loans backed by the Federal Housing Administration declined week-over-week, while jumbo loans and 15-year fixed-rate mortgages saw smaller decreases. Though rates remained relatively steady, mortgage application demand still fell, with the purchase index down 4 percent from one … [Read more...]

In order to buy a house, you need a mortgage. To get a mortgage, you need to be approved for a loan. That means having a lender look at your finances to determine whether or not you can manage the financial obligations of owning a home. In part, that determination will be based on current lending standards. When standards are tighter, your finances will have to be in better shape to qualify for a loan. When they loosen, you have a better chance of being approved, even if your credit history isn't perfect. The … [Read more...]

There's been a lot of speculation lately that home prices are going to start cooling off. That may be true, and it'd certainly be a relief to home buyers trying to navigate today's market. But while price increases are expected to slow in the coming months, new numbers from ATTOM Data Solutions shows they continued climbing during the second quarter of this year. In fact, according to ATTOM's most recent 2022 U.S. Home Affordability Report, the median price of a single-family home hit a new high of $349,000 during … [Read more...]

Unless you're buying a newly built house, you're going to be shopping for home that is likely decades old. That can mean charm and character. It can also mean renovations and home improvement projects. As a home buyer, how much you're willing to take on will depend on things like your budget and DIY skills but also, according to one new survey, how much inconvenience you're willing to endure. The survey found most homeowners believe home improvement and renovation projects always take longer than originally … [Read more...]

Fannie Mae's monthly Home Purchase Sentiment Index surveys Americans and asks them for their perception of the housing market and economy. Survey respondents are asked whether they think now is a good time to buy or sell a home, what they expect mortgage rates and home prices to do, and how they feel about their job and finances. In June, the index fell from the month before, as more participants expressed caution about the current housing market. Still, their long-term expectations were positive. In fact, the … [Read more...]

According to the Mortgage Bankers Association's Weekly Applications Survey, average mortgage rates fell last week from one week earlier. Rates fell 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 have declined. Joel Kan, MBA's associate vice president of economic and industry forecasting, says rates have been dropping but remain higher than last year. “Mortgage rates … [Read more...]

The best way to get a feel for whether or not a home for sale fits your needs is to see it in person. Nothing beats actually walking through a house to get a sense of its layout and how it would accommodate your life. That's why, when buyers find a listing they're really interested in, they typically schedule a time to go see it before deciding whether or not to make an offer. How many showings a listed home garners is an excellent indicator of how many buyers are interested in it. Which is why measuring the … [Read more...]

Home prices had already been increasing by the time the pandemic started. After it began, though, prices shot up even faster than before. Since then, double-digit, year-over-year increases have been common in a lot of markets. But, according to the latest S&P Case-Shiller Home Price Index – which covers data through the end of April – the rate of increase has finally showed signs of slowing. The data found that, while prices continue to increase at a higher than normal pace, the rate of increase is now … [Read more...]

These days, most buyers start their home search online. In fact, according to one analysis, 97 percent of recent home buyers used the internet while shopping for a house. That means almost everyone searching for a house is looking at photos of listings before heading out to see available homes in person. That makes photography an important part of the home buying process. Good photos will help sellers attract buyers, while also helping buyers narrow their search down to the homes that best fit their needs. So what … [Read more...]

According to the Mortgage Bankers Association's Weekly Applications Survey, demand for loans to buy homes rose 8 percent last week from the week before. It was the second straight week of gains. But despite the improvement, buyer demand is still lower than it was last year at the same time. Joel Kan, MBA's associate vice president of economic and industry forecasting, says there are a couple of reasons for that. “Purchase activity was still 10 percent lower than a year ago, as inventory shortages and higher … [Read more...]