According to the Mortgage Bankers Association's Weekly Applications Survey, average mortgage rates increased again last week. Rates were up from one week earlier 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. With rates continuing to climb, mortgage application demand has fallen, particularly refinance demand. In fact, the MBA's refinance index fell 8 percent last week from the … [Read more...]

Sometimes you have to move. Maybe you need a bigger house to accommodate a growing family. Maybe you need to move for a job. Whatever the case, there are certainly situations that make a move unavoidable. There are other times, however, that the decision to move isn't quite as clear cut. In those cases, there are many factors that can influence whether, or when, you move. According to Fannie Mae's Economic and Strategic Research Group, recent mortgage rate increases may be among them. Doug Duncan, Fannie Mae's … [Read more...]

The National Association of Home Builders' Housing Market Index is a monthly measure of how confident builders are in the market for new homes. The index is scored on a scale where any number above 50 indicates that more builders view conditions as good than poor. In April, the index scored a 77, which indicates builders remain optimistic about the market. However, though still high, it fell two points from the month before, as affordability concerns are rising. “Despite low existing inventory, builders report … [Read more...]

Home buyers typically know their price range and approximate mortgage rate. After all, without knowing those two things, it'd be much more difficult to calculate their potential monthly mortgage payment. But those aren't the only two factors that determine how much owning a particular house will cost. For example, property tax is also a factor, and it can add a significant amount to your homeownership expenses. So what should prospective buyers expect to pay? Well, according to ATTOM Data Solutions' most recent … [Read more...]

Nobody likes paying taxes. Just the thought of it can be stressful – especially if you're among the filers who will owe money to the IRS. The good news, though, is the vast majority of us, rather than owing money, will receive a tax return. In fact, according to recent numbers, about 75 percent of us will get money back after filing our taxes. And the average return is pretty sizeable. In fact, it's just over $3,500. So, if you're among the tax filers who's expecting a check from the IRS, what do you plan to do … [Read more...]

According to the Mortgage Bankers Association's Weekly Applications Survey, average mortgage rates increased last week. Rates moved higher 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 while increasing rates slowed refinance activity, demand for loans to buy homes still posted week-over-week gains. In fact, the purchase index rose 1 percent from one week earlier. Joel Kan, MBA's associate vice president of … [Read more...]

It's not surprising that home buyers would rank location as their top consideration when shopping for a home. After all, if your family, friends, and job are all in Dallas, finding the perfect house in San Diego doesn't do you much good. In other words, few of us can say we don't care at all where we live. So the fact that 88 percent of recently surveyed prospective home buyers said location was their most important criteria is no shocker. But what are some of the other factors that buyers listed as top priorities? … [Read more...]

There's a frustratingly low number of homes for sale these days. Low inventory has been pushing prices higher and making it harder for home buyers to find a home to buy. It hasn't, though, kept buyers from trying. In fact, buyer demand remains high. And fortunately for those hopeful home shoppers, it looks like relief may be on the way. Not only has new residential construction been increasing lately, a recently released survey from the National Association of Realtors' consumer website shows there's also an … [Read more...]

Your household budget is a reflection of your personal priorities. No two budgets are the same. That's why it's important to take a look at yours when thinking about how much house you can afford. Knowing how and where you're spending money will give you a good idea of how a monthly mortgage payment will fit into your budget. But while your budget is specific to you, there are some common guidelines. For example, the 28 percent rule. According to the rule, a household should spend no more than 28 percent of its … [Read more...]

Fannie Mae's monthly Home Purchase Sentiment Index surveys Americans to gauge their feelings about the housing market and economy. The survey asks participants whether they think now is a good time to buy or sell a home, if they believe mortgage rates and prices will rise or fall, and how they feel about their job and income. In March, respondents said they feel now is a good time to sell a house, with 74 percent agreeing that the time is right for homeowners who are ready to make a move. Unfortunately, while the … [Read more...]