According to the Mortgage Bankers Association's Weekly Applications Survey, average mortgage rates fell last week for the first time in 12 weeks. Rates were down 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. Joel Kan, MBA's associate vice president of economic and industry forecasting, says the decline was caused by the invasion of Ukraine. “Mortgage rates dropped for the first time in 12 weeks, as the war in … [Read more...]

What we want in a house doesn't change all that much over time. Home buyers always want storage, a good kitchen, and enough bedrooms and bathrooms. But according to one new survey, there is a part of the house that has grown in importance over the past couple of years: back yards. In fact, nearly three quarters of Americans said a spacious yard would be at the top of their wish list if they were shopping for a house. So what has home buyers focused on outdoor space more than before? Well, the pandemic was part of … [Read more...]

Just in time for the spring sales season to kick-off, more Americans are saying it's a good time to buy a house. In fact, according to Fannie Mae's most recent Home Purchase Sentiment Index – based on a monthly survey which asks Americans for their perceptions of the housing market, buying or selling a home, mortgage rates, home prices, their job and financial situation – respondents are feeling more optimistic about the market. Specifically, the component measuring whether participants think it's a good time to … [Read more...]

You don't need to be an economist to understand supply and demand. It's a pretty simple concept. When supply is low and demand is high, prices rise. That's what's been happening in the housing market. Home prices have been increasing because a lot of people want to buy a house but there aren't a lot of homes available to buy. Fortunately, though, there's reason to believe the inventory crunch that's pushed prices higher may be starting to ease. According to a new report from the National Association of Realtors' … [Read more...]

Figuring out how much your down payment will be and where it'll come from is a big part of getting ready to buy a house. Whether you're using money from the sale of your current home or saving from scratch, you have to have an idea of how much you'll have available. Naturally, how much you'll need depends on the specific house you're hoping to buy and the terms of your loan. But what does the typical down payment look like these days? Well, according to one recent analysis, the median down payment on single-family … [Read more...]

According to the Mortgage Bankers Association's Weekly Applications Survey, average mortgage rates increased 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, and 15-year fixed-rate loans. Higher rates didn't have much effect on mortgage applications demand, however. In fact, applications were down less than 1 percent. Joel Kan, MBA's associate vice president of … [Read more...]

When there are fewer homes available for sale, those that are on the market receive more interest. After all, it's easier to get buyers interested in your home, if there aren't many others to see. That's the case these days. Simply put, it's a good time for homeowners who want to sell. How good? Well, according to one recent report, very good. The analysis looked at the average number of home showings per listing in January, which is a pretty accurate way to measure current buyer demand. What they found was – even … [Read more...]

There are more millennial home buyers in the housing market than ever before. The generation – roughly defined as those born between 1981 and 1996 – is now reaching, or just past, the age of the typical first-time home buyer. In fact, in 2021, they made up 67 percent of first-time home purchase applications. So what are these buyers looking for in a house? Well, according to one recent analysis, a lot of the same things older buyers want. For example, millennials say they want a house in a safe area, near good … [Read more...]

Buying a home is a process. There are several steps between the day you're approved to borrow and the day you get keys to your new home. Among them, having an offer accepted and signing the contract to buy is a big one. Barring something unforeseen, it means you're a few weeks away from closing on your house and getting ready to move. That's why, after the contract is signed, the home's sale is considered pending. It's also why the National Association of Realtors tracks pending sales each month, because they're a … [Read more...]

Affordability is a top concern for today's home buyers. Mortgage rates have risen recently and home prices continue to climb. But while it may seem like buyers haven't gotten any good news lately, the most recent new residential construction report from the U.S. Census Bureau and the Department of Housing and Urban Development contains some encouraging signs. The report found that, in January, permits to build new, single-family homes rose 6.8 percent from the month before. And, because spiking home prices are … [Read more...]