According to the Mortgage Bankers Association's Weekly Applications Survey, average mortgage rates were up and down last week. Rates fell week-over-week for 30-year fixed-rate loans with conforming loan balances and those backed by the Federal Housing Administration, but increased for 15-year fixed-rate mortgages and jumbo loans. Despite the movement, however, rates across all loan categories remain low by historical standards – even if they're higher than the all-time lows seen in 2020. Last week's rates didn't … [Read more...]

In most cases, when you buy something, you don't get to negotiate the price. If you're buying a refrigerator, for example, you don't make an offer. You pay whatever the store says it costs. Buying a house works a little bit differently. That's because, the price a home lists for isn't necessarily the price it sells for. Depending on market conditions, buyers may be able to get a house for less than its list price or, at other times, they may have to pay more. That's particularly true in today's market. A … [Read more...]

Last year, after the coronavirus' onset, there was a lot of talk about how Americans were looking to move from city centers into the suburbs and exurbs. The pandemic had us staying at home more and more time in the house led to a wave of home buyers with a freshly updated wishlist. Space, privacy, and affordability led the list of features buyers were now focused on finding. In short, they wanted a bigger place with more outdoor space and a lower monthly cost. So how'd they do? Well, according to one recent survey, … [Read more...]

When a buyer's offer is accepted and a contract to buy is signed, that home's sale is considered pending until the closing process has finished. Pending sales are considered a good indicator of future home sales, because there are typically weeks between the time when a contract is signed and the sale is finalized. That's why the National Association of Realtors' Pending Home Sales Index tracks them each month. In April, signings fell from the month before. Despite the month-over-month dip, however, Lawrence Yun, … [Read more...]

According to the Mortgage Bankers Association's Weekly Applications Survey, demand for loans to buy homes rose last week from the week before. In fact, the MBA's Purchase Index increased 2 percent from one week earlier. It was the second improvement in three weeks. Joel Kan, MBA's associate vice president of economic and industry forecasting, says buyer demand remains high. “Purchase applications increased for the second time in three weeks, rebounding after a rather weak April with mostly weekly declines,” Kan … [Read more...]

If you're shopping for a house this year, there's likely a reason you've decided now's the right time for you to buy. Maybe it's because you no longer like the neighborhood you're in or you need more space because your family's grown since your last move. Whatever the reason, the list of things you want in your next home is mostly tied to the things you want and need right now. But, based on a new analysis of homeownership tenure from ATTOM Data Solutions, you might want to also think about your future needs. … [Read more...]

There are a lower-than-normal number of previously owned homes available in today's market, but that hasn't stopped home buyers. In fact, according to the National Association of Realtors, sales of existing homes between January and April are 20 percent higher than they were during the same period last year. That's despite the fact that April sales fell 2.7 percent from the month before. Lawrence Yun, NAR's chief economist, says demand is strong. “Despite the decline, housing demand is still strong compared to one … [Read more...]

Each month, Fannie Mae's Economic and Strategic Research Group releases a forecast for the economy and housing market. According to their most recent release, the group sees improvement ahead. In fact, their forecast calls for home sales to increase 6.3 percent this year and new home construction to rise almost 25 percent higher than the year before. But despite the optimistic numbers, there are still challenges facing the market. Among the biggest is the lack of existing homes available for sale. Fewer homeowners … [Read more...]

By now, everybody knows the housing market's hot. They're probably also familiar with the factors that have kept it buzzing. Low mortgage rates and the increasing number of Americans working remotely are just a couple of the now well-known drivers of recent buyer demand. But just how competitive is the spring market? Well, according to one recent analysis, 72 percent of the homes sold in April faced competition. In other words, nearly three-quarters of the homes sold during the month had more than one interested … [Read more...]

Because home builders have a unique perspective on the housing market, the National Association of Home Builders conducts a monthly survey to gauge how confident they are in the market for newly built homes. Their responses are scored on a scale where any number above 50 indicates more builders view conditions as good than poor. In May, the NAHB's Housing Market Index held steady at 83, unchanged from the month before. Chuck Fowke, NAHB's chairman, says there are a few factors that have builders feeling optimistic … [Read more...]