According to the Mortgage Bankers Association’s Weekly Applications Survey, average mortgage rates were relatively flat last week after falling to the lowest level in more than a year the week before. Rates were virtually unchanged for 30-year fixed-rate loans, FHA loans, and jumbo loans, while rates for 15-year fixed-rate loans decreased and 5/1 ARMs moved higher. With rates still lower than they’ve been all year, mortgage demand skyrocketed, jumping nearly 17 percent week-over-week. Joel Kan, MBA’s vice president … [Read more...]

People move for a variety of reasons. A move could be inspired by everything from a new job in a different area to weather or a desire to be closer to family and friends. On the list of reasons people move, though, space is always near the top. Home buyers are often looking to expand – or downsize – their living space. But is there a size that’s right for most buyers? A new analysis from the National Association of Home Builders offers some clues on what most home shoppers want. According to the analysis, 21 … [Read more...]

The housing market has softened a bit in recent weeks, with mortgage rates and home prices both showing signs of calming. Whether or not it’s enough to inspire buyers remains to be seen. But according to one recent survey, current home shoppers are feeling positive about their position. In fact, a majority said they feel confident. Results found 56 percent of respondents said they expect to find and close on an affordable house that fits their needs. Additionally, 44 percent of surveyed home shoppers said they … [Read more...]

How easy or difficult it is for a prospective home buyer to get approved for a loan depends on credit availability. Current lending standards and access to loan programs play a part in determining whether or not a borrower can secure financing. That’s why the Mortgage Bankers Association tracks mortgage credit availability each month. Any increase in its Mortgage Credit Availability Index indicates that credit has become more available, while decreases signal that credit has tightened. In July, the index rose 3.3 … [Read more...]

Fannie Mae’s monthly Home Purchase Sentiment Index is based on a survey which asks Americans for their opinions on the housing market and economy. The survey covers everything from home prices and mortgage rates to job security and household income in an effort to determine how consumers feel about buying a home. According to the most recent results, Americans are feeling cautious. In fact, the number of respondents who say it’s a good time to buy a home was down 1 percent month-over-month, while the share who say … [Read more...]

According to the Mortgage Bankers Association’s Weekly Applications Survey, average mortgage rates fell 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, 15-year fixed-rate loans, and 5/1 ARMs. The declines were significant and dropped rates to the lowest level since May 2023. Joel Kan, MBA’s vice president and deputy chief economist, says demand spiked as a result. “Mortgage rates decreased across … [Read more...]

Homes for sale have hit a post-pandemic high and it’s helping make the housing market more buyer friendly, according to new data from the National Association of Realtors’ consumer website. The data shows the total number of homes on the market has been increasing for nine straight months, pushing the number of homes actively for sale 36.6 percent higher year-over-year in July and driving price cuts to the highest rate since October. Altogether, it’s starting to look like good news for buyers. “As sellers continue … [Read more...]

Housing market conditions can vary depending on a lot of factors. Location is an obvious one. What’s true in one market isn’t necessarily going to be true in others. It isn’t the only factor, though. Markets can also vary depending on price range. For example, over the past several years, the market for luxury homes has behaved differently than the market for typical homes. In fact, according to one recent analysis, luxury home values – defined as the most valuable 5 percent of homes in any given area – have … [Read more...]

Rising home prices during the spring sales season pushed the share of equity rich homes higher, according to new data from ATTOM Data Solutions. ATTOM’s most recent U.S. Home Equity & Underwater Report found 49.2 percent of mortgaged residential properties were considered equity rich, meaning the combined amount of loan balances on those properties was less than half their estimated market value. In short, spring was good for homeowners. Rob Barber, ATTOM’s CEO, says homeowner wealth turned for the better. … [Read more...]

When a contract to buy a house is signed, that home’s sale is considered pending until the deal is closed weeks later. That makes contract signings a fairly reliable indicator of future home sales, since most signed offers lead to closed sales. The National Association of Realtors tracks pending home sales for this reason. Its Pending Home Sales Index is released monthly and is considered a good predictor of existing-home sales numbers. In June, the index moved 4.8 percent higher, with improvement seen in each of … [Read more...]