According to the Mortgage Bankers Association's Weekly Applications Survey, average mortgage rates rose slightly last week from the previous week. Rates were up for 30-year fixed-rate loans with conforming loan balances, loans backed by the Federal Housing Administration, and 15-year fixed-rate loans. But though it marked the second straight week of increases, rates remain just above historic lows. Still, the increase led to a drop in mortgage demand. In fact, refinance activity fell 15 percent from one week … [Read more...]

The most recent results of the S&P Case-Shiller Home Price Indices – considered to be the leading measure of U.S. home prices – show home values are up 3.2 percent over where they were last year at the same time. That's encouraging news for prospective home buyers and a significant drop from where price growth was just a few years ago. But the news comes with a word of caution. That's because price growth is slowing at the same time mortgage rates have been declining. And the improvement in affordability levels … [Read more...]

These days, the imbalance between the number of Americans who want to buy a home and the number of homes available for sale is the housing market's main challenge. With mortgage rates low and the job market strong, there are more people thinking about making a move. But a lack of available homes has held sales back and put upward pressure on prices. There is a solution to this problem, though. And it's new home construction. That's why news that home builders are beginning to build smaller, more affordable homes is … [Read more...]

Markets have cycles. Sometimes they're up, sometimes they're down. The housing market is no different. There are years when homes are selling and years when they aren't. Of course, prospective home buyers don't necessarily decide when to move based on market cycles. But knowing where we are can help them make more informed decisions. For example, a recent analysis from Nationwide says that the housing market passed the peak of its current cycle in 2017. Since then, things have been slowing down. But what does that … [Read more...]

The summer sales season is coming to a close. But that doesn't mean it isn't a good time to buy a house. In fact, new numbers from the National Association of Realtors show buying conditions have actually improved. For example, in August, homes for sale were on the market longer than they were the month before. According to the report, properties typically remained on the market for 31 days in August, up from 29 days in July. Additionally, mortgage rates are hovering near historic lows. Lawrence Yun, NAR's chief … [Read more...]

Housing market conditions fluctuate. Home prices, mortgage rates, and inventory all rise and fall. For most home buyers, however, market conditions aren't what motivates them to make a move. More often than not, buyers are shopping for a house because they've started a family, changed a job, retired, or just need more space. In other words, buyer demand sometimes doesn't coincide with market fluctuations. Take the most recent Applications Survey from the Mortgage Bankers Association. The survey which tracks … [Read more...]

If you want to know how the housing market's doing, ask a builder. After all, it's their business to sell homes. So they have to have a good feel for whether or not people are interested and ready to buy. That's why the National Association of Home Builders conducts a monthly survey that asks builders for their view of the market, current buyer traffic, and expectations for the next six months. Their Housing Market Index is considered a good barometer of housing health and, in particular, interest in the market for … [Read more...]

Credit standards refer to how easy or difficult it is for a borrower to be approved for a loan. When credit standards loosen, it means borrowers with a less optimal financial situation have a better shot at securing financing. When they tighten, the opposite is true. Because standards fluctuate, there are a number of reports that track where they're headed. Among the most recent, Fannie Mae's Q3 2019 Mortgage Lender Sentiment Survey takes a look at what senior executives at lending institutions across the country … [Read more...]

You need to have some money if you want to buy a house. That's no surprise. But knowing how much you need is another question. And it's a question a lot of potential home buyers don't know the answer to. In fact, a recent survey from Bankrate found that 51 percent of Americans said they didn't know the required minimum down payment. Another 28 percent said a down payment of 20 percent was necessary to buy a house. In short, there are a lot of people who want to own their own home who may have misconceptions about … [Read more...]

These days, there aren't many things you can't do on your phone. From grocery shopping to getting a job, smartphones have made nearly everything easier to do. And, according to new research from the National Association of Realtors, that's also true of looking for a house to buy. The data shows that the vast majority of home buyers used their phones to help search for a house. And it isn't just young people who are turning to technology to help with their home search. In fact, large majorities of buyers across all … [Read more...]