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 mortgages with both conforming and jumbo balances, loans backed by the Federal Housing Administration, and 15-year fixed-rate loans. The decline means rates remain near three-year lows. Joel Kan, MBA's associate vice president of economic and industry forecasting, says falling rates led to a spike in demand for home purchase loans. “Purchase … [Read more...]

Much like the weather, the housing market's hottest season is summer. Buyer activity begins to accelerate in the spring and typically reaches its peak right around the time the seasons turn. But then, after the kids go back to school, the air begins to cool and so does the market. Fall brings with it fewer buyers, slowing prices, and less competition for available homes. This is the normal seasonal cycle. But this year, newly released data shows the seasonal slowdown, that usually arrives in September, began … [Read more...]

Fannie Mae's Home Purchase Sentiment Index is a monthly measure of Americans' feelings about the housing market. The survey asks respondents for their perception of the market, their job security and financial health, whether they think it's a good time to buy or sell a house, mortgage rates, home prices, etc. According to the most recent release, Americans are feeling optimistic and it's mostly due to favorable mortgage rates. Doug Duncan, Fannie Mae's senior vice president and chief economist, says falling rates … [Read more...]

In a perfect world, the most stressful thing about shopping for a home to buy would be choosing between multiple houses that fit well with your lifestyle and budget. But, as anyone who's been through the buying process before knows, it doesn't necessarily work out that way. Finding a house that fulfills your needs, fits your budget, and checks off every item on your wish list can be a challenge. How much so? Well, according to a new survey from the National Association of Home Builders, just over half of … [Read more...]

Recent worries about a potential recession have made news but, according to Freddie Mac's newest housing market forecast, home buyers and sellers shouldn't be too concerned. That's because, there are a number of positive trends that will help keep the real estate market healthy through the fall and into 2020. For one, the job market continues to show strength. And that, combined with mortgage rates hovering at three-year lows, will likely keep things moving in the right direction. Sam Khater, Freddie Mac's chief … [Read more...]

According to the Mortgage Bankers Association's Weekly Applications Survey, average mortgage rates for 30-year fixed-rate loans with conforming loan balances fell to their lowest level since November 2016 last week. Rates for jumbo loans, loans backed by the Federal Housing Administration, and 15-year fixed-rate loans were relatively flat. But though rates remain favorable, it hasn't resulted in increased demand from borrowers. In fact, refinance activity actually declined last week, falling 4 percent. Joel Kan, … [Read more...]

When you think about where Americans move once they've retired, you probably think of sunny cities in states like Florida or Arizona. But, according to one recent analysis, there are some less obvious spots that should be added to the list of places retirees consider when thinking about where they'd like to spend their golden years. That's because cities like Plano, Pittsburgh, Lexington, Louisville, and Fort Wayne were included among the top 10 best places to retire – along with sun-drenched cities like St. … [Read more...]

Money is an issue when deciding whether it's a good time for you to buy a house. Your savings, income, and monthly budget will all play a role in determining what you can and can't afford. But your personal finances aren't the only variable dictating how much house you can buy. Current market conditions will also be a factor. Whether home prices and mortgage rates are up or down will affect how far your money will go. That's why recent data from Black Knight Financial is encouraging for anyone considering buying a … [Read more...]

When an offer to buy a house is accepted, a contract is signed. After that, the home's sale is considered pending until the buying process is completed and all of the paperwork is done. Because contract signings precede closings, pending sales can be a good indicator of future home sales. That's why the National Association of Realtors measures them on a monthly basis. In July, their Pending Home Sales report shows contract signings were down from the month before but remain virtually unchanged from where they were … [Read more...]

Home prices have been rising for years now. But, according to new data, they may be finally starting to level off. The numbers, from S&P CoreLogic Case-Shiller Indices – which is considered to be the leading measure of U.S. home prices – shows price increases have continued to slow. Nationally, S&P's most recent reading has them up just 3.1 percent year-over-year. Philip Murphy, managing director and global head of index governance at S&P Dow Jones Indices, says that may be a sustainable level. “Home … [Read more...]