New homes only represent about 11 percent of all home sales. But, though they're a small slice of housing market activity, they do play an important role. That's because, when new homes are selling, builders build more houses. And, since adding new homes to the housing stock can help alleviate upward pressure on home prices, a healthy new home market can make buying conditions better for everyone. These days, though, the market faces some challenges. For example, the increasing cost of land and materials means … [Read more...]

According to the Mortgage Bankers Association's Weekly Applications Survey, average mortgage rates fell again last week. In fact, rates were down 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. The decline follows an increase the previous week but continues an overall downward trend so far this year. Average rates are now 69 basis points lower than they were last year at the same … [Read more...]

When shopping for a house, you're limited to the homes that are on the market at the time you're looking. That means, though the home you're dreaming of may be out there, it also may be owned by a happy homeowner with no plans of selling. This is among the reasons why the number of homes for sale is so important. Not only does higher for-sale inventory keep prices in check, it also boosts buyers' chances of finding something that fits their wish list. In other words, the more homes there are for sale, the better it … [Read more...]

Buying a home is a commitment. Part of that commitment is financial; the other part is time. In other words, if you're buying a home, you're likely planning on staying there a while. But how long do buyers typically stay in the home they buy? Well, according to ATTOM Data Solutions' Q2 2019 U.S. Home Sales Report, homeownership tenure is increasing and recently reached a new peak. In fact, the average number of years home sellers lived in their home before selling hit 8.09 during the second quarter. That's up 3 … [Read more...]

If you're thinking about buying a house, you're probably focused on finding something that fits your lifestyle but doesn't blow a hole in your budget. In short, you want to find the best house for your money. In a market where there are too few homes for sale, though, this can be difficult. That's because a lack of homes for sale means more competition, bidding wars, and fewer choices. Fortunately, though many markets are suffering from a lack of inventory, Fannie Mae's Economic and Strategic Research Group sees … [Read more...]

Despite lingering affordability concerns, Americans remain interested in buying a home. In fact, according to the Mortgage Bankers Association's Weekly Applications Survey, demand for loans to buy homes is now 7 percent higher than at the same time last year. That means, potential home shoppers still see buying opportunities even while for-sale inventory remains low and home prices continue to rise. Joel Kan, MBA's associate vice president of economic and industry forecasting, credits some of that interest to … [Read more...]

The new home market isn't only important to new home buyers. After all, the number of homes being built plays a part in meeting buyer demand, moderating competition, and keeping prices in check. In other words, if the market for newly-built homes isn't doing well, there's a good chance the overall housing market isn't either. That's why the National Association of Home Builders' Housing Market Index is a closely followed indicator. The index measures home builder confidence on a scale where any number above 50 … [Read more...]

If you've never been through the buying process before, you might think you get the keys to your new house right after having your offer accepted. After all, you've been approved to borrow the money and the home seller has agreed to sell you their house. So, what could be the holdup? Well, there are a number of things. First off, there's the paperwork that needs to be done. The details of the home's sale have to be documented before all of the parties involved can be assured that the necessary requirements have … [Read more...]

There are many steps along the way to buying a house. But qualifying for a mortgage is where it all begins. Until you've been approved to borrow, you can't really start looking for a house and you certainly can't make an offer on one. That's why the most recent Mortgage Credit Availability Index from the Mortgage Bankers Association is good news for hopeful home buyers. According to the index – which measures whether lending standards are tightening or loosening – credit became more available in June. That means, … [Read more...]

The cost of buying a house gets a lot of attention these days. After all, home prices have been rising for years now and there's plenty of reporting on the lack of available for-sale inventory. So it'd be easy to get the impression that homeownership is now out of reach for most Americans. But, according to one recent study that looked at affordability based on household income and education level, mortgage payments are actually still affordable in the majority of cities. In fact, the typical mortgage payment is … [Read more...]