According to the Mortgage Bankers Association's Weekly Applications Survey, average mortgage rates fell last week for 30-year fixed-rate mortgages with conforming loan balances. But the drop, which has rates hovering just above record lows, failed to move home buyers. In fact, demand for loans to buy homes fell from the week before. So why haven't favorable rates spurred a buying boom? Well, though low mortgage rates are good for buyers and help ease affordability conditions, they aren't the only factor affecting … [Read more...]

Buying a house is a major financial transaction no matter where you live. But just how big the transaction is largely depends on where you're buying. From one neighborhood to the next, affordability conditions can change. And when comparing metropolitan areas, that change can be even more drastic. For example, a recent analysis of metro areas looked at median incomes and median home prices in an effort to determine the country's most affordable cities. The results show that Detroit is the most affordable city in … [Read more...]

After spiking at the end of last year, mortgage rates have spent most of this year falling. Now they're, once again, a motivating factor for potential home buyers. But they're also good for existing homeowners. So much so that Fannie Mae's latest outlook sees a refinance boom ahead. “Mortgage rates are approaching their lowest level in recent decades, and as they have moved lower, more and more homeowners are finding incentive to refinance,” Doug Duncan, Fannie Mae's senior vice president and chief economist, said. … [Read more...]

Home builders have a unique perspective on the housing market. Their business depends on knowing when and where people will be looking for homes. Because of this, they have to be able to read where the market is headed. That's why the National Association of Home Builders conducts a monthly survey measuring their confidence in the market for newly built homes. In August, the NAHB's index scored a 66 on a scale where any number above 50 means more builders see conditions as good than poor. In short, home builders … [Read more...]

The latest Housing Trend report from the National Association of Realtors' consumer website is a mix of good and bad news. For example, the report shows that the number of Americans who feel now is a good time to buy a house has risen. Driven by falling mortgage rates, more potential home buyers are hitting the market. But while that's good news – as it means affordability conditions have improved and it's motivating buyers – it also puts pressure on inventory levels. Inventory refers to the number of homes … [Read more...]

For most buyers, finding a house that doesn't require a major renovation is a priority. After going through the buying process, moving, and settling in, few of us want to immediately get started on a huge home improvement project. But even if the house you buy is in perfect shape, it'll require maintenance. Eventually, you may even want to make some changes, redo the bathroom, or remodel the kitchen. According to one recent survey from Freedom Debt Relief, 69 percent of homeowners plan on renovating their home in … [Read more...]

Work is a fact of life. For the vast majority of us, it's unavoidable. After all, unless you're independently wealthy, you probably need to work for a living. And if you do, you most likely want to live fairly close to where you do it. But do most people work where they want to live or live where they found work? Well, according to one new study, 81 percent of survey respondents said they moved because they found a new job. That means, for most movers, finding somewhere to live close to the office was part of the … [Read more...]

Competition can sometimes be fun. But shopping for a house to buy isn't one of those times. When it comes to buying a home, competition usually leads to stress and disappointment. That's why data from one new national report is good news for potential home buyers. According to the report, the housing market is far less competitive than it was last year at this time. In fact, bidding wars are at their lowest point since 2011. Additionally, today's buyer is less than half as likely to face a competing offer than they … [Read more...]

Americans are feeling financially confident and it's good news for the housing market, according to the latest Home Purchase Sentiment Index from Fannie Mae. The survey - which measures consumers' perceptions of buying and selling a home, job security, mortgage rates, prices, etc. - hit a new high in July. Doug Duncan, Fannie Mae's chief economist, says it's due to favorable mortgage rates and increased job confidence. “Consumer job confidence and favorable mortgage rate expectations lifted the HPSI to a new survey … [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, and 15-year fixed-rate loans. The decline was significant and largely brought on by the beginning of a trade war with China. Mike Fratantoni, MBA's senior vice president and chief economist, said lower rates will likely spur refinance activity. “The … [Read more...]