According to the Mortgage Bankers Association's Weekly Applications Survey, average mortgage rates fell last week for 30-year fixed-rate mortgages with both conforming and jumbo balances, as well as for loans backed by the Federal Housing Administration. Joel Kan, MBA's associate vice president of economic and industry forecasting, told CNBC the drop was driven by global economic events. “Strong inflation was overshadowed by ongoing trade tensions between the U.S. and China, along with concerns over Turkey's … [Read more...]

As everyone knows, real estate is mostly about location. What $500,000 buys you in one neighborhood will be far different than what it affords you in another. Put another way, your money will go a lot farther in the Midwest than it will on the West Coast. Which is why a recent analysis showing a growing number of cities where the median home value is $1 million or more isn't quite what it initially seems. Though it's true that the number of million dollar cities has doubled over the past five years and that, within … [Read more...]

You can tell a lot about the way an area grew by the age of its homes. The pace of suburban sprawl, for example, can be mapped just by observing the way homes get newer as you get further from the city's center. Houses built in the 1920s give way to homes from the '50s and '60s and so on. But that's not all you can learn from paying attention to the collective age of the country's housing stock. You can also tell a lot about the housing market's ups-and-downs. One example can be found in a recent analysis from the … [Read more...]

The current real-estate market suffers from a lack of inventory. Fewer available houses for sale has led to higher prices and more competition for the homes that are on the market. Part of the reason for this is fewer new homes were being built in the years following the housing crash. But what about current homeowners? Why haven't more Americans been selling their homes and trading up in recent years? Well, according to Doug Duncan, Fannie Mae's senior vice president and chief economist, affordability conditions … [Read more...]

According to the Mortgage Bankers Association's Weekly Applications Survey, average mortgage rates were relatively flat last week, including rates for 30-year fixed-rate loans with both conforming and jumbo balances, loans backed by the Federal Housing Administration, and 15-year fixed-rate mortgages. But, despite the fact that rates were mostly unchanged from one week earlier, overall demand for mortgage applications was down from the week before. Joel Kan, MBA's vice president of economic and industry … [Read more...]

The value of a particular house has to do with many different factors. The condition of the house, the location, the school district, supply, demand, and the surrounding neighborhood's amenities are among some of the most well known. But a recent analysis has pinpointed another, less well known, factor that may help push prices upward. According to the study, areas that have stricter land-use regulations – such as density laws and permit review times – have seen much larger increases in home values compared to … [Read more...]

Naturally, home builders need to keep up with what buyers want. If they're building homes without incorporating the features home buyers desire, they won't be in business very long. And that's why it's good to check in with builders if you're curious about the latest home design trends. For example, according to one recent survey conducted by home builder Ashton Woods, buyers no longer prefer an all-white kitchen. In fact, today's home buyer is more likely to choose natural wood cabinets, with white cabinetry … [Read more...]

Your financial health isn't really about how much money you make. It's more about how much you have left over once you've paid all your bills. After all, if you make $1 million a month but also spend $1 million, you're still struggling financially. And no one likes worrying about money. For that reason, a recent analysis took a look at the 50 biggest cities in the country and – based on household income, home prices, and cost of living – tried to determine where homeowners were able to live most comfortably. … [Read more...]

Home buyers this year have faced higher prices, more competition, and rising mortgage rates. In short, it's been a challenging year. But that's not to say it isn't a good time to buy a house. There are many reasons to be optimistic about homeownership, in fact – and a few that put current conditions in perspective. Take mortgage rates, for example. According to Freddie Mac, the long term average is 8.16 percent, which means today's rates are still low historically. Also, home equity is increasing. In fact, it's up … [Read more...]

According to the Mortgage Bankers Association's Weekly Applications Survey, average mortgage rates increased for 30-year fixed-rate mortgages with both conforming and jumbo balances last week. Loans backed by the Federal Housing Administration were virtually unchanged. Nevertheless, the increases led to a decline in mortgage activity, with both refinance and purchase demand lower than one week earlier. Joel Kan, the MBA's vice president of economic and industry forecasting, told CNBC slowing mortgage demand is in … [Read more...]