According to the Mortgage Bankers Association’s Weekly Applications Survey, average mortgage rates moved higher last week for 30-year fixed-rate loans with conforming loan balances and those backed by the Federal Housing Administration. Jumbo loans, 15-year fixed-rate loans, and 5/1 ARMs all saw decreases from one week earlier. Mike Fratantoni, MBA’s senior vice president and chief economist, says inflation is keeping rates elevated. “Inflation remains stubbornly high, and this trend is convincing markets that … [Read more...]

Homeownership has long been seen as an important part of achieving the “American Dream.” Put simply, most of us hope to be homeowners one day, if we aren’t already. In fact, according to one newly released survey, 67 percent of participants said owning a home is one of their biggest aspirations in life – with 73 percent of both Millennial and Gen Z respondents naming it among their top goals. That’s a significant majority and further proof that the dream of homeownership endures, even during challenging market … [Read more...]

Home sellers continued to enjoy healthy profits during the first quarter of 2024, according to new numbers from ATTOM Data Solutions. ATTOM’s first-quarter 2024 U.S. Home Sales Report found the typical home sale during the first three months of this year had a gross profit of $120,500. That’s a bigger profit than has been seen during most of the past 10 years but also the lowest it’s been since mid-2021. Rob Barber, ATTOM’s CEO, says profits have been trending smaller. “The latest price and profit numbers show … [Read more...]

Typically, after a contract to buy a home is signed, there are several weeks until the deal is closed and the sale is final. That means the number of signed contracts in any given month should be a good indicator of the next month’s final sales numbers. It also means contract signings can be a more current gauge of buyer demand and what’s happening in the market now. That’s why the National Association of Realtors tracks them each month. In March, according to newly released data from the NAR, the number of signed … [Read more...]

Buying a home is a commitment. It’s not something you’re going to do every other year. So, when you’re searching for a home, you have to consider whether or not you can see yourself living there for a while. But how many years does the average homeowner spend in their home? Well, according to new numbers from ATTOM Data Solutions, fewer than before. During the first quarter of this year, homeowners who sold their homes had lived in them for an average of 7.77 years. For comparison, homeownership tenure was found to … [Read more...]

According to the Mortgage Bankers Association’s Weekly Applications Survey, average mortgage rates moved higher last week from the week before. Rates were up across all loan categories, including 30-year fixed-rate loans with both conforming and jumbo balances, loans backed by the Federal Housing Administration, 15-year fixed-rate loans, and 5/1 ARMs. As a result, demand for loans to buy homes slowed, dropping 1 percent from the previous week. Joel Kan, MBA’s vice president and deputy chief economist, says interest … [Read more...]

New home sales surged almost 9 percent in March, according to new numbers from the U.S. Census Bureau and the Department of Housing and Urban Development. The improvement exceeded economists’ expectations and pushed new home sales 8.3 percent higher than year-before levels. The gains are mostly due to the continuing lack of existing homes available for sale. Inventory levels have been improving recently but remain lower than normal. That’s helped drive home buyers to consider new options, which has kept the new … [Read more...]

First-time home buyers have a different set of challenges when it comes to buying a home. For one, they don’t have a home to sell. That means they don’t have the option of taking the proceeds from their home’s sale and using it to fund the down payment on a different house. In other words, they have to come up with a down payment mostly from savings. That can be challenging in a market where prices continue to rise. But while the market can be challenging for first-time buyers, that doesn’t mean they aren’t active. … [Read more...]

The housing market has cooled a bit from its pandemic-era boom, when buyers were on the move and locking in historically low mortgage rates. But while things aren’t as frenzied as they were in 2021, that doesn’t mean buyers should expect falling home prices. In fact, quite the opposite. According to new numbers from Fannie Mae, prices continue to rise and saw a 1.7 percent increase during the first quarter of 2024 – which is about the same rate of increase seen during the final three months of 2023. Doug Duncan, … [Read more...]

The number of homes for sale continues to climb, according to new numbers from the National Association of Realtors. In March, total housing inventory was up nearly 5 percent from the month before and 14.4 percent higher than it was last year at the same time. That’s certainly good news for buyers. But though improved, inventory remains lower than normal. In fact, at the current sales pace, there is a 3.2-month supply of homes for sale. A 6-month supply is considered a balanced market. Lawrence Yun, NAR’s chief … [Read more...]