Sales of previously owned homes rose 9.5 percent in February, according to new numbers from the National Association of Realtors. The improvement was the largest month-over-month gain since February 2023 and included increases in the West, South, and Midwest. The Northeast was unchanged from the previous month. Lawrence Yun, NAR’s chief economist, says the growing inventory of homes for sale is helping push sales higher. “Additional housing supply is helping to satisfy market demand,” Yun said. “Housing demand has … [Read more...]
Average Mortgage Rates Move Higher
According to the Mortgage Bankers Association’s Weekly Applications Survey, average mortgage rates moved higher last week from one week earlier. Rates were up across most 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 increase led to a 1 percent drop in the number of borrowers seeking loans to buy homes. Joel Kan, MBA’s vice president and deputy chief economist, says demand for loans … [Read more...]
New Home Construction Soars In February
The market for newly built homes continues to benefit from the lack of older homes available for sale. Existing home inventory is lower than normal and buyers are increasingly looking at new construction as an alternative. This has been good for the new home market. It’s also led to a spike in construction activity. In fact, according to newly released numbers from the U.S. Census Bureau and the Department of Housing and Urban Development, the number of new homes that began construction in February was 10.7 percent … [Read more...]
Builders Express Rising Confidence In Market
Home builders can be a pretty good gauge of where the housing market is headed. Because their business depends on knowing where and when buyers are looking to purchase a home, they’re generally good at reading market dynamics. That’s why the National Association of Home Builders keeps a monthly measure of builder confidence. If builders are optimistic and building more homes, it’s likely the overall market is in good shape. The NAHB’s Housing Market Index measures builder confidence on a scale where any number … [Read more...]
How Affordable Is Buying A Home In Today’s Market?
Calculating whether or not you can afford to buy a house means examining your budget, spending habits, and how a mortgage payment might fit into your monthly expenses. Ultimately, it’s a calculation only you can make. After all, you’re the best judge of how much you’re comfortable spending. Still, there are several ways to get a sense of overall affordability conditions and how expensive it is to buy in today’s market. The National Association of Realtors’ Housing Affordability Index is among them and, according to … [Read more...]
Is ‘Rate Lock’ Beginning To Ease?
The inventory of homes for sale has been lower than normal for years now. There are a number of reasons for this. One factor keeping inventory low is the number of homeowners who refinanced their loan when mortgage rates were at historic lows and, having locked in a low rate, are reluctant to move. But according to newly released numbers, there may be evidence that the “rate lock” that made potential sellers hesitant to list their homes has begun to ease. How so? Well, new listings of existing homes rose 21 percent … [Read more...]
Average Mortgage Rates Fall Week-Over-Week
According to the Mortgage Bankers Association’s Weekly Applications Survey, average mortgage rates fell last week from the week before. Rates were down across most 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. Mike Fratantoni, MBA’s senior vice president and chief economist, says economic data was behind the improvement. “Mortgage rates dropped … last week for most loan types because of … [Read more...]
Mortgage Credit Availability Sees Improvement
Lending standards aren’t fixed. That means qualifying for a mortgage can be easier – or more difficult – depending on when you’re applying for a loan. That’s why the Mortgage Bankers Association keeps a monthly measure of mortgage credit availability. Its Mortgage Credit Availability Index measures whether standards are loosening or tightening on a scale where any increase means it has gotten easier for borrowers to get a loan. According to the most recent index, access to mortgage credit improved in February, … [Read more...]
Where Are The Country’s Most Stable Markets?
A new report from ATTOM Data Solutions looks at county-level housing markets across the country in an effort to determine which are the most stable and which face rising risks. The analysis was based on a number of factors including the percentage of homes facing foreclosure, the portion with loan balances that exceeded property values, percentage of local wages necessary to cover homeownership expenses, and local unemployment rates. The results show the country’s most stable markets located primarily in the South … [Read more...]
Americans Feel Optimistic About Housing Market
Fannie Mae’s monthly Home Purchase Sentiment Index is based on a survey of Americans which asks for their opinions about the housing market and overall economy. Specifically, respondents are asked whether they think now is a good time to buy or sell a home, whether they think prices and mortgage rates will rise or fall, and about their personal financial situation and job security. The most recent release finds respondents increasingly optimistic. In fact, the index was up two points in February, its third … [Read more...]
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