According to the Mortgage Bankers Association’s Weekly Applications Survey, average mortgage rates fell last week from one week earlier. 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, 15-year fixed-rate loans, and 5/1 ARMs. The improvement led to a boost in refinance activity, though purchase application demand fell 4 percent week-over-week. Joel Kan, MBA’s vice president and deputy chief … [Read more...]

The housing market’s been out of balance for years. With too many interested home buyers and too few homes available to buy, prices moved higher and made it increasingly difficult for Americans to find an affordable home for sale in the areas where they’d most like to live. Fortunately, though, things have gotten better. Inventory levels improved last year and, according to new numbers from The National Association of Realtors’ consumer website, they’re off to a strong start so far this year. In fact, the number of … [Read more...]

Homeowners have had it good over the past several years and, according to ATTOM Data Solutions’ fourth quarter 2024 U.S. Home Equity & Underwater Report, they still do. The report found 47.7 percent of mortgaged residential properties in the country could be considered equity rich during the final three months of 2024. A property is equity rich when the amount owed on its mortgages is no more than half its estimated value. Rob Barber, ATTOM’s CEO, says it’s a good position to be in. “Homeowners across the … [Read more...]

Budgeting is never fun. If given the choice, we’d all prefer to spend money freely and without consequence. But while it may not be as enjoyable, budgeting your money is important – especially so, when buying a house. Evidence of that can be seen in a newly released survey of homeowners. The survey found 81 percent of homeowners say their expenses are higher than they anticipated, leading 69 percent of them to have regrets about their home purchase. That’s a pretty significant share of homeowners who say owning a … [Read more...]

When a contract to buy a home is signed, the sale isn’t yet final. But most contract signings result in closed sales a few weeks later, which is why they’re considered a good indicator of where home sales numbers may be headed. The National Association of Realtors tracks contract signings each month with its Pending Home Sales Index. According to the most recent results, the index found contract signings down in December, falling 5.5 percent month-over-month after four consecutive months of gains. Lawrence Yun, … [Read more...]

According to the Mortgage Bankers Association’s Weekly Applications Survey, average mortgage rates were up and down last week. Rates for 30-year fixed-rate loans with conforming balances were unchanged from one week earlier, while rates for loans backed by the Federal Housing Administration and 15-year fixed-rate loans fell. Rates for jumbo loans and 5/1 ARMs both increased. With rates relatively steady, demand for loans to buy homes was also flat, though refinance activity fell 7 percent. Joel Kan, MBA’s vice … [Read more...]

The most recent S&P Case-Shiller U.S. National Home Price Index found prices 3.8 percent higher than last year at the same time. The year-over-year gain was slightly better than the previous month’s annual increase of 3.6 percent. But despite the bump, Brian D. Luke, CFA, head of commodities, real & digital assets, says home price increases have slowed. “With the exception of pockets of above-trend performance, national home prices are trending below historical averages,” Luke said. “Markets in New York, … [Read more...]

Sales of newly built, single-family homes rose 3.6 percent in December, according to new numbers from the U.S. Census Bureau and the Department of Housing and Urban Development. The improvement pushed new home sales 6.7 percent higher than they were one year earlier and comes after an upward revision of November’s results. In other words, the new home market continues to make gains despite the seasonal patterns, elevated mortgage rates, and higher home prices which should be suppressing sales. That’s good news for … [Read more...]

New numbers from the National Association of Realtors show sales of previously owned homes rose 2.2 percent in December from one month earlier. The improvement pushed sales to their strongest pace since February 2024 and led to the largest year-over-year gain since June 2021. Regionally, sales increased everywhere but the Midwest, which saw a 1 percent month-over-month decline. Lawrence Yun, NAR’s chief economist, says existing-home sales have defied typical seasonal patterns. “Home sales in the final months of the … [Read more...]

The housing market is in a holding pattern, according to the latest forecast from Fannie Mae’s Economic and Strategic Research Group. Market conditions are improving – but slowly. As a result, home buyers remain hesitant even though price increases have calmed and there are more homes for sale. Mark Palim, Fannie Mae’s senior vice president and chief economist, says market conditions aren’t likely to change much this year but there is a silver lining. “Due to lock-in effect and affordability constraints, we … [Read more...]