Fannie Mae’s most recent Home Purchase Sentiment Index finds Americans optimistic about mortgage rates. In fact, the survey – which asks respondents for their opinions on buying and selling a home, mortgage rates, home prices, their job, and their financial situation – found 36 percent of participants say they expect mortgage rates to fall over the next 12 months. That’s an all-time survey high and it helped push overall housing market sentiment to its highest level in two years. Doug Duncan, Fannie Mae’s senior … [Read more...]

According to the Mortgage Bankers Association’s Weekly Applications Survey, average mortgage rates held steady last week, with only slight changes seen 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. Steady rates helped drive demand for mortgage applications, which saw a 3.7 percent increase from one week earlier. Joel Kan, MBA’s vice president and deputy chief … [Read more...]

The S&P Case-Shiller Home Price Indices is considered among the leading measures of U.S. home prices. It tracks home values across all nine census divisions and has been collecting data for more than 27 years. Its most recent release shows home prices up over year-before levels in every region of the country. Brian Luke, head of commodities, real & digital assets at S&P, says the gains were widespread. “The Northeast and Midwest recorded the largest gains with returns of 6.4 percent and 6.3 percent, … [Read more...]

Each month, the Mortgage Bankers Association tracks the national median mortgage payment. Its Purchase Applications Payment Index looks at the prospective payments of home buyers applying for loans to determine whether affordability is improving or worsening. According to its most recent release, mortgage payments are falling. In fact, the median payment fell to $2,055 at the end of last year, down from $2,137 in November. Edward Seiler, MBA’s associate vice president, housing economics, and executive director, … [Read more...]

Forty-six percent of mortgaged residential properties were considered equity rich in the fourth quarter of 2023, according to ATTOM Data Solutions’ most recent U.S. Home Equity & Underwater Report. A property is equity rich when the combined amount of loan balances secured by it is no more than half its estimated market value. Needless to say, owning an equity-rich property is a good situation for homeowners to be in, and a lot of them are. Homeowners have benefited from years of rising home prices. In fact, 95 … [Read more...]

When there aren’t enough homes for sale, the market is more challenging for home buyers. For one, there aren’t as many options to choose from, which means buyers will have a harder time finding a house that fits their needs. Beyond that, too few available homes puts upward pressure on prices due to bidding wars and increased competition. That’s why new data from the National Association of Realtors’ consumer website is good news for potential buyers. The website’s January Housing Report found the number of homes … [Read more...]

According to the Mortgage Bankers Association’s Weekly Applications Survey, average mortgage rates were largely unchanged last week from the week before. Rates were flat for 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 all saw slight increases. Joel Kan, MBA’s vice president and deputy chief economist, says rates were flat but application demand still fell. “Mortgage rates changed little last week, with … [Read more...]

A home buyer with a $3,000-per-month budget can now afford a home $40,000 more expensive than they could when rates were at their peak, according to a newly released report highlighting home buyers’ increasing purchasing power. Mortgage rates have eased and it’s helping prospective buyers afford more home for their money. In fact, a $3,000 monthly mortgage payment will now buy a $453,000 home – where that same payment would only afford a $416,000 home as recently as October. That’s great news for prospective buyers … [Read more...]

Tracking the number of signed contracts to buy homes is a good way of determining how active home buyers are in the current market. If signings are rising, buyers are active and home sales are likely to see increases soon. That’s why the National Association of Realtors tracks contract signings each month with its Pending Home Sales Index. The index is considered a good indicator of future home sales, since signings precede closings by several weeks. According to the most recent release, the NAR found signings up … [Read more...]

Sales of new single-family homes increased 8 percent in December from the month before, according to new numbers from the U.S. Census Bureau and the Department of Housing and Urban Development. The improvement pushed sales 4.4 percent higher than they were at the same time one year earlier and put total sales for the year 4.2 percent higher than in 2022. Put simply, the new home market has been thriving at a time when the market for older homes has slowed. So what’s behind the increasing interest in new homes? … [Read more...]