Fannie Mae’s monthly Home Purchase Sentiment Index is based on a survey of Americans which asks participants for their view of the housing market and economy. Participants are asked whether they feel now is a good or bad time to buy or sell a home, where they think mortgage rates and prices are headed, and about their personal financial situation and job security. According to the most recent results, Americans are feeling more optimistic about home buying conditions and specifically mortgage rates. In fact, a … [Read more...]

The first thing a prospective home buyer has to plan for financially is the down payment. It’s a significant amount of money to come up with and you need to have a plan to cover it and closing costs. After that, though, it’s time to start thinking about your potential monthly mortgage payment. It’s likely to be among your biggest bills and you want to make sure it works with your budget and won’t cause you financial stress. So what is the typical mortgage payment these days? Well, according to the Mortgage Bankers … [Read more...]

It’s a new year and that means everybody’s thinking about what the next 12 months will look like. In the housing market, that means wondering what’s ahead for prospective home buyers and sellers. Will the market heat up again and move prices higher? Will mortgage rates fall and improve buyers’ purchasing power? Will there be inventory gains or will the number of homes for sale remain low? Well, according to one recently released report, Americans expecting to get into the market this year should expect improved … [Read more...]

According to the Mortgage Bankers Association’s Weekly Applications Survey, average mortgage rates ended 2023 with a slight increase for most loan categories, including 30-year fixed-rate loans with both conforming and jumbo balances and loans backed by the Federal Housing Administration. But despite the end-of-the-year increases, Joel Kan, MBA’s vice president and deputy chief economist, says rates are now significantly lower than they were in October, when they peaked. “The 30-year fixed mortgage rate edged … [Read more...]

The internet changed the way we shop for homes. These days, hopeful home buyers typically start their search online before heading out to look at houses that seem like a good fit. Online searches are certainly convenient for potential buyers but they’re also a good way of tracking what buyers want and where they’re looking. One new analysis looked at page-view traffic – along with home price growth and days on market – in an effort to narrow down which were the most popular markets of 2023. The results show that … [Read more...]

After slowing in October, the number of contract signings stabilized in November. The National Association of Realtors’ Pending Home Sales Index – which measures the number of contracts to buy homes signed during the month – saw no change from the month before but did find buyer activity increasing in most regions, with gains seen in the Northeast, Midwest, and West. Lawrence Yun, NAR’s chief economist, says falling mortgage rates are beginning to build home buyer interest. “Although declining mortgage rates did … [Read more...]

Buying a house has gotten more challenging over the past few years. Mortgage rates moved higher and made affordability a bigger factor for home buyers. In fact, for nearly three years, affordability trends have been worsening. But according to ATTOM Data Solutions’ fourth-quarter 2023 U.S. Home Affordability Report, that trend has recently halted. Rob Barber, ATTOM’s CEO, says that’s good news. “The good news is that home affordability has stopped getting tougher around the U.S., at least for the moment,” Barber … [Read more...]

The S&P Case-Shiller Home Price Index is considered among the leading measures of U.S. home prices. It has been collecting home price data for more than 30 years and covers all nine census regions. According to its most recent release, the index shows a year-over-year price gain of 4.8 percent, up from the previous month, when prices rose 4 percent. But while the index shows an accelerating price trend, it’s based on data through October, when conditions were slightly different than they are now. Brian Luke, … [Read more...]

New home sales numbers tend to be volatile. Big increases and big declines aren’t uncommon. Revisions aren’t either. So the most recent numbers from the U.S. Census Bureau and the Department of Housing and Urban Development probably aren’t cause for too much concern. According to the data, sales fell 12.2 percent in November. That’s a significant decrease but there are a few factors that played an obvious role. One of them is mortgage rates. Rates hit highs in October and only began to ease during the month of … [Read more...]

The most recent outlook from Fannie Mae’s Economic and Strategic Research Group has good news for potential home buyers. Released monthly, the group’s outlook covers what they think is ahead for the overall economy and housing market. In December, the group sees change ahead for 2024. In fact, the outlook says the housing market will begin to recover, albeit slowly. Doug Duncan, Fannie Mae’s senior vice president and chief economist, says they expect more home sales next year but believe the rebound will be a … [Read more...]