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...]
Home Sales Up After Five Months Of Decline
Sales of previously owned homes rose for the first time in five months, according to the latest numbers from the National Association of Realtors. The 0.8 percent increase was led by gains in the Midwest and South. Lawrence Yun, NAR’s chief economist, says more improvement can be expected, especially with mortgage rates trending downward. “The latest weakness in existing home sales still reflects the buyer bidding process in most of October when mortgage rates were at a two-decade high before the actual closings in … [Read more...]
Average Mortgage Rates Continue To Fall
According to the Mortgage Bankers Association’s Weekly Applications Survey, average mortgage rates fell again last week. 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. Mike Fratantoni, MBA’s senior vice president and chief economist, says rates are now lower than they’ve been since June. “With the positive news about the drop in inflation, and the FOMC … [Read more...]
New Home Construction Is Surging
Whether you’re shopping for a new home or not, the number of new homes being built should matter to you as a home buyer – especially at a time when the inventory of homes for sale is low. That’s because new home construction is the fastest way to add to the supply of available homes for sale, and more homes for sale means less competition among buyers and fewer price spikes. In other words, new home construction can ease affordability conditions for all buyers, even ones shopping for an older home. That’s why the … [Read more...]
Builder Sentiment Rises As Rates Come Down
Home builders have a unique perspective on the housing market. After all, to be successful, they have to know what buyers are looking for, when they’re looking, and where they want to live. Because of this they can be an excellent gauge of the health of the housing market. That’s why the National Association of Home Builders takes a monthly measure of builder confidence. Its Housing Market Index surveys builders and scores their responses on a scale where any number above 50 indicates more builders view conditions … [Read more...]
Inventory Of Homes For Sale Improves
The number of homes for sale is beginning to show signs of improvement – even as we approach the time of year when things begin to slow down. That’s good news for buyers who have been faced with a lower-than-normal number of listings over the past few years. Put simply, as the number of available homes rebounds, home buyers will see less competition, fewer bidding wars, and slower price growth. So what do the numbers look like? Well, according to a new report from the National Association of Realtors’ consumer … [Read more...]
Expert Panel Sees Price Increases Slowing In 2024
Home prices continued to rise in 2023. In fact, according to a panel of housing market experts surveyed by Fannie Mae, home price growth is expected to come in just under 6 percent for the year. That’s lower than the double-digit increases seen during the pandemic but still surprisingly steady. Doug Duncan, Fannie Mae’s senior vice president and chief economist, says higher rates were expected to slow prices more than they did. “Some, including us, had expected the rapid and significant rise in mortgage rates in … [Read more...]
Mortgage Rates Fall To Lowest Level Since July
According to the Mortgage Bankers Association’s Weekly Applications Survey, average mortgage rates fell again last week. It was the fourth consecutive weekly decline and brought rates to the lowest level since July. Decreases were seen 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. Mike Fratantoni, MBA’s senior vice president and chief economist, says economic indicators are bringing rates down. … [Read more...]
New Home Construction Slows, Moves to The Exurbs
The new home market benefited from a lack of existing homes for sale in 2023. Low inventory of previously owned homes meant many buyers turned to new homes when looking for options to buy. That was an opportunity for home builders. Now, according to a new report from the National Association of Home Builders, new home construction has begun to slow due to elevated rates, climbing costs, and labor shortages. Robert Dietz, NAHB’s chief economist, thinks it’ll rebound quickly. “The data continues to show that home … [Read more...]
What The Median Mortgage Payment Looks Like Now
Your mortgage payment will be among your biggest monthly bills. That makes it an important number to familiarize yourself with before buying a house. After all, no one wants to buy a house that will lead to financial stress and money worries. So what does the median mortgage payment look like now? Well, according to the most recent numbers from the Mortgage Bankers Association’s Purchase Applications Payment Index, the median payment applied for by purchase applicants increased to $2,199 in October from $2,155 the … [Read more...]
- « Previous Page
- 1
- …
- 22
- 23
- 24
- 25
- 26
- …
- 141
- Next Page »