According to the Mortgage Bankers Association’s Weekly Applications Survey, average mortgage rates increased again last week. Rates were up 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. Joel Kan, MBA’s vice president and deputy chief economist, says higher rates have increased interest in adjustable-rate mortgages. “These higher mortgage rates are keeping prospective … [Read more...]

Coming up with an adequate down payment can be difficult for any home buyer. It’s especially tough, though, for first-time buyers. Without the benefit of a home to sell, first-time buyers have to come up with a down payment from scratch. That means saving money. But saving up isn’t the only way to find funds to fuel your home buying dreams. Another popular options younger buyers often use is gift funds from friends and family. According to one new analysis, 43 percent of first-time home buyers used gift money to … [Read more...]

When the supply of homes for sale is low, home sellers’ benefit. Too few available homes means active listings gain extra interest from buyers who don’t have as many options. That leads to higher prices and bigger profits. There’s no better evidence of this than ATTOM Data Solutions’ third-quarter U.S. Home Sales Report, which shows profit margins on median-priced single-family home sales have increased again. In fact, the typical home seller profit rose to $129,900 in the third quarter. That’s up 5 percent from … [Read more...]

The National Association of Realtors’ most recent measure of existing-home sales found the inventory of available homes for sale improved 2.7 percent in September from one month earlier. The increase is an encouraging sign, as too few available homes has been an ongoing issue for the market – one that has frustrated buyers, limited sales, and driven prices higher. Still, even with the last month’s improvement, total housing inventory is down 8.1 percent from where it was last year at the same time. It’s also … [Read more...]

Home builders had a good summer. With fewer existing homes for sale, the new home market was hot. But as summer faded into fall, it began to cool. That’s why new numbers from the U.S. Census Bureau and the Department of Housing and Urban Development come as a welcome surprise. The data shows the number of housing starts rose 7 percent in September, with a 3.2 percent month-over-month increase in the number of single-family homes that began construction. That’s good news for buyers, as additional for-sale inventory … [Read more...]

According to the Mortgage Bankers Association’s Weekly Applications Survey, average mortgage rates moved higher last week for 30-year fixed-rate loans with conforming loan balances. Rates were also up for 15-year fixed-rate loans and 5/1 ARMs, though jumbo loans and loans backed by the Federal Housing Administration saw declines. It was the sixth consecutive weekly increase for the 30-year fixed rate. Joel Kan, MBA’s vice president and deputy chief economist, says higher rates slowed demand last week. “Both … [Read more...]

Each month, Fannie Mae’s Economic and Strategic Research Group releases a forecast of what they believe is ahead for the housing market and overall economy. The group covers topics from economic growth to home sales and predicts what will happen in coming months. According to their October release, the group sees little change ahead for the housing market as it heads into 2024. They expect home prices to remain resilient, while sales continue to slow due to higher mortgage rates and fewer homes for sale. In other … [Read more...]

More than 10 million households have recently purchased and moved into a new home, according to a new study from the National Association of Home Builders. The study – which looks at data from the American Housing Survey in hopes of determining who today’s typical buyer is and what type of home they buy – breaks down buyers based on age, income, down payments, and home purchased. So who is today’s typical home buyer? Well, the study found recent home buyers had a median age of 41 and a household income of $97,700. … [Read more...]

If you’re thinking about making a move, you’re likely thinking about home values. Whether they’re up or down will have an impact on the decisions you make, whether you’re a buyer, a seller, or both. So where are they now? Well, according to one recent analysis, values were relatively flat in September from the month before. In fact, they were down just 0.1 percent nationally. That’s slower than they’ve been at any point since February but not that far off normal. In fact, between 2015 and 2019, monthly home-price … [Read more...]

For most home buyers, applying for a mortgage is step one. You aren’t going to get very far in the home buying process without first confirming that you’ll be able to get a loan. But while your financial stability, income, and history has a lot to do with whether you’re ultimately approved to borrow, those aren’t the only determining factors. Mortgage credit availability is another. Put simply, lending standards aren’t fixed. There are times when it’s easier to get a mortgage and times when it’s more difficult. … [Read more...]