Home buyers have regained some of their purchasing power in recent weeks. Mortgage rates have fallen from the peak they hit last October and buyers are now getting more house for their money. That's welcome news after last year, when the average square footage a buyer could afford with a $3,000 monthly mortgage payment fell 140 square feet from the year before. So how much more for their money are buyers getting now that rates have moderated somewhat? Well, according to one recent analysis of cities across the … [Read more...]
Remote Workers More Likely To Be Movers
Modern technology has given many of us the ability to work from almost anywhere. But while the technology that enables it has existed for a while now, remote work didn't become commonplace until the onset of the pandemic. Since then, according to recent Census data, the number of Americans who work from home has tripled. Naturally, the increased ability to work from home has had an effect on how and where we live. One new survey looked at remote work and moving patterns, and its findings aren't all that surprising. … [Read more...]
Demand Rises As Rates Fall For Fifth Week
According to the Mortgage Bankers Association's weekly applications survey, average mortgage rates fell for the fifth consecutive week last week. Rates were down for 30-year fixed-rate loans with both conforming and jumbo balances. They also fell for loans backed by the Federal Housing Administration. The downward trend over the past several weeks has led to increasing demand for mortgage applications, with both purchase and refinance demand moving higher last week. Joel Kan, MBA's vice president and deputy chief … [Read more...]
Mortgage Payments Have Gotten More Affordable
Buying a home has become more affordable, according to new numbers from the Mortgage Bankers Association. The MBA's Purchase Applications Payment Index – which measures how mortgage payments change from month to month – found that the median payment fell 2.9 percent at the end of last year, dropping from $1,977 in November to $1,920 in December. Edward Seiler, executive director of MBA's Research Institute for Housing America, says affordability looks like it'll continue to improve as spring approaches. “With … [Read more...]
Lower Mortgage Rates Brighten Buyers’ Prospects
When mortgage rates spiked last year, many potential home buyers put their plans on hold. But hesitant home buyers may want to rethink their position now that the winter housing market has seen mortgage rates fall a full percentage point from where they were last November. After all, newly released research shows the decline means up to 3 million more Americans can now afford a $400,000 loan. Nadia Evangelou, senior economist and director of real estate research at the National Association of Realtors, says lower … [Read more...]
Will The Market Favor Buyers Or Sellers In 2023?
It's been a long time since home buyers had much negotiating power. Conditions have favored sellers for years now. But a combination of rising inventory and higher mortgage rates began to turn some markets last year. Now, it's 2023, and one new analysis says home buyers may gain some ground by year's end. The analysis – which looked at the 100 largest housing markets in the country to determine which favor buyers, which favor sellers, and which are neutral – found a rising number of markets where buyers are seeing … [Read more...]
94% Of Homeowners Have Equity In Their Homes
Equity is the difference between what your home is worth and what you owe on your mortgage. And these days, homeowners have a lot of it. In fact, according to ATTOM Data Solutions' most recent U.S. Home Equity & Underwater Report, nearly 50 percent of mortgaged properties were considered equity rich at the end of last year. That means the combined amount of loan balances secured by those properties was no more than 50 percent of their value – which is another way of saying the property is worth a lot more than … [Read more...]
Average Mortgage Rates Fall For 4th Straight Week
According to the Mortgage Bankers Association's Weekly Applications Survey, average mortgage rates fell last week from one week earlier. Rates were down for 30-year fixed-rate loans with conforming balances, loans backed by the Federal Housing Administration, 15-year fixed-rate loans, and 5/1 ARMs. It was the fourth consecutive week mortgage rates improved. Joel Kan, MBA's vice president and deputy chief economist, says home buyers are regaining purchasing power. “Purchase activity is expected to pick up as the … [Read more...]
Home Price Data Shows Slower Annual Gain
The S&P Case-Shiller Home Price Index is among the most closely watched measures of U.S. home prices. The index, which tracks both monthly and annual changes in home values, has been collecting data for nearly 30 years. According to the most recent release, home prices continue to slow in metro areas across the country. Craig J. Lazzara, managing director at S&P, says November marked five consecutive month-over-month declines. “November 2022 marked the fifth consecutive month of declining home prices in the … [Read more...]
Contracts To Buy End Six Month Streak
There's increasing evidence that we may have already past the housing market's low point. Recent data shows mortgage rates falling and buyer activity rising as we approach the spring home-buying season. The latest evidence is the National Association of Realtors' Pending Home Sales Index. The Index – which measures the number of contracts to buy homes signed during the month – showed a 2.5 percent improvement in December over the month before. It was the first increase following six months of declines. Lawrence … [Read more...]
- « Previous Page
- 1
- …
- 31
- 32
- 33
- 34
- 35
- …
- 140
- Next Page »