The Mortgage Bankers Association's Purchase Applications Payment Index measures the national median payment applied for by prospective home buyers. In September, the median payment increased from August, rising to $1,941 from $1,839. The increase follows four straight months of declines from the index's peak in May. Edward Seiler, MBA's associate vice president of housing economics, says challenging affordability conditions have led borrowers to seek smaller loans. “With mortgage rates continuing to rise, the … [Read more...]

Home showings are a good indicator to watch, if you want to get a feel for what's happening in the housing market. After all, what better way is there to gauge how much interest home sellers can expect when they list their home or how much competition buyers will face from other buyers? Knowing the number of home showings the average home for sale garners can tell you a lot about the current market. So how many showings does the typical listed home host? Well, according to one recent analysis, a majority of … [Read more...]

According to the Mortgage Bankers Association's Weekly Applications Survey, average mortgage rates rose again last week, with increases 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. The increases contributed to slower demand week-over-week. In fact, overall demand for mortgage applications fell 1.7 percent from the week before, with demand for home purchase loans 2 percent lower than one week earlier. … [Read more...]

The past few years have been good to homeowners. Rising home prices and a hot housing market meant homeowners who were looking to make a move could be assured their home would sell quickly and for a great price. But now that the market has slowed down, can potential home sellers expect to be as successful as they would have been had they sold last year or even earlier this year? Well, yes and no. According to ATTOM Data Solutions' third-quarter U.S. Home Sales Report, the typical profit margin on median-priced … [Read more...]

In a perfectly balanced market, the number of available homes for sale would be equal to the number of interested home buyers. There'd be no price spikes or bidding wars and buyers would have no trouble finding a home that checks off every item on their wish list. Unfortunately, that's not how things work, especially in the current housing market. These days, the market is imbalanced, with the number of homes for sale still trailing far behind pre-pandemic levels. In fact, according to one recent analysis, overall … [Read more...]

The housing market has shifted. Higher rates, slower demand, and economic uncertainty have cooled the pace of the once hot market. But while a lot has changed, a lot has also stayed the same. For example, according to the National Association of Realtors, homes are still selling quickly and prices continue to rise – even if they have improved from last year. The NAR found the typical home was on the market just 19 days in September. That's an improvement from 17 days last year at this time, but still a fast pace. … [Read more...]

Every month, the National Association of Home Builders' Housing Market Index and the new residential construction numbers from the U.S. Census Bureau and the Department of Housing and Urban Development are released. The two reports give us a view of how home builders are feeling and how many new homes they're building. According to this month's data, new home construction is showing signs of slowing. In fact, the number of homes that began construction during the month of September was 4.7 percent lower than the … [Read more...]

According to the Mortgage Bankers Association's Weekly Applications Survey, average mortgage rates rose again last week, with increases seen for 30-year fixed-rate loans with both conforming and jumbo balances, loans backed by the Federal Housing Administration, and 5/1 ARMs. Rates for 15-year fixed-rate loans saw the week's only decline. With rates continuing to move higher, demand for mortgage loan applications fell. Joel Kan, MBA's vice president and deputy chief economist, says higher rates have pushed borrower … [Read more...]

These days, everyone has questions about the housing market. Conditions changed rapidly earlier in the year and potential home buyers and sellers are wondering what's next. Well, according to one recent analysis from Fannie Mae, lower prices are likely. Fannie Mae's most recent Home Price Index found home prices slowed during the third quarter of this year, with quarter-over-quarter numbers showing a 0.2 percent increase. Doug Duncan, Fannie Mae's senior vice president and chief economist, says he expects more of … [Read more...]

Home buyers have money on their mind. They're concerned about rising costs, inflation, and the price of homes. But, according to one recent survey, despite those concerns, they're still committed to finding the perfect house. In fact, 81 percent of respondents said they think finding the perfect “forever” home was the most important factor when buying a home. Participants said the market's current challenges haven't stopped them from looking for it, even if it means needing financial help, changing expectations, or … [Read more...]