It's easy to ignore your credit score. After all, it's not something that comes up that often in day-to-day life. But, if you're thinking about buying a house, it's important to check yours sooner than later. Why? Well, according to one new analysis, it could save you money. Your credit score is among the factors that determines your mortgage rate, which then determines how much your monthly mortgage payment will be. A better credit score will get you a lower rate and a smaller mortgage bill, which will save you … [Read more...]
Contracts To Buy Homes Slide In June
When a buyer has their offer accepted by a home seller, a contract is signed. The transaction isn't closed, though, until after the details of the home's sale and financing have been worked through. During that process, the home's sale is considered pending. Typically, there are several weeks between signing a contract and closing, which is why contract signings are considered an important indicator for the housing market. After all, most signed contracts lead to closed sales, so they're a good predictor of future … [Read more...]
Price Gains Continue But At A Slower Pace
Home prices have been increasing at an accelerated pace for years now. That's great for homeowners but an obvious challenge for buyers, who could likely use some relief. Fortunately, they're starting to get it. The number of homes available for sale is improving and the added inventory should begin to correct some of the imbalance that's been driving prices higher. According to one recent analysis, it's already started. The latest S&P Case-Shiller Indices – considered among the leading measures of U.S. home … [Read more...]
Forecast Looks At What’s Ahead For Housing Market
Fannie Mae's Economic and Strategic Research Group releases a forecast each month detailing their expectations for the economy and housing market. According to the group's most recent release, there are a number of signs that the once hot housing market is beginning to cool off, including a rising number of active listings, fewer sales, and an increasing number of listings that have undergone a price cut. But despite several signs that things are beginning to slow down, there are other indicators that have yet to … [Read more...]
New Home Construction Beats Last Year’s Pace
The rate of new home construction is an important housing market indicator. It not only says something about the economy and buyer demand, it also tells you something about where home prices are headed. If new home construction is rising, inventory is improving and – with more homes available for sale – price increases are more likely to moderate. That means every prospective buyer benefits when more new homes are built, since the added housing supply helps keep prices in check. So what's currently happening in the … [Read more...]
Home Sales Fall But Market Remains Hot
Home sales fell in June, according to new numbers from the National Association of Realtors. Sales of existing homes dropped 5.4 percent from the month before and were 14.2 percent below where they were last year at the same time. The decline is the latest sign that the housing market is starting to slow down. But while falling sales are evidence that buyer demand has begun to cool off, there are also signs that the market remains hot. For example, the NAR's report found that home prices saw a double-digit, … [Read more...]
Mortgage Rates Mostly Flat From Week Before
According to the Mortgage Bankers Association's Weekly Applications Survey, average mortgage rates were mostly flat last week, with rates for 30-year fixed-rate mortgages with conforming balances unchanged from the week before. Rates for loans backed by the Federal Housing Administration declined week-over-week, while jumbo loans and 15-year fixed-rate mortgages saw smaller decreases. Though rates remained relatively steady, mortgage application demand still fell, with the purchase index down 4 percent from one … [Read more...]
Credit Availability Index Unchanged In June
In order to buy a house, you need a mortgage. To get a mortgage, you need to be approved for a loan. That means having a lender look at your finances to determine whether or not you can manage the financial obligations of owning a home. In part, that determination will be based on current lending standards. When standards are tighter, your finances will have to be in better shape to qualify for a loan. When they loosen, you have a better chance of being approved, even if your credit history isn't perfect. The … [Read more...]
Median Home Price Hits New High
There's been a lot of speculation lately that home prices are going to start cooling off. That may be true, and it'd certainly be a relief to home buyers trying to navigate today's market. But while price increases are expected to slow in the coming months, new numbers from ATTOM Data Solutions shows they continued climbing during the second quarter of this year. In fact, according to ATTOM's most recent 2022 U.S. Home Affordability Report, the median price of a single-family home hit a new high of $349,000 during … [Read more...]
Are You Willing To Take On A Project?
Unless you're buying a newly built house, you're going to be shopping for home that is likely decades old. That can mean charm and character. It can also mean renovations and home improvement projects. As a home buyer, how much you're willing to take on will depend on things like your budget and DIY skills but also, according to one new survey, how much inconvenience you're willing to endure. The survey found most homeowners believe home improvement and renovation projects always take longer than originally … [Read more...]
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