Fannie Mae's monthly Home Purchase Sentiment Index surveys Americans and asks them for their perception of the housing market and economy. Survey respondents are asked whether they think now is a good time to buy or sell a home, what they expect mortgage rates and home prices to do, and how they feel about their job and finances. In June, the index fell from the month before, as more participants expressed caution about the current housing market. Still, their long-term expectations were positive. In fact, the … [Read more...]

According to the Mortgage Bankers Association's Weekly Applications Survey, average mortgage rates fell last week from one week earlier. Rates fell for 30-year fixed-rate loans with both conforming and jumbo balances, loans backed by the Federal Housing Administration, and 15-year fixed-rate loans. It was the second consecutive week rates have declined. Joel Kan, MBA's associate vice president of economic and industry forecasting, says rates have been dropping but remain higher than last year. “Mortgage rates … [Read more...]

The best way to get a feel for whether or not a home for sale fits your needs is to see it in person. Nothing beats actually walking through a house to get a sense of its layout and how it would accommodate your life. That's why, when buyers find a listing they're really interested in, they typically schedule a time to go see it before deciding whether or not to make an offer. How many showings a listed home garners is an excellent indicator of how many buyers are interested in it. Which is why measuring the … [Read more...]

Home prices had already been increasing by the time the pandemic started. After it began, though, prices shot up even faster than before. Since then, double-digit, year-over-year increases have been common in a lot of markets. But, according to the latest S&P Case-Shiller Home Price Index – which covers data through the end of April – the rate of increase has finally showed signs of slowing. The data found that, while prices continue to increase at a higher than normal pace, the rate of increase is now … [Read more...]

These days, most buyers start their home search online. In fact, according to one analysis, 97 percent of recent home buyers used the internet while shopping for a house. That means almost everyone searching for a house is looking at photos of listings before heading out to see available homes in person. That makes photography an important part of the home buying process. Good photos will help sellers attract buyers, while also helping buyers narrow their search down to the homes that best fit their needs. So what … [Read more...]

According to the Mortgage Bankers Association's Weekly Applications Survey, demand for loans to buy homes rose 8 percent last week from the week before. It was the second straight week of gains. But despite the improvement, buyer demand is still lower than it was last year at the same time. Joel Kan, MBA's associate vice president of economic and industry forecasting, says there are a couple of reasons for that. “Purchase activity was still 10 percent lower than a year ago, as inventory shortages and higher … [Read more...]

New data from the National Association of Realtors shows sales of previously owned homes fell in May. Existing home sales were down 3.4 percent from the month before and 8.6 percent from one year earlier. The decline is evidence that the market is beginning to level off, after two years of frenetic activity. Lawrence Yun, NAR's chief economist, says sales trends are starting to return to where they were pre-pandemic. “Home sales have essentially returned to the levels seen in 2019 – prior to the pandemic – after … [Read more...]

You can certainly buy a home without thinking about your budget, but it's not advisable. Without a clear understanding of what you'll be spending and where, you're more likely to get yourself into financial trouble. After all, what you can afford is often different than what you can afford comfortably. That's why it's smart for home buyers to think about their monthly expenses before heading out to look at listings. That means considering, not only your prospective monthly mortgage payment, but also how much you'll … [Read more...]

Home builders are a good gauge of where the housing market is headed. After all, their business depends on being able to tell when and where home buyers are looking to buy. So their perspective on the market for new homes is considered a good indicator of housing health. The National Association of Home Builders measures how confident builders are feeling with their monthly Housing Market Index. The index is based on a survey which scores builders' responses on a scale where any number above 50 indicates more of … [Read more...]