According to the Mortgage Bankers Association's most recent Weekly Applications Survey, average mortgage rates fell for the fourth time in five weeks last week. Rates were down from the week before 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. Joel Kan, MBA's associate vice president of economic and industry forecasting, says there are a few factors behind the decline. “Mortgage rates fell for the fourth time … [Read more...]

These days, it seems like most housing market forecasts are predicting home price increases will begin to slow at some point this year. Whether it's due to improving inventory levels as the number of homes for sale rises or from slower demand due to higher mortgage rates, most industry outlooks say the price spikes of the past couple of years will soon fade. But when exactly? “Those of us who have been anticipating a deceleration in the growth rate of U.S. home prices will have to wait at least a month longer,” … [Read more...]

Home insurance isn't required by law but, most likely, your lender's going to require it to get a mortgage. Even if they didn't, it'd probably be in your best interest to have some coverage. After all, the most common home insurance claims are damage from wind, hail, water, fire, and lightning. In other words, wherever there's weather, there's a need for insurance. But while it's necessary, it isn't the first thing most buyers think of when considering the cost of owning a home. So what do home insurance rates look … [Read more...]

The National Association of Realtors' Pending Home Sales Index is considered a good indicator of future home sales because it measures contract signings rather than closings. Generally speaking, contracts to buy are signed weeks before a sale is closed, which means a drop in the number of signed contracts will most likely show up as a decline in home sales the following month. In April, the NAR's index fell 3.9 percent, indicating that home sales will soon slow. The reasons for this are obvious: Spiking mortgage … [Read more...]

According to the Mortgage Bankers Association's Weekly Applications Survey, average mortgage rates fell across all loan categories last week. Rates were down from one week earlier 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 mortgage rates declined. But though rates fell, it didn't lead to an increase in demand for loans to buy homes. In fact, the MBA's purchase index was … [Read more...]

Home buyer preferences are usually pretty consistent. What home shoppers are looking for in a house or neighborhood doesn't change all that much from year to year. But, while that's typically true, the pandemic caused a shift in what buyers are looking for and, two years after its initial onset, the effects are becoming more clear. One recent example can be seen in an analysis of home-price growth and inventory levels in more than 1,000 cities nationwide. The analysis – which aimed to pinpoint the country's most … [Read more...]

Homeownership has many benefits. It also comes with a fair amount of responsibilities. Among them, maintenance is a big one. It's up to you to keep your home in good shape, fix things when they break, and make sure mechanical systems are in working order. Of course, you can hire contractors to do the work, but finding good, affordable help can be challenging and the costs definitely add up. So when shopping for a home to buy, it's also good to have an idea of how handy you are around the house. Being able to handle … [Read more...]

Affordability is a hot topic these days. After two years of rapid home price growth and the recent spike in mortgage rates, prospective home buyers are increasingly wondering about the cost. That's natural. When affordability conditions change quickly, it can lead to uncertainty. So what should home buyers expect in the coming months? Fannie Mae's Economic and Strategic Research Group has answers. According to their latest outlook, the group believes the housing market is headed for a slowdown in sales and … [Read more...]

Homes for sale continue to sell quickly, according to new numbers from the National Association of Realtors. Data from April shows 88 percent of homes sold during the month were on the market less than 30 days and the typical property was on the market just 17 days. Lawrence Yun, NAR's chief economist, says the housing market is a little unusual right now. “The market is quite unusual as sales are coming down, but listed homes are still selling swiftly ...” Yun said. It's true. Home sales in April fell 2.4 percent … [Read more...]

According to the Mortgage Bankers Association's Weekly Application Survey, average mortgage rates fell last week. Rates were down from one week earlier across all loan categories, including 30-year fixed-rate loans with both conforming and jumbo balances, loans backed by the Federal Housing Administration, and 15-year fixed-rate loans. But despite the decline, demand for mortgage applications also fell, with both refinance and purchase activity slowing from the week before. Joel Kan, MBA's associate vice president … [Read more...]