According to the Mortgage Bankers Association's Weekly Applications Survey, average mortgage rates increased last week from one week earlier. Rates were up 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. Higher rates didn't have much effect on mortgage applications demand, however. In fact, applications were down less than 1 percent. Joel Kan, MBA's associate vice president of … [Read more...]

When there are fewer homes available for sale, those that are on the market receive more interest. After all, it's easier to get buyers interested in your home, if there aren't many others to see. That's the case these days. Simply put, it's a good time for homeowners who want to sell. How good? Well, according to one recent report, very good. The analysis looked at the average number of home showings per listing in January, which is a pretty accurate way to measure current buyer demand. What they found was – even … [Read more...]

There are more millennial home buyers in the housing market than ever before. The generation – roughly defined as those born between 1981 and 1996 – is now reaching, or just past, the age of the typical first-time home buyer. In fact, in 2021, they made up 67 percent of first-time home purchase applications. So what are these buyers looking for in a house? Well, according to one recent analysis, a lot of the same things older buyers want. For example, millennials say they want a house in a safe area, near good … [Read more...]

Buying a home is a process. There are several steps between the day you're approved to borrow and the day you get keys to your new home. Among them, having an offer accepted and signing the contract to buy is a big one. Barring something unforeseen, it means you're a few weeks away from closing on your house and getting ready to move. That's why, after the contract is signed, the home's sale is considered pending. It's also why the National Association of Realtors tracks pending sales each month, because they're a … [Read more...]

Affordability is a top concern for today's home buyers. Mortgage rates have risen recently and home prices continue to climb. But while it may seem like buyers haven't gotten any good news lately, the most recent new residential construction report from the U.S. Census Bureau and the Department of Housing and Urban Development contains some encouraging signs. The report found that, in January, permits to build new, single-family homes rose 6.8 percent from the month before. And, because spiking home prices are … [Read more...]

According to the Mortgage Bankers Association's Weekly Applications Survey, average mortgage rates increased again last week, moving up across all loan categories. Rates were higher than 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. For the most part, the increases were small but still enough to slow mortgage application demand. In fact, refinance activity fell 16 percent from the week before, … [Read more...]

By now, just about everyone knows home prices rose in 2021. Even if you weren't shopping for a home last year, you probably came across a headline or news story covering the accelerated pace of price increases. What you may not know, though, is just how high they climbed. New numbers from the S&P Case-Shiller Home Price Indices give us a better idea. According to their most recent release, prices nationwide posted an 18.8 percent increase last year. Craig J. Lazzara, managing director at S&P, says it was … [Read more...]

Each month, Fannie Mae's Economic and Strategic Research Group releases an outlook covering the housing market and overall economy. The group looks at economic growth and policy, home prices, mortgage rates, and sales expectations. In February, their outlook addresses housing affordability and the likelihood that the market will slow from last year's frenetic pace. According to the release, they foresee home sales and price increases moderating in 2022. In fact, the group projects home price growth of 7.6 percent … [Read more...]

In January, sales of previously owned homes rose 6.7 percent from the month before, according to new numbers from the National Association of Realtors. The increase follows a 4.6 percent drop in December and puts sales 2.3 percent lower than they were last year at the same time. Lawrence Yun, NAR's chief economist, says home buyers are likely trying to lock in low mortgage rates before they move any higher. “Buyers were likely anticipating further rate increases and locking in at the low rates, and investors added … [Read more...]

When there aren't enough homes for sale, prices increase. To ease the upward pressure on prices, more homes are needed. That's why the new home market is such an important piece of the affordability puzzle. When builders are confident, more homes are built, the market balances, and prices moderate. Because of this, the National Association of Home Builders surveys builders each month to gauge their confidence. According to the most recent survey, builders are optimistic but increasingly concerned about supply-side … [Read more...]