According to the Mortgage Bankers Association's Weekly Applications Survey, average mortgage rates increased last week 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 while rates moved to their highest level in months, mortgage application demand was relatively unaffected, increasing 0.2 percent week over week. Joel Kan, MBA's vice president of economic and industry … [Read more...]

Owning a home is a dream for a lot of Americans. But no one wants to own a home they struggle to afford. That's why there's so much focus on housing affordability right now. Put simply, there's a shortage of homes for sale and it's made finding an affordable home more challenging for today's buyer. New numbers from the National Association of Realtors offer some encouragement, though – especially for Americans who want to buy but worry homeownership may now be out of their financial reach. The numbers, from the … [Read more...]

Market conditions have been difficult for home buyers this year. Rising prices and competition for available listings have made things challenging. But despite those challenges, buyer demand has remained strong, even through the hot spring and summer markets. And now, heading into the fall and winter, it still shows few signs of slowing down. For example, one recent survey found a majority of participants were optimistic about the housing market and agreed that the next three months would be a good time to buy a … [Read more...]

These days, it isn't easy to find a deal. In most markets, there are more home buyers than there are available homes for sale. That puts upward pressure on prices, causes bidding wars, and means fewer bargains for buyers. So what can a budget-minded home shopper do? Well, new numbers from ATTOM Data Solutions offer a clue. Their analysis looked at every calendar day over the past eight years with at least 10,000 home sales and calculated the premium or discount buyers paid on that day. The results help zero in on … [Read more...]

Each month, Fannie Mae conducts a survey to gauge how Americans feel about the housing market. The survey asks participants whether they think now is a good time to buy or sell a home, whether they think home prices and mortgage rates will rise or fall, and whether or not they feel secure in their job and finances. In September, the Home Purchase Sentiment Index remained fairly steady. Americans continue to be optimistic about selling a home in today's market, with 74 percent of respondents saying now is a good … [Read more...]

According to the Mortgage Bankers Association's Weekly Applications Survey, average mortgage rates moved up last week from the week before. 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. The increases pushed rates to their highest level since July and led to an almost 10 percent drop in refinance activity. Purchase applications also fell, sliding 2 percent week over … [Read more...]

If you want to know how likely a listing is to end up in a bidding war, try to find out how many buyers have scheduled showings to see it. A lot of showings means a lot of interested buyers. It also means the home is likely to get multiple offers and an amount over the seller's asking price. The same concept applies when looking at the overall housing market. After all, showings, for obvious reasons, are a good gauge of buyer interest. So you can get a good feel for where the market might be headed by looking at … [Read more...]

When compared to pre-pandemic levels, the number of homes for sale is about 50 percent lower than normal. That's why prices have been increasing and homes have been selling so quickly. Simply put, there isn't enough inventory to satisfy the number of buyers out there. The good news is, though, things are getting better. In fact, according to new numbers from the National Association of Realtors' consumer website, there were 646,053 available homes for sale in September. That's the highest it's been all year. … [Read more...]

Location obviously matters when choosing a house to buy. Not only will it determine how far you are from friends, family, and the things you need, it'll also determine how much you pay. Home prices and affordability can vary from one neighborhood, city, and state to the next. And how much they vary can be surprising. For example, according to ATTOM Data Solutions' most recent quarterly U.S. Home Affordability Report, the annual income you need to make in order to comfortably afford buying a home ranges from nearly … [Read more...]

A rising number of homes available for sale helped cool the housing market after a hot spring and early summer. It also helped home buyers find homes to buy. In fact, according to new numbers from the National Association of Realtors, the number of signed contracts to buy homes was 8.1 percent higher in August than the month before. The rebound was significant and followed two straight months of declines. Lawrence Yun, NAR's chief economist, says home buyers came back. “Rising inventory and moderating price … [Read more...]