According to the Mortgage Bankers Association's Weekly Applications Survey, demand for loans to buy homes started the month off strong. In fact, the MBA's Purchase Index for the week ending September 10 saw an 8 percent increase from one week earlier. Joel Kan, MBA's associate vice president of economic and industry forecasting, said the gain pushed purchase application demand higher than it's been in months. “Purchase applications – after adjusting for the impact of Labor Day – increased over 7 percent last week … [Read more...]

Work has always played a role in where we live. After all, nobody likes a long commute. Which is why we've typically looked to live somewhere close to where we worked. But the pandemic changed work routines for many people and now it looks like it'll be changing how we decide where we want to move. It's already fueling a desire to make a change. In fact, according to one recent analysis, the number of remote or hybrid workers who say they're ready to move is about 10 percent higher than the number of in-person … [Read more...]

The best time to buy a house is when you're ready. But, once you're ready, picking the right time of year to start the process could be beneficial. It could even save you money. How? Well, when the market slows down and there are fewer active home buyers, price increases, bidding wars, and competition also slow down. That means, buying at the right time of year may mean better deals and less stress. And, according to a recent analysis from the National Association of Realtors' consumer website, the right time of … [Read more...]

If you want to be approved for a mortgage, you have to qualify. Which means, if you have too much debt, too little income, or bad credit, you may not be able to get a loan. Put simply, you have to have your finances in order, if you hope to borrow hundreds of thousands of dollars. But the standards lenders use to determine whether or not you're qualified aren't fixed. Sometimes they're more lenient than others. That's why the Mortgage Bankers Association tracks mortgage credit availability. Their monthly index … [Read more...]

Equity is the difference between what you owe on your house and what it's worth. So, when home prices are growing, equity is too. And with the recent spike in home prices, equity has surged. In fact, according to Black Knight's most recent Mortgage Monitor Report, tappable equity – the amount available for homeowners to borrow against while still retaining at least 20 percent equity in their homes – grew 37 percent over year-before levels during the second quarter of this year. Ben Graboske, Black Knight's … [Read more...]

According to the Mortgage Bankers Association's Weekly Applications Survey, average mortgage rates were mostly flat last week, hovering just above last year's historic lows. There was little movement seen for 30-year fixed-rate loans with conforming loan balances, loans backed by the FHA, and 15-year fixed-rate loans. Rates for jumbo loans saw a slight increase. Mike Fratantoni, MBA's senior vice president and chief economist, says rates remain low but could see upward pressure by the end of the year. “Economic … [Read more...]

Fannie Mae's Home Purchase Sentiment Index is based on a monthly survey gauging Americans' feelings about the housing market and overall economy. It asks respondents for their opinions about buying and selling a home, mortgage rates, home prices, their jobs and financial situation. In August, the index was largely unchanged from the month before. However, the share of participants who said they felt it was a good time to buy a home was up 7 percent. It was the first increase in buying optimism since March. Mark … [Read more...]

The typical home buyer doesn't spend much time considering the price of gypsum products or ready-mix concrete. But the prices builders pay for building materials has an effect on buyers – even if they aren't shopping for a new home. That's because new home construction is the fastest way to boost inventory. And, when there are more homes for sale, home prices moderate. So, when more new homes are being built, it benefits all buyers because it helps keep prices in check. That's part of the reason prices have been … [Read more...]

There are many gauges of U.S. home prices but the S&P Case-Shiller Indices is among the most closely followed. The index is constructed to accurately track the price path of a typical single-family home in each of the nine U.S. Census divisions. According to the most recent release, home prices are still increasing and the gains can be seen almost everywhere. In fact, Craig J. Lazzara, managing director and global head of index investment strategy at S&P, says prices have hit all-time highs everywhere but … [Read more...]

According to the Mortgage Bankers Association's Weekly Applications Survey, demand for loans to buy homes rose last week to its highest level since early July. Though slight, the 1 percent increase shows home buyers remain active as the summer market winds down. Joel Kan, MBA's associate vice president of economic and industry forecasting, says the high end of the market is still dominate. “Home purchase activity continues to be dominated by higher price tiers of the market, with the purchase average loan size now … [Read more...]