According to the Mortgage Bankers Association's Weekly Applications Survey, average mortgage rates fell 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. Most of the decline, however, happened later in the week – which helps explain why refinance activity, despite lower rates, still fell from one week earlier. Purchase loan demand, on the other hand, showed a slight … [Read more...]

There are plenty of reasons someone might be considering a move. But among the ones most commonly cited by prospective home buyers, a desire for more space always ranks near the top of the list. This was especially true last year, as the coronavirus kept us inside our homes more than we'd normally be. All that time at home drove many Americans to seek out a bigger house. And, according to one recent analysis, buyers last year bought even bigger than they had in previous years. In fact, last year, buyers who moved … [Read more...]

Fannie Mae's Home Purchase Sentiment Index measures Americans' perceptions of the housing market and their personal finances. Each month, participants are asked how they feel about buying and selling a home, mortgage rates, prices, the job market, and their income. In May, the index was relatively flat, increasing one point from the month before. There was a notable increase in the number of respondents who feel more secure in their jobs and money but the number who said they feel now is a good time to buy a house … [Read more...]

The things that motivate homeowners to sell stay pretty consistent through the years. Mostly, they're personal. Whether it's because they need a bigger house to accommodate a growing family or they want to move into a smaller, more manageable home because the kids have moved out and they no longer need the space, life usually dictates when it's time for a change. So, it's no surprise that a recent survey of potential home sellers found the top reason they're selling is that their home no longer meets the needs of … [Read more...]

Selling a house comes with a long to-do list. You've got to get the house ready for showings, clear out the clutter, and fix any lingering maintenance issues you've been neglecting. You also have to think about the price you'd like to get for it and where you're moving to, when, and how. In other words, there's a lot to do and think about. Which is why you may've never considered which day of the week is the best to list your home. But, according to one new analysis, it makes a difference. In fact, homes that are … [Read more...]

According to the Mortgage Bankers Association's Weekly Applications Survey, average mortgage rates were up and down last week. Rates fell week-over-week for 30-year fixed-rate loans with conforming loan balances and those backed by the Federal Housing Administration, but increased for 15-year fixed-rate mortgages and jumbo loans. Despite the movement, however, rates across all loan categories remain low by historical standards – even if they're higher than the all-time lows seen in 2020. Last week's rates didn't … [Read more...]

In most cases, when you buy something, you don't get to negotiate the price. If you're buying a refrigerator, for example, you don't make an offer. You pay whatever the store says it costs. Buying a house works a little bit differently. That's because, the price a home lists for isn't necessarily the price it sells for. Depending on market conditions, buyers may be able to get a house for less than its list price or, at other times, they may have to pay more. That's particularly true in today's market. A … [Read more...]

Last year, after the coronavirus' onset, there was a lot of talk about how Americans were looking to move from city centers into the suburbs and exurbs. The pandemic had us staying at home more and more time in the house led to a wave of home buyers with a freshly updated wishlist. Space, privacy, and affordability led the list of features buyers were now focused on finding. In short, they wanted a bigger place with more outdoor space and a lower monthly cost. So how'd they do? Well, according to one recent survey, … [Read more...]

When a buyer's offer is accepted and a contract to buy is signed, that home's sale is considered pending until the closing process has finished. Pending sales are considered a good indicator of future home sales, because there are typically weeks between the time when a contract is signed and the sale is finalized. That's why the National Association of Realtors' Pending Home Sales Index tracks them each month. In April, signings fell from the month before. Despite the month-over-month dip, however, Lawrence Yun, … [Read more...]

According to the Mortgage Bankers Association's Weekly Applications Survey, demand for loans to buy homes rose last week from the week before. In fact, the MBA's Purchase Index increased 2 percent from one week earlier. It was the second improvement in three weeks. Joel Kan, MBA's associate vice president of economic and industry forecasting, says buyer demand remains high. “Purchase applications increased for the second time in three weeks, rebounding after a rather weak April with mostly weekly declines,” Kan … [Read more...]