According to the Mortgage Bankers Association's Weekly Applications Survey, average mortgage rates increased 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 increase brought rates to their highest point since last June. Joel Kan, MBA's associate vice president of economic and industry forecasting, said rising rates led to a … [Read more...]
Inventory Of Homes For Sale Falls Further
When shopping for a home to buy, most buyers look at multiple options before making an offer. It's not likely that the very first house you see will check every box on your wishlist. Which is why the current market's inventory problem is an issue for buyers. In addition to higher prices, bidding wars, and competition, a lower-than-normal number of homes for sale also means fewer options for home shoppers. And, according to one new report from the National Association of Realtors' consumer website, homes for sale … [Read more...]
Extreme Weather A Factor In Buying Decisions
One of the primary purposes of a house is protection from the elements. After all, we all want to feel safe at home – and shelter from harsh weather is a big part of that. But how many home buyers are thinking about extreme weather conditions when looking at listings? Well, according to one new survey, quite a few. In fact, nearly 80 percent of participants said the frequency and intensity of extreme weather in an area would make them hesitant to buy a home there. And, among respondents who said they planned to … [Read more...]
Pending Home Sales Slow In February
The National Association of Realtors' Pending Home Sales Index measures the number of contracts to buy homes that are signed each month. Because contract signings precede closings by several weeks, the index can be a good predictor of future home sales numbers. In February, the NAR found pending home sales down 10.6 percent from the month before but virtually unchanged from where they were one year earlier. Lawrence Yun, NAR's chief economist, says the month-over-month decline is mostly due to the fact that there … [Read more...]
Mortgage Rate Decline Is First In Seven Weeks
According to the Mortgage Bankers Association's Weekly Applications Survey, average mortgage rates fell last week from one week earlier. Rates were down 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 decline was the first after seven consecutive weeks of increases. Joel Kan, MBA's associate vice president of economic and industry forecasting, said rates are still higher than … [Read more...]
More Renters Are Ready To Buy Homes
When it comes time to make a move, you first have to decide whether you'll rent or buy your next place. For most of us, this decision is primarily a financial one. Surveys consistently show a majority of Americans say they hope to own their own home one day. Which means, many renters are doing so because they aren't financially ready yet to buy a home. It also means that, among current renters, there are many who are making plans to buy someday soon. And it seems, for an increasing number of them, that day has … [Read more...]
Home Buyer Migration Hits Record High
Traditionally, your job had a lot to do with where you lived. After all, if you have to go somewhere almost every day, you probably want to live closer to it than farther away. And so, most of us factored in our commute to work when making home buying decisions. But when the coronavirus hit and many Americans began working remotely, things changed. There was an increase in the number of buyers looking to move to rural and suburban areas. There was also an increase in the number of buyers hoping to find a place in … [Read more...]
Rates To Remain Low Despite Increases
Mortgage rates have recently started to increase again, after hovering at or just above record lows for months. And with most economists predicting the economy will boom – as more Americans are vaccinated and COVID-related restrictions are lifted – there is an expectation that they'll climb even higher. But despite those expectations, Fannie Mae's Economic and Strategic Research Group says it shouldn't be a major concern. “At the moment, economists' eyes are on interest rates given the size of the recent increases … [Read more...]
New Home Sales Tumble Into Spring
The latest New Residential Sales Report from the U.S. Census Bureau and the Department of Housing and Urban Development shows sales of new homes fell 18.2 percent in February. The decline, which was significant – and more than economists expected, was caused by a few different factors. Harsh winter weather certainly played a role in slowing sales during the month. But sales were also hindered by rising lumber costs and material shortages, which caused construction delays and affected supply. Demand, on the other … [Read more...]
Demand For Home Loans Up 26% Over Last Year
According to the Mortgage Bankers Association's Weekly Applications Survey, demand for loans to buy homes was up 3 percent last week from the week before. The improvement puts the MBA's Purchase Index 26 percent above where it was during the same week one year ago. Joel Kan, MBA's associate vice president of economic and industry forecasting, says demand for purchase loans has been rising. “Purchase applications were strong over the week driven both by households seeking more living space and younger households … [Read more...]
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