In the minds of home buyers, there are two big numbers to consider. One is the monthly mortgage payment. Calculating what a particular house will cost you each month is an important determiner of whether or not you can really afford it. But you can't calculate your prospective monthly mortgage payment without knowing first what your down payment will be. That's why the down payment is the other number home buyers have to grapple with before buying. Figuring out how much you will potentially have to put down on a … [Read more...]

In the past, shopping for a house to buy involved calculating how difficult your commute to work would be. Whether it was measuring the distance to public transportation, the nearest highway, or timing the total drive, home buyers had to consider their daily routine before making an offer. Then, COVID hit and changed everything. Now, with more Americans working from home, commutes are becoming less of a factor in home buying decisions and it's changing how and where we buy. For example, a recent survey found that … [Read more...]

According to the Mortgage Bankers Association's Weekly Applications Survey, average mortgage rates fell to new lows last week, with rates for 30-year fixed-rate mortgages with conforming loan balances, loans backed by the Federal Housing Administration, and 15-year fixed-rate loans down from the week before. Rates for loans with jumbo balances were flat from the previous week. Joel Kan, MBA's associate vice president of economic and industry forecasting, says low rates spurred a bump in refinance applications. … [Read more...]

Each month, Fannie Mae's Home Purchase Sentiment Index tracks how Americans feel about the housing market, buying and selling a home, mortgage rates, prices, their job, and income. The index is a monthly measure of home buying conditions and consumer confidence in the real-estate market. In November, the HPSI fell 1.7 points, marking the first decline after three consecutive months of increases. Doug Duncan, Fannie Mae's senior vice president and chief economist, says consumer sentiment may have peaked for now. … [Read more...]

The idea of packing up your things and moving somewhere new can be exciting – especially if your current living situation isn't ideal. So it's not surprising that a recent survey found nearly half of Americans say they're considering a move in the next year. According to the results, 46 percent of respondents said they're thinking about moving. Among them, 27 percent said they're looking for a new place in their current area, 12 percent were hoping to find a home in another part of the state, and 8 percent said … [Read more...]

After the coronavirus' onset in March, remote work became much more widespread. With it, Americans began to realize the benefits of not having to commute to the office every day. Among them, the ability to move further away from city centers and live in less densely populated suburbs and exurbs was a favorite. Online home searches in locations outside of large metropolitan areas skyrocketed, as Americans looked to relocate to more affordable areas where they could have more space and privacy. Now, according to the … [Read more...]

According to the Mortgage Bankers Association's Weekly Applications Survey, average mortgage rates were mostly flat last week, with little or no change 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. Rates remain just above record lows and it continues to drive demand for home purchase loans. Joel Kan, MBA's associate vice president of economic and industry forecasting, says … [Read more...]

The ebb and flow of the housing market is hard to predict. Unforeseen events, like the COVID-19 pandemic, can come along and ruin all of the experts' projections and forecasts. However, there are also times when a forecast is based on data that is hard to deny. For example, a recent analysis found Americans are forming households at a lower rate than they did before the Great Recession. That means, younger Americans are living with their parents or roommates longer than they did in years past. In fact, according to … [Read more...]

During the time between when a contract to buy a home is signed and when the transaction is closed, the home's sale is considered pending. The National Association of Realtors tracks pending sales because they're a good way of forecasting future home sales numbers, since contract signings precede closings by several weeks. According to their most recent numbers, contract activity was down 1.1 percent in October from the month before, but remains 20.2 percent higher than it was last year at the same time. Lawrence … [Read more...]

According to the Mortgage Bankers Association's Weekly Applications Survey, average rates for30-year fixed-rate mortgages with conforming loan balances fell to a new low last week. Rates for 15-year fixed-rate loans and loans backed by the Federal Housing Administration were also down. The declines sparked demand for loan applications, which rose 3.9 percent from the week before. Joel Kan, MBA's associate vice president of industry and economic forecasting, says buyer demand remains solid, despite low inventory and … [Read more...]