According to the Mortgage Bankers Association's Weekly Applications Survey, the average mortgage rate for 30-year fixed-rate mortgages with conforming loan balances was virtually unchanged from the week before. However, rates for jumbo loans, loans backed by the Federal Housing Administration, and 15-year fixed-rate loans were all down from the previous week. Joel Kan, MBA's associate vice president of economic and industry forecasting, says rates continue to hover near record lows. “Mortgage rates continue to … [Read more...]
Typical Home Sale Generates $85,000
If you're a homeowner thinking about selling your house, you're in luck. Today's market is good for selling and, according to new numbers from ATTOM Data Solutions, it only got better during the third quarter of this year. In fact, the report found that the typical home sale generated a gain of $85,000 for homeowners. That's up from $75,000 in the second quarter and $66,000 last year at the same time. The results mean the typical homeowner received a 38.6 percent return on investment compared to the price they paid … [Read more...]
Number Of Showings Up 64% From Last Year
There is a lot of real estate data devoted to tracking buyer demand. Reports covering home sales, contract signings, and builder confidence are all, in one way or another, measuring how many interested buyers are in the market. These reports are worth following, especially for anyone thinking of buying or selling a home. After all, having a general awareness of how many buyers there are can help prospective home shoppers know how much competition to expect when they start looking for a house. And, obviously, … [Read more...]
Mortgage Payments Have Become More Affordable
Home prices can be deceiving. After all, the sales price of a home isn't really the number that matters most to a prospective home buyer. The monthly mortgage payment is, and it depends on a number of different factors, including property tax, mortgage rates, the down payment, mortgage insurance, etc. In other words, when thinking about how much house you can afford, it's best to take everything into consideration, not just the sticker price. That's why a new analysis is good news for home buyers concerned about … [Read more...]
Contracts To Buy Fall 2.2% In September
The National Association of Realtors' Pending Home Sales Index measures the number of contracts to buy homes signed each month. It's an important barometer of housing-market health because it can be a reliable indicator of future home sales numbers. In September, the index found pending sales down 2.2 percent from the previous month, though still 20.5 percent higher than last year at the same time. Lawrence Yun, NAR's chief economist, says home buying demand is still strong. “The demand for home buying remains … [Read more...]
Mortgage Demand Stays Strong Into Fall
According to the Mortgage Bankers Association's Weekly Applications Survey, average mortgage rates fell last week from the week before. Rates were down for 30-year fixed-rate loans with both conforming and jumbo balances. They also fell for 15-year fixed-rate loans, while rates for mortgages backed by the Federal Housing Administration were up slightly. Overall, mortgage application demand climbed 1.7 percent from the previous week, with refinance activity up 3 percent and demand for loans to buy homes virtually … [Read more...]
Why Aren’t More Homeowners Ready To Sell?
In today's market, there are more home buyers than there are homes available for sale. In other words, it's a seller's market. But despite favorable conditions for sellers, the number of homes for sale is down 37 percent year-over-year. So why aren't more homeowners putting their homes up for sale? Well, according to one recent survey, uncertainty is the answer. Among Americans who have considered selling in the next few years, 34 percent said life is just too uncertain right now, with 31 percent citing financial … [Read more...]
New Home Sales Now 32% Higher Than Last Year
Whether you're buying a new home or not, the pace of new home sales matters to you and your home search. That's because, how quickly new homes are selling affects how quickly more new homes are built. And, at a time when housing supply lags behind buyer demand, more new homes is the best way to balance the market and keep prices from spiking higher. The U.S. Census Bureau and the Department of Housing and Urban Development releases a monthly report that tracks how many new homes were sold in the previous month. … [Read more...]
How To Buy In A Competitive Housing Market
These days, there are plenty of interested home buyers but fewer homes for sale. That means, home sellers have options and buyers have to be prepared. So what are some things buyers can do to ensure their success? Well, they should start by making sure their finances are in order. According to one recent survey, more than one-in-five home sellers who've had an offer fall through said it was because of issues with financing. So, if you're thinking about buying soon, getting pre-approved for a mortgage should be at … [Read more...]
Homes For Sale Go Quickly In September
New numbers from the National Association of Realtors show just how quickly homes are selling these days. Their September existing-home sales report found that, not only were sales of previously owned homes up 20.9 percent over last year's pace, but 71 percent of homes sold during the month were on the market for less than a month. In fact, the typical property was on the market just 21 days. That's an all-time low. Lawrence Yun, NAR's chief economist, says the usual seasonal sales patterns may not apply this year. … [Read more...]
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