According to the Mortgage Bankers Association's Weekly Applications Survey, average mortgage rates remained at all-time survey lows last week, with rates virtually unchanged for 30-year fixed-rate mortgages with both conforming and jumbo balances, loans backed by the Federal Housing Administration, and 15-year fixed-rate loans. The MBA's survey has been conducted since 1990 and covers 75 percent of all retail residential mortgage applications. But despite historically low mortgage rates, demand continues to be … [Read more...]

Naturally, the coronavirus has made buying and selling a home more complicated this spring. Social distancing and other mitigation efforts have changed the way we think about nearly everything, including the buying process. But according to a new survey from the National Association of Realtors' consumer website, Americans are adapting, embracing technology, and not changing their plans. In fact, the survey found that 68 percent of respondents said their plans to move, or not, haven't changed. Just 9 percent said … [Read more...]

New home construction plays an important role in the overall economy. That's why the National Association of Home Builders' Housing Market Index is a closely watched barometer for the health of the housing market. The index asks home builders how confident they are in the market, how much buyer traffic they're seeing, and what their expectations are for the next six months. According to the most recent results, confidence plunged in April to its lowest level since 2012. Robert Dietz, NAHB's chief economist, says … [Read more...]

First-time home buyers are an important demographic for the housing market. Historically speaking, they represent about 40 percent of buyers in any given year. Naturally, that means their wants and needs are important to anyone selling a home, including builders. So what type of home are first-time buyers looking for? Well, according to a recent presentation at the 2020 International Builders' Show, there are some features and amenities large majorities of first-time home shoppers say they'd like in a house. For … [Read more...]

When thinking about the costs of homeownership, there are some big-ticket items that get most of the attention. But while prospective buyers focus on their potential mortgage payment, the price of the home, and possible renovations and maintenance projects, they're less likely to think about property taxes. That's a mistake, especially since taxes aren't fixed and can vary depending on where you buy. In other words, it's a good idea to investigate what the taxes will be on the home you're thinking about purchasing. … [Read more...]

Fannie Mae's monthly Home Purchase Sentiment Index measures Americans' perceptions of the housing market, buying and selling a home, prices, mortgage rates, and their personal financial situation. According to the March survey – conducted during the first three weeks of the month – Americans have become more cautious about their prospects. In fact, the impact of the coronavirus has caused housing-market sentiment to decline significantly from where it was in February, when it was near an all time high. “In March, … [Read more...]

The number of homes for sale has been lower than normal for some time now. A combination of homeowners staying in one place longer, fewer new homes being built, and increasing demand among buyers has caused for-sale inventory to lag and prices to climb higher. There was hope that those conditions would change this year. New residential construction was poised to make gains, add supply, and help moderate price increases. Then the coronavirus hit. Naturally, efforts to contain the virus will affect the housing … [Read more...]

The S&P Case-Shiller Indices are considered to be among the leading measures of U.S. home prices. According to their most recent release, which covers data through January, home price increases were accelerating at the start of the year. In fact, their 20-city composite index was up 3.1 percent year-over-year, up from 2.8 percent the month before. Craig J. Lazzara, managing director and global head of index investment strategy at S&P Dow Jones Indices, says the increases were broad based. “Results for the … [Read more...]

Numbers from the first quarter of 2020 show homeownership becoming more affordable for average wage earners. In fact, according to ATTOM Data Solutions' most recent Home Affordability Report, a median-priced home will cost someone earning the national average about 31 percent of their income – the lowest percentage since the fourth quarter of 2017. Todd Teta, chief product officer with ATTOM, says falling interest rates have helped keep homeownership within reach. “It seems bizarre that median home prices have … [Read more...]

Home prices have been rising for several years now. A combination of increasing buyer demand and a lower-than-normal number of homes for sale led to more competition among home shoppers and put upward pressure on prices. That's why most of the discussion about where the housing market was headed this year focused on the number of available homes for sale. If more homes became available, it would help keep prices from climbing too quickly. If inventory stayed low or fell further, price increases might begin to … [Read more...]