Whether or not you feel like it's a good time to buy or sell a house depends a lot on your perception of the housing market. That's why Fannie Mae conducts a monthly survey to gauge Americans' feelings about current conditions, their financial situation, mortgage rates, home prices, etc. After all, if people have a positive view of the market, they're more likely to make a move. And, according to the most recent Home Purchase Sentiment Index, Americans are feeling optimistic right now. Fannie Mae's chief economist, … [Read more...]

Calculating whether or not you can afford to buy a home can be stressful. It's a major financial transaction and it's easy to become overwhelmed when considering all the costs, obligations, and responsibilities. The good news is that many affordability indicators are pointing in the right direction for prospective buyers. For starters, most analysts expect that mortgage rates – already hovering just above historic lows – will remain favorable in 2020. Additionally, Freddie Mac's most recent forecast says home price … [Read more...]

The number of Americans who signed contracts to buy homes in November was higher than the month before, according to new numbers from the National Association of Realtors. In fact, the NAR's Pending Home Sales Index – which measures contract signings not closings – saw a 1.2 percent improvement over the previous month. Contract activity is now 7.4 percent higher than it was last year at the same time. Lawrence Yun, NAR's chief economist, says buying conditions are favorable but low inventory remains a challenge. … [Read more...]

Obviously, the number of homes available for sale is important. After all, it has a big impact on affordability. For example, these days there are too few homes for sale in many markets and the resulting inventory crunch has pushed home prices higher. But many recent housing market forecasts say there should be a significant increase in the number of new homes built in 2020. Will it add enough supply to make homes more affordable for buyers? Fannie Mae's senior vice president and chief economist, Doug Duncan, says … [Read more...]

According to the Mortgage Bankers Association's Weekly Applications Survey, average mortgage rates were flat last week from the week before. There were slight increases to rates for 30-year fixed-rate mortgages with both conforming and jumbo balances and loans backed by the Federal Housing Administration. Rates for 15-year fixed-rate mortgages were unchanged week-over-week. But despite rates remaining just above historic lows, demand for mortgage applications fell from one week earlier. Michael Fratantoni, MBA's … [Read more...]

As 2019 comes to a close, there are several signs that the housing market will be strong in the year ahead. Among them, new home sales might top the list. For example, according to the most recent numbers from the U.S. Census Bureau and the Department of Housing and Urban Development, sales of newly built single family homes are now nearly 17 percent higher than they were at the same time last year. Additionally, the past three months have been the best three months since 2007. In short, demand for new homes is … [Read more...]

Measuring housing-market affordability typically involves making some comparisons. Of course, with any comparison, what you discover depends on what you're comparing. Home prices, after all, could be down from where they were last month but up compared to the same time last year. That's why the best comparison is usually one that takes the broadest and longest view. For ATTOM Data Solutions' fourth-quarter 2019 U.S. Home Affordability Report, they calculated current affordability levels then compared them to their … [Read more...]

New numbers from the National Association of Realtors show sales of previously owned homes down in November from the month before. The decline was mostly in the South and West, as the Northeast and Midwest saw gains month-over-month. But despite slowing from October's pace, homes are still selling quickly. In fact, 45 percent of the homes sold in November were purchased less than a month after listing. Lawrence Yun, NAR's chief economist, says low inventory is the primary factor causing unevenness in the market. … [Read more...]

Americans want to buy homes. The job market is strong, mortgage rates are low, and people are ready to make a move. However, though conditions are largely favorable for prospective home buyers, there are some remaining challenges. Among them, low inventory tops the list. In many markets, there are too few homes available for sale. And when there are more buyers than homes, finding a house to buy becomes more difficult. It also pushes prices higher. The quickest solution to this problem is building more homes. And, … [Read more...]

According to the Mortgage Bankers Association's Weekly Applications Survey, average mortgage rates were mostly flat last week, with rates seeing little change for 30-year fixed-rate loans with both conforming and jumbo balances. Rates were also flat for 15-year fixed-rate loans, though they fell for mortgages backed by the Federal Housing Administration. Overall, rates are hovering just above historic lows and it's helped boost mortgage demand. In fact, refinance activity is up 146 percent from last year and demand … [Read more...]