According to the Mortgage Bankers Association's Weekly Applications Survey, average mortgage rates fell last week 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 are now down significantly from where they were last year at the same time and the improvement has caused increased demand for mortgages. In fact, refinance applications are up 144% percent over year-before levels … [Read more...]
Homeowners Now Stay In One Place Longer
When you buy a house, there's really no telling how long you'll end up living there. Some people buy a home thinking they'll stay a few years and end up living there decades. Others buy a house thinking it'll be their long-term home, then find themselves on the market for a new one sooner than later. But how long does the typical homeowner stay in one place? Well, according to a recent survey, the answer is longer than they used to. That's because, results show American homeowners typically stay in their home for … [Read more...]
Housing Market Expected To Remain Solid In 2020
Forecasting the future isn't easy. But, at the end of each year, economists, experts, and analysts use various trends and indicators to make their best predictions for what will happen over the next 12 months. So what are they saying about housing market conditions in 2020? Well, the earliest forecasts are positive. In fact, according to Freddie Mac, the housing market is among the only parts of the economy that looks solid. “Economic growth has slowed significantly across the globe, but the slowdown has been more … [Read more...]
Number Of New Listings Slows From Last Year
Because building more homes is the easiest way to solve the problem of too few homes for sale, new residential construction gets a lot of attention. But the number of homeowners listing their homes for sale also plays a role in determining current inventory. And, if new numbers from the National Association of Realtors' consumer website are any indication, there are fewer homeowners selling houses this year than there were last year at the same time. According to the numbers, new listings have fallen 3.4 percent … [Read more...]
Latest Report Finds Price Trends Steady
Naturally, home prices are among the first things potential home buyers look at when deciding whether or not it's time for them to make a move. After all, they are the easiest housing-market barometer to read. It requires no expertise, for example, to look up homes for sale in any area and get a feel for how expensive or affordable they are. So where are home prices today and where might they be headed? Well, according to the S&P CoreLogic Case-Shiller Indices – which is considered a leading measure of U.S. … [Read more...]
Mortgage Demand Still Higher Than Last Year
According to the Mortgage Bankers Association's Weekly Applications Survey, demand for loans to buy homes is now 10 percent higher than at the same time last year. That demand remains above year-before levels despite low inventory and rising prices is further evidence that low interest rates continue to help home buyers handle today's market challenges. Joel Kan, MBA's associate vice president of economic and industry forecasting, says the trend should continue. “Mortgage applications were mostly unchanged, with … [Read more...]
Pending Sales Rise As Purchase Power Grows
Pending home sales increased for the second consecutive month, according to new numbers from the National Association of Realtors. Their Pending Home Sales Index – which measures the number of contracts to buy homes signed each month – saw a 1.5 percent improvement over the month before. Signed contracts are now 3.9 percent higher than last year at the same time. Lawrence Yun, NAR's chief economist, says historically low mortgage rates are the main factor driving sales right now. “Even though home prices are rising … [Read more...]
Buyers Need To Be Realistic About Renovations
Considering the popularity of home renovation shows, it's easy to see why home buyers might be tempted to buy a fixer upper. After all, on TV, renovating a house can be budget-friendly, quick, and even fun. But prospective home buyers, who think they may want to look for a house that needs some work, need to first be realistic. Not everyone has the skills or time to take on a renovation themselves and hiring a contractor can get expensive. Not to mention, all the little details reality TV shows edit out that can … [Read more...]
What Buyers Should Know About Appraisals
Typically, if you're buying a house, you'll be required to have it appraised before your loan closes. Part of the reason for this is to ensure you're paying a fair price for the property. Another is to protect your lender's investment – since they're going to be assuming most of the risk. Either way, it's a good idea to have a third-party, unbiased, professional assessment of the property. Appraisal Institute president, Stephen S. Wagner MAI, SRA, AI-GRS, certainly thinks so. He says it's important that anyone … [Read more...]
New Home Prices Fall To Lowest Level Since 2017
There are several reasons new homes tend to be more expensive than previously owned homes. One is that they're new. You're going to pay more for any house that has updated fixtures and features, let alone one where everything in it is brand new. But though new homes generally go for a higher price, new data from the U.S. Census Bureau and the Department of Housing and Urban Development shows they're currently more affordable than they've been in years. In fact, the median price of new homes sold in September was … [Read more...]
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