The typical home buyer calculating the costs of homeownership doesn’t spend as much time thinking about insurance premiums as they do mortgage rates and home prices. After all, the cost of homeowners insurance is relatively small when compared to the big-ticket items buyers have to consider. Still, after recent storms in the Southeast, homeowners insurance is becoming a hot topic. Mostly, Americans are concerned about the availability and cost of insurance in areas affected by severe weather – which, of course, is … [Read more...]

There are going to be necessary touchups, fixes, and upgrades anytime you sell a house. If you’re lucky, they’ll mostly be cosmetic, easily resolved, and affordable. After all, it’s never fun putting money into a house you’re about to leave. That’s why it should come as a relief to potential sellers that there’s one job anyone can do to improve their home’s curb appeal – and it costs nothing. So what it is it? Well, six in 10 recently surveyed real estate agents said a messy yard decreases a property’s value – and … [Read more...]

There are a lot of financial calculations involved in buying a home. Buyers need to figure out their down payment, what their prospective mortgage rate might be, their price range, what the monthly mortgage payment will look like, etc. It’s a long list – and too often, it’s a list that doesn’t take into account future renovations. If you own a home, you’ll have to do a major renovation sooner or later. In fact, according to one recent survey of current homeowners, 94 percent said they’d completed a major project in … [Read more...]

According to the Mortgage Bankers Association’s Weekly Applications Survey, average mortgage rates moved higher last week from one week earlier. Rates were up across all loan categories, including 30-year fixed-rate loans with both conforming and jumbo balances, loans backed by the Federal Housing Administration, 15-year fixed-rate loans, and 5/1 ARMs. The increase was due to stronger-than-expected economic news, including the September jobs report. Mike Fratantoni, MBA’s senior vice president and chief economist, … [Read more...]

Have you thought about moving lately? If so, you’re not alone. In fact, according to one new survey of current homeowners, 72 percent said they’re ready to pack up and find a new place to live. Last year, by comparison, only 35 percent said the same. That’s a sizable increase and a significant amount of pent-up buyer demand in the market, particularly among current homeowners. So what’s behind Americans’ growing desire to move? Mostly, affordability conditions. Many Americans want to buy but have been holding off, … [Read more...]

Fannie Mae’s monthly Home Purchase Sentiment Index is based on a survey of Americans that asks for their feelings about buying and selling a home, mortgage rates, prices, their financial situation, and job security. In September, the index rose 1.8 points to its highest level in two years. And while the number of respondents who say it’s a good time to buy a home is still low, optimism about mortgage rates has reached a survey high, with 42 percent of respondents saying they expect rates to fall over the next year. … [Read more...]

Affording a home got easier in August, according to newly released numbers from the Mortgage Bankers Association. The MBA’s monthly Purchase Applications Payment Index measures the national median mortgage payment applied for by home buyers and, in August, the index found payments fell. In fact, the median payment was down nearly 4 percent from the previous month, bringing it to $2,057 from $2,140 the month before. The improvement continues a trend. “Home buyer affordability conditions improved for the fourth … [Read more...]

In a fast moving market, home buyers have to make big decisions quickly. Spend too much time deliberating over whether or not to make an offer and you may just lose your chance. That’s been the case in recent years, and certainly during the pandemic. Too few homes for sale combined with a surge of interested buyers meant a good home for sale could be off the market in a matter of days. That’s why it’s good news for buyers that inventory has since improved and, according to one recent analysis, so has the amount of … [Read more...]

According to the Mortgage Bankers Association’s Weekly Applications Survey, average mortgage rates were relatively flat last week, remaining near recent lows despite a slight increase across all loan categories, including 30-year fixed-rate loans with both conforming and jumbo balances, loans backed by the Federal Housing Administration, 15-year fixed-rate loans, and 5/1 ARMs. Mike Fratantoni, MBA’s senior vice president and chief economist, says rates moved higher but so has purchase demand. “Mortgage rates were … [Read more...]

Before closing on a house, it’s important to find out as much about it as you can. That’s why scheduling an inspection is typically among the first things buyers do after having their offer accepted. A buyer has to be sure the house is structurally sound and has no major issues. But while you can know a lot about a home’s structure and mechanical systems before committing to it, you can’t always know what the neighbors are like and how well you’ll get along with them – and sometimes that can be just as important as … [Read more...]