Sales of previously owned homes fell in June from one month earlier, according to new numbers from the National Association of Realtors. Sales were down 2.7 percent from May and were flat from one year ago. Lawrence Yun, NAR’s chief economist, says elevated mortgage rates continue to be the primary factor influencing buyers. “High mortgage rates are causing home sales to remain stuck at cyclical lows,” Yun said. “If mortgage rates decrease in the second half of this year, expect home sales to increase across the … [Read more...]

According to the Mortgage Bankers Association’s Weekly Applications Survey, average mortgage rates were a mixed bag last week. Rates for 30-year fixed-rate loans with conforming loan balances rose slightly, while loans with jumbo balances and those backed by the Federal Housing Administration were virtually unchanged. Rates for 15-year fixed-rate loans and 5/1 ARMs both saw week-over-week declines. Rate changes didn’t dampen demand for loans to buy homes, however, as buyers pushed application demand 3 percent … [Read more...]

The housing market favored sellers for years. With the number of available homes for sale lower than normal and the number of interested home buyers high, sellers held all the negotiating power. This dynamic only intensified during the pandemic when mortgage rates fell to historic lows and demand, bidding wars, and home prices spiked. But now, according to a new analysis, there’s evidence that the housing market may have finally reached balance. Over the past couple of years, demand has slowed and the number of … [Read more...]

The Mortgage Bankers Association’s Mortgage Credit Availability Index found access to credit shrank 1.3 percent in June, after six months of growth. The index tracks lending standards and available loan programs on a scale where any increase indicates loosening credit and declines are a sign borrowers will have a tougher time getting a loan. Joel Kan, MBA’s vice president and deputy chief economist, says there were a couple of factors behind June’s decrease. “Credit availability decreased in June after six months … [Read more...]

The inventory of new homes is now at levels last seen in 2007 and that could be good news for prospective home buyers. After all, a surplus of homes means potential deals. And, according to a new report from the National Association of Home Builders, buyers are already seeing some. In fact, 38 percent of builders cut prices in July, with an average price reduction of 5 percent. That’s an almost 10 percent increase from April, when just 29 percent of builders reported reducing prices. Robert Dietz, NAHB’s chief … [Read more...]

It’s no secret that renting is currently more affordable than buying a house in most markets. That’s largely due to the skyrocketing cost of buying a home over the past several years. Home prices and mortgage rates have both seen substantial increases since the pandemic. But, according to a new report from the National Association of Realtors’ consumer website, the financial gap between renting and buying is beginning to close. Danielle Hale, the website’s chief economist, says renters should keep their eye on … [Read more...]

According to the Mortgage Bankers Association’s Weekly Applications Survey, average mortgage rates increased last week from one week earlier. Rates were up for 30-year fixed-rate loans with both conforming and jumbo balances, loans backed by the Federal Housing Administration, and 5/1 ARMs. Joel Kan, MBA’s vice president and deputy chief economist, says the increase was due to economic concerns. “Treasury yields finished higher last week on average despite an intra-week drop, driven partly by renewed concerns of … [Read more...]

When we move, we typically don’t move far. In fact, between 1989 and 2021, the median distance moved was between 10 and 15 miles. Lately, though, that distance has been growing. In 2022, it grew to almost 50 miles. Today, it’s closer to 20 miles. The pandemic started the trend, with a higher share of potential buyers searching for extra space outside of their metro areas. But according to a new analysis from the National Association of Realtors’ consumer website, the trend hasn’t subsided. Danielle Hale, the … [Read more...]

The housing market has been in flux for the past couple of years. After getting red hot during the pandemic, it began to cool in 2022 when mortgage rates headed higher after spending years near historic lows. That slowed buyer demand and allowed the number of homes available for sale to rebound. Now, hopeful home buyers and sellers are having to adjust to conditions that have changed drastically over the past three years. For example, a new report from the National Association of Realtors found home sellers … [Read more...]

There are a few common reasons people decide to buy a house. Things like getting married, starting a family, or a new job are regularly cited by recent home buyers as the reason they decided to buy. Feeling financially secure isn’t typically mentioned but it sure doesn’t hurt. That’s why the results of the Federal Reserve Bank of New York’s June 2025 Survey of Consumer Expectations are encouraging. The survey found Americans are generally feeling more optimistic about their finances this year. In fact, compared to … [Read more...]