According to the Mortgage Bankers Association’s Weekly Applications Survey, average mortgage rates fell again last week. Rates were down from the week before for 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. Joel Kan, MBA’s vice president and deputy chief economist, says rates are now at a two-year low. “Application activity was up significantly last week, as market expectations of a rate cut from the Fed … [Read more...]

The National Association of Home Builders conducts a monthly survey to gauge builder confidence in the market for newly built homes. Its Housing Market Index scores builders’ responses on a scale where any number above 50 indicates more builders view conditions as good than poor. In September, the index rose two points to 41, breaking a streak of four consecutive monthly declines. Carl Harris, NAHB’s chairman, says the reason is simple. “Thanks to lower interest rates, builders now have a positive view for future … [Read more...]

Despite recent affordability challenges, Americans never stopped wanting to buy a home. Even as prices soared and rates climbed higher, the desire for homeownership remained strong. Now, with the housing market beginning to balance, the time may be right for buyers who paused their plans, waiting for a better deal. Why? Several reasons. Mortgage rates, for one. Average rates have now fallen for several consecutive weeks and are about a point lower than they were earlier this year. Inventory has also improved, … [Read more...]

Home prices are a hot topic after years of skyrocketing growth. Double-digit annual increases were common in most markets during the pandemic and, though they’ve slowed considerably, prices are still moving upward in most markets. But what should home buyers – and sellers – expect in the months ahead? Well, Fannie Mae’s Home Price Expectations Survey polls industry experts each quarter and gets their read on where they think prices are headed. According to the most recent release, Fannie Mae’s panel raised their … [Read more...]

Credit availability isn’t typically among home buyers’ top concerns – but it matters. Lending standards and the availability of loan programs affect how easy or difficult it is to get approved for a loan. When credit is tight, for example, prospective borrowers will need to have their finances in order more so than they would if it were looser. That’s why the Mortgage Bankers Association keeps a monthly measure of how tight or loose credit is with their Mortgage Credit Availability Index. Any increase in the index … [Read more...]

According to the Mortgage Bankers Association’s Weekly Applications Survey, average mortgage rates fell for the sixth consecutive week last week, bringing rates to the lowest level since February 2023. Rates fell 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. Joel Kan, MBA’s vice president and deputy chief economist, says there are a number of factors behind the recent … [Read more...]

Traditionally, spring and summer are the housing market’s busiest seasons. Home shoppers tend to arrive as the weather begins to warm and then, as summer fades, the market tends to slow. But that doesn’t mean potential buyers should put their plans on hold until next spring. In fact, fall can be among the best times to buy and, according to a new analysis from the National Association of Realtors’ consumer website, early October, in particular, could be this year’s best time for buyers. Why? Well, for one, mortgage … [Read more...]

Fannie Mae’s monthly Home Purchase Sentiment Index is based on a survey of Americans that asks participants whether they think it’s a good time to buy or sell a home, whether they think home prices and mortgage rates will rise or fall over the next year, and how secure they feel in their job and income. In August, the index saw a 0.6 percent increase from the month before, mostly due to rising optimism about mortgage rates and home prices. Mark Palim, Fannie Mae’s vice president and deputy chief economist, says … [Read more...]

Americans have had good reason to be hesitant about the housing market over the past couple of years. Between skyrocketing prices during the pandemic and rising mortgage rates in the immediate aftermath, affordability became a top concern and a reason for potential home buyers to hit pause on their plans. These days, though, optimism is rising. In fact, according to one new survey, a large majority of Americans believe mortgage rates will fall in the months ahead and many of them have targeted a number that would … [Read more...]

The housing market has had an inventory problem for years now. Too few homes for sale has driven prices higher, increased competition and bidding wars, and limited options for buyers. Fortunately, though, the market has finally begun to bounce back. In fact, according to new numbers from the National Association of Realtors’ consumer website, inventory has now risen for 10 straight months and was up 35.8 percent in August, pushing the number of homes for sale to its highest level since May 2020. Danielle Hale, the … [Read more...]