For the most part, home buyers aren’t looking to move too far from home. In fact, 60 percent of us live within 10 miles of our childhood home, according to numbers from Consumer Affairs. That means most us who are thinking about making a move are thinking about moving within our own state. But which state has the most in-state movers? A new study looked at the numbers. It found the state best at keeping its residents was Texas, with 93 percent of Texans looking for a house somewhere in Texas. Next up was Michigan … [Read more...]

The Mortgage Bankers Association’s Mortgage Credit Availability Index is a monthly measure of whether obtaining a mortgage has become easier or more difficult for borrowers. A decline in the Index indicates lending standards have tightened while an increase means credit has loosened. In March, the Index rose 2.5 percent. That’s good for potential buyers, as it means their ability to secure financing has improved. Joel Kan, MBA’s vice president and deputy chief economist, says credit availability is now at its … [Read more...]

Every successful home buyer becomes a mover. But when you’re caught up in the home search, moving can seem too far off in the future to think about yet. After all, you’ve got a lot to do first before you can start planning for your new house. That’s true, but it’s still smart to get an idea of what you might spend settling into your new place. Especially since, according to a new analysis from the National Association of Realtors’ consumer website, it can be a significant amount. In fact, the analysis found home … [Read more...]

There are a lot of costs associated with owning a home but the monthly mortgage payment is the big one. It’s also the measuring stick prospective home buyers use when determining whether or not they’ll be able to afford a particular home. That’s why the Mortgage Bankers Association keeps a monthly gauge of median payments based on loans applied for by buyers. According to their most recently released data, mortgage payments ended the winter flat. Edward Seiler, MBA’s associate vice president, housing economics, and … [Read more...]

According to the Mortgage Bankers Association’s Weekly Applications Survey, average mortgage rates fell week-over-week to the lowest level since last October. Rates were down 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, 15-year fixed-rate loans, and 5/1 ARMs. Favorable rates helped spur a 20 percent surge in mortgage applications. Joel Kan, MBA’s vice president and chief economist, says borrowers … [Read more...]

New home construction is good for the housing market. When more homes are built, it keeps prices in check and offers buyers more options. Over the past few years, new home construction has ramped up and helped reduce some of the housing market’s inventory problem. It’s also helped reduce price spikes. But the rate of new home construction – and the cost of a new home – depends in part on the price of materials. So how will newly announced tariffs affect the housing market and home prices? Well, according to the … [Read more...]

There are roughly 19 million Americans living in homes with more than two people per bedroom, according to the results of a new analysis. That means roughly 6 percent of all Americans who live in homes live in overcrowded homes. That’s a relatively small number when compared to the 38.1 percent of Americans who live in houses with extra bedrooms. Nevertheless, 19 million is a lot of Americans. So, what’s behind the number of overcrowded homes? Well, some of it may be multi-generational households – meaning those … [Read more...]

There are a lot of ways to measure how affordable it is to buy a home. Time isn’t usually among them. But one new analysis decided to use it anyway. The analysis, conducted by the National Association of Realtors’ consumer website, looked at how many days of work, at an average wage, it takes to pay the typical monthly mortgage payment in each state. It found quite a spread. On the one end, mortgage payments in states like Hawaii, California, Massachusetts, and Montana all took more than two weeks of work to … [Read more...]

Spring is here and the inventory of homes for sale is climbing. In fact, the total number of homes actively for sale in March was 28.5 percent higher than year-before levels and the number of newly listed homes jumped 10.2 percent – the strongest showing in three years. The data, from the National Association of Realtors’ consumer website, shows gains in each of the 50 largest metro areas and, in 18 of those cities, inventory now exceeds its pre-pandemic level. Danielle Hale, the site’s chief economist, says the … [Read more...]

According to the Mortgage Bankers Association’s Weekly Application Survey, average mortgage rates fell last week from one week earlier. Rates were down for 30-year fixed-rate loans with both conforming and jumbo balances, loans backed by the Federal Housing Administration, and 15-year fixed-rate loans. But while rates were down, the decline wasn’t enough to push mortgage demand higher. Joel Kan, MBA’s vice president and deputy chief economist, says demand was down due to falling refinance activity. “Overall … [Read more...]