The Mortgage Bankers Association’s Purchase Applications Payment Index measures the median mortgage payment each month based on amounts applied for by prospective home buyers. According to the most recent results, payments were up in March from the month before but were lower than last year at the same time. In fact, the median payment was roughly 2-percent lower than year-before levels. Still, Edward Seiler, MBA’s associate vice president of housing economics and executive director of The Research Institute for … [Read more...]

Spring is here and, so far, the numbers look good. There was some concern that world events and an early-April rate increase would derail the spring housing market but, according to a new analysis from the National Association of Realtors’ consumer website, April saw buyers and sellers engaged and active. Danielle Hale, the site’s chief economist, says last spring’s market got off on the wrong foot but this year’s been different. “This year, different triggers like the Iran conflict, spiking gas prices, and surging … [Read more...]

Most people decide to sell their house because it’s time for them to move. They may need more space, want to be closer to work or family, or want to downsize. There are any number of reasons someone may be looking to make a move. Very few of them involve timing the market perfectly. However, if you’re a homeowner who is thinking about selling your house sometime soon, now may actually be the perfect time to do it. Why’s that? Well, according to ATTOM Data Solutions, spring is the time when home sellers sell for the … [Read more...]

According to the Mortgage Bankers Association’s Weekly Applications Survey, demand for loans to buy homes was 21 percent higher last week compared to the same week one year ago. The year-over-year gains are significant but especially so on a week when average mortgage rates increased across most loan categories. Mike Fratantoni, MBA’s senior vice president and chief economist, says rates were up but buyers seemed unfazed. “Mortgage rates increased slightly last week …” Fratantoni said. “More notably, purchase … [Read more...]

Home prices have been cooling off for a few years now. Even though they continued to increase, they did so at an ever-slowing pace. The S&P Case-Shiller Home Price Indices tracks home prices and, according to their most recent measure, that trend has continued. Nicholas Godec, CFA, CAIA, CIPM, head of fixed income tradables at S&P Dow Jones Indices, says the national index is still up from last year, but not by much. “The Index rose just 0.7 percent year over year in February, down from 0.8 percent in … [Read more...]

It’s said that you shouldn’t take on a mortgage payment that spends more than around 28 percent of your monthly income. Anything above that is considered unaffordable – or, at least, financially taxing. But finding an affordable house in today’s market can be challenging, and particularly if you’re a younger buyer. In fact, a new analysis looked at mortgage payments broken down by generation and found that Gen Z was the generation most likely to spend more than 30 percent of their income on their mortgage. That’s … [Read more...]

The number of home buyers applying for applications to buy new homes in March was up 11 percent from one year ago, according to new numbers from the Mortgage Bankers Association. From the month before, demand for new homes was up 26 percent. Joel Kan, MBA’s vice president and deputy chief economist, says the gains are due to a combination of seasonal patterns and growing inventory. “March kicks off the start of the spring home-buying season and does typically see an increase in purchase activity,” Kan said. “Last … [Read more...]

Some considerations take priority over others when shopping for a home to buy. Things like the number of bathrooms or the amount of kitchen storage are far more important to the way you live than the architectural style of your home, for example. But, when potential home buyers look at online listings, the things that catch their eye aren’t usually the details about laundry rooms, storage, and mechanics. It’s the style. In fact, a recent analysis of online home shoppers found that homes with classic architecture … [Read more...]

The National Association of Home Builders’ Housing Market Index measures how confident builders are in the market for newly built, single-family homes. The index is considered an important metric because builders need to know what to build, and where, if they hope to be successful. In April, the NAHB’s survey found builders less confident than the month before – and generally uncertain due to rising oil costs. Robert Dietz, NAHB’s chief economist, says higher costs put builders in a challenging spot. “With oil … [Read more...]

According to the Mortgage Bankers Association’s Weekly Applications Survey, average mortgage rates fell last week across most 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. The declines led to an increase in loan demand, as refinance activity rose 5 percent from the week before and pushed overall application demand 1.8 percent higher week-over-week. Joel Kan, MBA’s vice president and … [Read more...]