The typical mortgage payment got smaller in February, according to new data from the Mortgage Bankers Association. The group’s Purchase Applications Payment Index looks at amounts applied for by borrowers and measures them over time to gauge home buyer affordability. In February, the PAPI found payments down. In fact, the national median payment fell to $2,061 from $2,070 in January. Edward Seiler, MBA’s associate vice president of housing economics, says the improvement, while small, is encouraging. “Home buyer … [Read more...]

Each quarter, ATTOM Data Solutions produces an affordability report comparing current conditions to historical averages. The report looks at factors like home prices, mortgage rates, and wages in counties across the country than compares them to long-term data. According to their first quarter U.S. Home Affordability Report, there was a slight improvement in buyers’ ability to comfortably afford a home, with the percentage of counties where homes are less affordable than historical averages falling from the … [Read more...]

According to the Mortgage Bankers Association’s Weekly Applications Survey, average mortgage rates moved higher again last week, reaching their highest level since October 2025. 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. Joel Kan, MBA’s vice president and deputy chief economist, says worries about oil prices are behind the increases. “The threat of … [Read more...]

A few years ago, home buyers interested in a new listing would have to hurry to schedule a showing, hoping to see the house and get a good offer in before it sold to another buyer who moved just a bit faster. During those years, a good house listed on a Thursday could be off the market by Monday. Naturally, that pace is stressful for buyers. It also drives prices higher as homes with multiple offers typically sell for higher than their listed price. Fortunately, however, things have slowed down since then and homes … [Read more...]

New home sales data is known to be volatile. It is often revised and can sometimes show exaggerated increases and declines. But while the most recent release from the U.S. Census Bureau and the Department of Housing and Urban Development shows a nearly 18-percent drop in January, this one was likely due to harsh winter weather during the month, rather than a statistical anomaly that will be corrected in the weeks ahead. Why? Well, much of the country saw frigid temperatures and snow in January – which would … [Read more...]

Despite knowing they may find a better bargain in winter or fall, home buyers always tend to come out in spring. The reasons aren’t that hard to figure out. For one, the weather is generally nicer. But more importantly, buyers with kids can move with the least amount of disruption if they do it in summer, before the new school year. That’s why spring and early summer are the housing market’s hottest times of year. But, naturally, an influx of buyers leads to competition, which can lead to bidding wars and higher … [Read more...]

According to the Mortgage Bankers Association’s Weekly Applications Survey, average mortgage rates increased week-over-week last week. 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. Joel Kan, MBA’s vice president and deputy chief economist, says the conflict in the Middle East impacted rates. “Mortgage rates continued to move higher, driven by increasing … [Read more...]

When an offer to buy a home is accepted and the contract to buy has been signed, that home’s sale is considered pending until it closes weeks later. During the ensuing weeks, there are several steps that need to be completed for the home’s sale to become final. But since most pending sales end up as closed sales, the National Association of Realtors tracks them each month, as they’re considered a good indicator of future home sales numbers. According to the NAR’s most recent Pending Home Sales Index, contract … [Read more...]

The National Association of Home Builders surveys builders each month, asking for their perceptions of the market for newly built homes. Their responses are scored on a scale where any number above 50 indicates more builders view conditions as good than poor. In March, the NAHB’s Housing Market Index rose one point from the month before, increasing to 38. Robert Dietz, NAHB’s chief economist, says uncertainty remains. “While the Freddie Mac 30-year fixed rate mortgage averaged in February … the lowest since August … [Read more...]

New home construction is an important piece of the housing market puzzle. When the supply of homes for sale is low – as it has been for many years – building more homes is the quickest way to balance the market. These days, the effect can be seen in the regional differences found in home-price data. In the South, where home building has been more vigorous over the past few years, home-price increases have largely stalled. In the Northeast and Midwest, on the other hand, where there’s been fewer new homes built, … [Read more...]