The Mortgage Bankers Association’s Mortgage Credit Availability Index is a monthly measure of how easy it is for borrowers to secure financing. When credit is tight, lending standards are higher and borrowers face more challenges. When it loosens, the supply of credit, number of loan programs, and chance of approval all increase. The MBA tracks this on a scale where any decline indicates credit is tightening, while increases indicate improvement. In April, the index was unchanged after seeing significant gains in … [Read more...]

Competition has cooled in the housing market. In fact, according to one recent analysis, competition among home buyers is back to pre-pandemic levels after many years of bidding wars and spiking prices. That’s put buyers in a better bargaining position. So, what changed? Well, an increasing number of homes for sale. The supply of available homes is now 20 percent higher than last year, with new listings up 7.6 percent from the same time one year ago. And the improvement is widespread. In 44 of the 50 largest metro … [Read more...]

Builders grew less confident in May, according to a new survey from the National Association of Home Builders. The group’s monthly Housing Market Index – which scores a survey of builders on a scale where any number above 50 indicates more builders view conditions as good than poor – came in at 34 in May, down six points from April. Buddy Hughes, NAHB’s chairman, says builders see better conditions ahead. “The spring home buying season has gotten off to a slow start as persistent elevated interest rates, policy … [Read more...]

According to the Mortgage Bankers Association’s Weekly Applications Survey, average mortgage rates were relatively flat last week, with little movement seen 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. But while rates remain elevated and economic uncertainty continues to linger, home buyers have quietly pushed purchase demand higher. Mike Fratantoni, MBA’s senior vice … [Read more...]

Anything you buy new is going to be more expensive than buying it after it’s been around a while. Over the years, that’s certainly been the case in the housing market. New homes are more expensive than older homes, almost always. But according to a new report from the National Association of Realtors’ consumer website, the median list price for a newly built home has fallen and, at $448,393 during the first quarter of this year, the median new home is now only about $45,000 more expensive than the median existing … [Read more...]

The housing market is never perfectly balanced but, in recent years, the gap between the number of homes for sale and the number of interested buyers grew historically large. The inventory of homes for sale hit all-time lows as buyer demand spiked and it led to increasing competition, higher prices, and more bidding wars. Fortunately, things have evened out somewhat since then due, in part, to the rising number of new homes being built across the county. In some areas, the rate of new home construction has helped … [Read more...]

The housing market isn’t as frenetic as it was just a few years ago. But while the market has calmed and skyrocketing prices have finally slowed, that doesn’t mean homeowners aren’t still in great shape. In fact, according to new numbers from ATTOM Data Solutions, homeowners are doing historically well. ATTOM’s latest U.S. Home Equity and Underwater Report found the share of homes that could be considered equity rich – meaning the combined loan balances secured by those properties is less than half their market … [Read more...]

Each month, Fannie Mae conducts a survey of Americans to gauge perception of the housing market and overall economy. The survey asks participants whether they believe mortgage rates and home prices will go up or down over the next year, how secure they feel in their jobs, whether their income has increased or decreased, and whether they believe now is a good time to buy or sell a home. The resulting Home Purchase Sentiment Index is a measure of how consumers feel about today’s market. According to the most recent … [Read more...]

According to the Mortgage Bankers Association’s Weekly Applications Survey, average mortgage rates fell last week from one week earlier. Rates were down or unchanged 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. Mike Fratantoni, MBA’s senior vice president and chief economist, says economic news led to the decline. “The economic news last week included a negative reading for first-quarter GDP growth and further … [Read more...]

Everybody’s had buyer’s remorse at one time or another. It’s a fairly common phenomenon. It’s especially common among home buyers. After a such a large financial transaction, it’s hard not to look back and wonder what you could have done differently. But what about sellers? Do they also have regrets? Well, according to one new analysis, the answer is yes. Recent home sellers were just as likely to express regret after closing on the sale of their house as buyers. In fact, the vast majority said they had some … [Read more...]