According to the Mortgage Bankers Association’s Weekly Applications Survey, average mortgage rates moved higher last week. It was the third consecutive weekly increase. Rates were up for 30-year fixed-rate loans with conforming balances,15-year fixed-rate loans, and 5/1 ARMs. Joel Kan, MBA’s vice president and deputy chief economist, says the increases led to slower demand. “Mortgage rates increased for the third consecutive week, with the 30-year fixed rate inching higher to its highest level in four weeks …” Kan … [Read more...]

Each month, the National Association of Home Builders conducts a survey of builders to determine how confident they are in the market for newly built single-family homes. Their responses are scored on a scale where any number above 50 indicates more builders view conditions as good than poor. In November, the NAHB’s Housing Market Index rose one point to 38. Buddy Hughes, NAHB’s chairman, says buyers remain hesitant. “While lower mortgage rates are a positive development for affordability conditions, many buyers … [Read more...]

Buying a home has been a good bet for a long time. Home values started rising following the housing crash’s bottom in 2012 and didn’t stop. During the pandemic, they rose even faster, as more Americans were looking to move. Those days may be over, though. In fact, according to one new analysis, 53 percent of all homes lost value over the past year. That’s the highest share in more than a decade. But does that mean home buyers should worry that homeownership has lost its financial benefits? Probably not. The same … [Read more...]

According to a recent analysis of more than 48 million single-family home and condo sales, the best day to buy a home is Christmas Eve. The analysis, conducted by ATTOM Data Solutions, looked at sales data from the past 10 years to determine which date scored buyers the best bargain. According to the analysis, buyers who close on December 24 paid the lowest premium above estimated value of any day of the year. In fact, home buyers only paid 3.8 percent above value on that day – compared to the nearly 14-percent … [Read more...]

A mortgage payment isn’t the only expense you’ll be responsible for as a homeowner. You’ll also be on the hook for utilities like water, heat, and electricity, as well as so-called “hidden” costs, like maintenance, insurance, and property taxes. Altogether, they can add up to a significant amount. In fact, a recent analysis, looked at just the cost of home maintenance, insurance, and taxes and found that together they add up to nearly $16,000 per year. And they’re rising. That’s about 5 percent higher than the year … [Read more...]

According to the Mortgage Bankers Association’s Weekly Applications Survey, average mortgage rates moved higher last week. Rates were up 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 increased, so did demand for applications for loans to buy homes. Joel Kan, MBA’s vice president and deputy chief economist, says November is off to its strongest start in years. “Purchase applications picked up … [Read more...]

Today’s housing market presents some affordability challenges, particularly for younger home buyers. But despite those challenges, a new survey from the National Association of Realtors’ consumer website found Gen Z enthusiastic about buying and owning a home. In fact, 67 percent of surveyed adults between ages 18-and-27 said homeownership is an important life goal and 69 percent named it as an opportunity to build wealth. Today’s young Americans value homeownership and hope to one day buy a home – just like … [Read more...]

Real estate investors aren’t as active as they were a few years ago but that doesn’t mean they aren’t a factor. In fact, a new report from the National Association of Realtors’ consumer website found investors are both paying a premium for properties in high-cost areas and targeting affordable homes in lower-priced regions. In both cases, real estate investors can be tough competition for buyers. Danielle Hale, the website’s chief economist, says investors don’t have the same challenges. “Even as investors pull … [Read more...]

The housing market has been trending slower for a few years now. Rising mortgage rates cooled it off after several years of skyrocketing demand and prices. These days, affordability challenges linger and have both home buyers and sellers feeling cautious. Home sellers because many of them have a mortgage rate they locked in when rates were historically low. Buyers because rates and prices are still elevated. Evidence of this can be found in a recent analysis of the turnover rate. The turnover rate – which measures … [Read more...]

According to the Mortgage Bankers Association’s Weekly Applications Survey, average mortgage rates were mixed last week. Rates increased from the week before for 30-year fixed-rate loans with conforming balances, jumbo loans, and FHA loans but fell for 15-year fixed-rate loans and 5/1 ARMs. Joel Kan, MBA’s vice president and deputy chief economist, says rates remain close to a more than one-year low. “The 30-year fixed rate was mostly unchanged … and remained close to the lowest level in over a year,” Kan said. … [Read more...]