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...]

Mortgage payments got more affordable in September, according to new numbers from the Mortgage Bankers Association. The group’s Purchase Applications Payment Index – which tracks monthly mortgage payments based on loan amounts applied for by borrowers – found the national median mortgage payment fell to $2,067 in September from $2,100 the month before. Edward Seiler, MBA’s associate vice president of housing economics and executive director of the Research Institute for Housing America, says it was the fourth … [Read more...]

ATTOM Data Solutions’ fourth-quarter Vacant Property and Zombie Foreclosure Report shows that just 1.32 percent of residential properties in the United States are vacant. That’s down from 1.33 percent during the previous quarter. Rob Barber, ATTOM’s CEO, says that’s a good sign for buyer demand and housing market health. “These continuously low vacancy rates that the nation has held steady at around 1.4 percent for nearly four years, show that record high prices haven’t dampened the demand for homes,” Barber said. … [Read more...]

The National Association of Realtors’ Pending Home Sales Index was flat in September after hitting its strongest pace of the year the month before. The index, which measures contract signings – not closings, is considered a good future indicator of existing-home sales since contract signings precede closings by several weeks. Lawrence Yun, NAR’s chief economist, says conditions are improving. “Inventory has climbed to a five-year high, giving home buyers more options and room for price negotiation,” Yun said. … [Read more...]

Buying a home is a big investment, so it’s smart for potential buyers to consider the cost of home maintenance and repairs. But they need to think about more than just annual upkeep, they should also consider the potential for something worse: a natural disaster. Fortunately, according to a new survey, they are. In fact, the survey found 69 percent of homeowners said they took the risk of a natural disaster into account when buying their house. Similarly, 61 percent said they fear a disaster could destroy their … [Read more...]