According to the Mortgage Bankers Association’s Weekly Applications Survey, average mortgage rates fell last week 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. The improvement led to boosted mortgage demand, with both refinance and purchase activity up from the previous week. Joel Kan, MBA’s vice president and deputy chief economist, says borrowers took advantage of … [Read more...]

The national median mortgage payment applied for by home buyers fell almost 2 percent in June from the month before, according to newly released data from the Mortgage Bankers Association. The MBA’s Purchase Applications Payment Index measures monthly mortgage payments based on the loans borrowers applied for during the month. In June, the median payment fell to $2,172 from $2,211 in May. For borrowers applying for lower-payment mortgages, payments fell to $1,500 from $1,512. Edward Seiler, MBA’s associate vice … [Read more...]

When the combined total of what you owe on your home is less than half of its estimated value, you’re equity rich. That’s a good thing to be, which is why ATTOM Data Solutions’ most recent U.S. Home Equity & Underwater Report is encouraging news for homeowners. The report found the share of equity rich properties increased during the second quarter of this year after falling the previous three quarters. Rob Barber, ATTOM’s CEO, says that homeowners continue to do well. “With home prices at record highs you’d … [Read more...]

Home prices have followed a pattern so far this year and, according to the latest S&P Case-Shiller Home Price Indices, it shows no sign of changing. S&P’s index – considered among the leading measures of U.S. home prices – found prices up just 2.3 percent year-over-year through the end of May. That’s the slowest annual price increase in two years. It also follows the established pattern, according to Nicholas Godec, head of fixed income tradables & commodities at S&P Dow Jones Indices. “May’s data … [Read more...]

When an offer to buy a home is accepted and a contract has been signed, the closing process begins. But until the transaction is officially closed several weeks later, the home’s sale is considered pending. The vast majority of pending sales become final sales, which is why contract signings are considered a good indicator of future home sales numbers. That’s also the reason the National Association of Realtors tracks contract signings each month with its Pending Home Sales Index. According to the most recent … [Read more...]

According to the Mortgage Bankers Association’s Weekly Application Survey, average mortgage rates were mostly flat last week from one week earlier. Rates saw little movement 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 despite steady rates, demand for loans was down from the week before, with refinance activity 1 percent lower week-over-week and purchase demand down 6 percent. Joel Kan, MBA’s vice … [Read more...]

The housing market has an affordability problem. The cost of buying a house has skyrocketed over the past several years. During the pandemic, a shortage of houses collided with a surge in buyer demand and drove prices higher. Then, mortgage rates began to increase early in 2022. Now, the combination of higher prices and elevated rates has caused the market to slow from its previously frenetic pace. But, according to a new commentary from Fannie Mae’s Economic and Strategic Research Group, that may be good for home … [Read more...]

Sales of newly built single-family homes saw a slight improvement in June from the month before, according to new numbers from the U.S. Census Bureau and the Department of Housing and Urban Development. New home sales were up 0.6 percent month-over-month, though they still trailed last year’s levels by 6.6 percent. A slower new home market this year has contributed to a rising number of available new homes for sale. In fact, the inventory of available new homes is up 8.5 percent from last year at this time. But … [Read more...]

The amount of profit home sellers made from the sale of their home was slightly higher during the second quarter than it was in the first, according to new numbers from ATTOM Data Solutions. Profit margins rose to 50 percent on the average sale, up from 48.9 percent during the first quarter. Rob Barber, ATTOM’s CEO, says homeowners continue to do well. “While profit margins aren’t going up significantly, they’re still sitting at pretty good levels,” Barber said. “The median home sale last quarter netted a 50 … [Read more...]

Sales of previously owned homes fell in June from one month earlier, according to new numbers from the National Association of Realtors. Sales were down 2.7 percent from May and were flat from one year ago. Lawrence Yun, NAR’s chief economist, says elevated mortgage rates continue to be the primary factor influencing buyers. “High mortgage rates are causing home sales to remain stuck at cyclical lows,” Yun said. “If mortgage rates decrease in the second half of this year, expect home sales to increase across the … [Read more...]