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...]

If you’re a prospective home buyer who is concerned about affordability levels, the Mortgage Bankers Association has some good news for you. Its monthly Purchase Applications Payment Index – which measures the typical mortgage payment based on loan amounts applied for by borrowers – found mortgage payments fell to start the spring. In fact, the typical payment decreased to $2,173 in March, down from $2,205 the month before. For borrowers applying for lower-payment mortgages, payments fell to $1,499. Edward Seiler, … [Read more...]

The S&P Case-Shiller Home Price Index is among the most closely followed measures of U.S. home prices. It covers all nine census divisions and has been tracking values for nearly three decades. According to the most recent release, home price increases continue to slow. Data through the end of February shows annual gains of 3.9 percent, down from 4.1 percent the previous month. Nicholas Godec, head of fixed income tradeables & commodities at S&P Dow Jones Indices, says growth has slowed but is now more … [Read more...]

In March, pending home sales saw the largest month-over-month increase in almost a year and a half, according to new numbers from the National Association of Realtors. The 6.1 percent gain was the biggest since December 2023 and included improvements in the Midwest, South, and West. Lawrence Yun, NAR’s chief economist, says lower mortgage rates were likely behind the increase. “Home buyers are acutely sensitive to even minor fluctuations in mortgage rates,” Yun said. “While contract signings are not a guarantee of … [Read more...]