housing market: Mortgage Rates See Slight Increase Last Week
- 08/25/16 12:08 AM
According to the Mortgage Bankers Association's Weekly Applications Survey, average mortgage rates moved up last week across all loan categories, including 30-year fixed-rate mortgages with both conforming and jumbo balances, loans backed by the Federal Housing Administration, and 15-year fixed-rate loans. The increases, though slight, were enough to cause a dip in mortgage activity. Refinance demand – which is typically more sensitive to rate increases – fell 3 percent from the previous week, while purchase activity was down 0.3 percent from the week before. But though demand was slower on a week-over-week basis, it is still up significantly from last year … (1 comments)
housing market: Housing Market Conditions Mixed But Steady
- 08/23/16 02:26 AM
Today's housing market is a mixed bag. On the one hand, a better job market, improving wage growth and low mortgage rates have driven buyer demand higher and made an increasing number of Americans consider buying a house. On the other, too few homes for sale are driving prices upward and new home construction isn't keeping pace with the increase in demand. Fortunately, in some cases, these factors help balance each other out. For example, though prices continue to rise in most markets, mortgage rates remain low – making higher prices slightly more manageable. All in all, Fannie Mae's chief economist, … (2 comments)
housing market: The Typical New Home Is Getting Smaller
- 08/22/16 12:58 AM
Historically, buyers at the higher end of the housing market rebound more quickly from a recession than the average home buyer – who may have to watch their money more closely during rough economic times. Because of this, the typical new house has been growing larger ever since the housing crash and most recent recession. However, according to a new analysis from the National Association of Home Builders of numbers from the Census Bureau's Quarterly Starts and Completions By Purpose and Design report shows a slight decline in both the average and median square footage for new homes built during the … (1 comments)
According to the Mortgage Bankers Association's Weekly Applications Survey, average mortgage rates moved up last week across all loan categories, including 30-year fixed-rate mortgages with both conforming and jumbo balances, loans backed by the Federal Housing Administration, and 15-year fixed-rate loans. The increases, though slight, were enough to cause a dip in mortgage activity. Refinance demand – which is typically more sensitive to rate increases – fell 3 percent from the previous week, while purchase activity was down 0.3 percent from the week before. But though demand was slower on a week-over-week basis, it is still up significantly from last year … (1 comments)
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