Existing-home sales fell 4% last month, but the market is not slowing for buyers, who are still seeing plenty of competition.Home sales may have fallen last month, but home sellers still appear to hold the upper hand. Existing-home sales for single-family homes, townhomes, condos and co-ops dropped 4.1% in October and are down nearly 15% compared to one year ago, the National Association of REALTORS® reported Tuesday. Despite slowing sales, buye
Consumer credit preferences shift as households anticipate reduced demand for credit cards, mortgages, and auto loans in the coming year.The Federal Reserve Bank of New York's Center for Microeconomic Data revealed Monday that rejection rates for new mortgage applications declined over the past four months. That comes amidst an increase in mortgage credit availability last month.The Survey of Consumer Expectations found that there was a
For the third consecutive week, mortgage rates fell, possibly a sign they’ve now moved past their recent peak. Find out where rates could be heading.Mortgage rates dropped again this week after reaching 20-year highs recently, and economists predict they are likely to continue to decline through the spring homebuying season. The 30-year fixed-rate mortgage averaged 7.44% this week, backing further away from its near-8% high, Freddie Mac reports
‘We’re just looking at every opportunity we have to turn the dial as much as we can to help support homeowners in this difficult market,’ FHA official says Housing affordability hit a 39-year low this year, and the federal government says it’s determined to do something about that.Rising mortgage rates and home prices have made it a lot more expensive to buy a home.For a typical household, buying a median-priced home entails spending near
The 30-year fixed-rate mortgage dropped a quarter of a percentage point this week, as home buyers prove their rate sensitivity.Home buyers rushed to lock in this week’s lower mortgage rates, with applications for home loans seeing their first increase in a month as the average for the 30-year fixed-rate mortgage dipped to 7.5%, according to Freddie Mac and the Mortgage Bankers Association. Purchase applications rose 3% for the week, although th
While that’s unwelcome news for buyers, “homeowners have accumulated sizable wealth,” says NAR Chief Economist Lawrence Yun.Home prices continue to rise in most areas of the country as more home buyers face affordability challenges. The median price nationwide for an existing single-family home in the third quarter was $406,900, which is 2.2% higher than a year prior, according to the National Association of REALTORS®. More than 80% of met
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Help your clients plan ahead so they aren’t blindsided by the fees they’ll pay at the closing table.Home buyers often focus on saving for a down payment, forgetting that they must budget for closing costs, too. And those fees can add up: The average closing costs in the U.S. are $4,243, according to a new study from Assurance IQ(link is external), an insurance provider. On average, home buyers nationwide should plan to budget 1.87% of th
Some Americans who have been priced out of the tight residential real estate market are turning to prefabricated homes, helping to power a nascent recovery in sales of a far less expensive home-buying option.Shipments of manufactured homes were up for five months in a row through August, the most recent month for which data is available, according to the Census Bureau. They have risen by 7% to a seasonally adjusted annualized rate of 89,000 from
As mortgage rates hover near the highest level in more than two decades, homebuyers are turning to riskier mortgage products to help them get into a home.Last week, the average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($726,200 or less) decreased to 7.86% from 7.90%, with points falling to 0.73 from 0.77 (including the origination fee) for loans with a 20% down payment, according to the Mortgage Banker
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