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Mortgage applications rise 2% as more buyers hit the spring market

by Tonja Rodgers | May 10th, 2017

Mortgage application volume is still nearly 14 percent below year-ago levels because of weaker refinancing. “Continuing strength in the job market and improving consumer confidence drove overall purchase applications to increase last week,” said economist Joel Kan. The gains are slow and small, but mortgage volume is beginning to improve again, as more homebuyers sign […]

CBO: Here’s when Fed will stop raising interest rates

by Tonja Rodgers | May 8th, 2017

Fed Funds Rate to level out at 3% The Congressional Budget Office, which provides nonpartisan analysis for the U.S. Congress, released its 2017 Budget and Economic Outlook, which showed a forecasted nine federal funds rate hikes by the year 2020. Wednesday, the Federal Open Markets Committee met, deciding not to raise rates again after having […]

Mortgage rates are little changed this week

by Tonja Rodgers | May 5th, 2017

Mortgage rates held steady this week as mixed economic news kept them in check. News of a strengthening labor market was offset by disappointing first-quarter growth in gross domestic product. According to the latest data, released Thursday by Freddie Mac, the 30-year fixed-rate average slipped to 4.02 percent with an average 0.5 point. (Points are […]

Fed holds interest rates steady, dismisses first-quarter slump as ‘transitory’

by Tonja Rodgers | May 4th, 2017

Odds of June rate hike jump to 90% after statement The Federal Reserve on Wednesday left a key borrowing rate unchanged and dismissed a weak first quarter as temporary, signaling it is still on track to raise interest rates at gradual pace. “The [Federal Open Market Committee] views the slowing in growth during the first […]

New Households Favoring Homeownership

by Tonja Rodgers | May 3rd, 2017

For the first time in a decade, more new households chose to buy a home rather than rent one in the first quarter of 2017, according to Census Bureau data. About 854,000 new households purchased a home—more than double the 365,000 new households who chose to rent. New homeowners have not outpaced new renters since […]

The Biggest Roadblocks to Closing

by Tonja Rodgers | May 2nd, 2017

Fewer respondents cite financing as an issue today than when the survey began tracking such data Twenty-three percent of real estate professionals say they faced closing delays for a transaction in March, and 7 percent say the sale contract was terminated altogether, according to the REALTORS® Confidence Index, which is based on responses from more […]

Lowest mortgage rates since election push refinances up 7%

by Tonja Rodgers | April 27th, 2017

Total mortgage application volume rose 2.7 percent last week, according to the Mortgage Bankers Association. Volume was 18 percent lower compared with the same week one year ago. The refinance market came back to life last week, as mortgage rates fell further. Homebuyers, however, were not as easily swayed by rates. Total mortgage application volume […]

Is This the Best Seller’s Market Ever?

by Tonja Rodgers | April 26th, 2017

The inventory squeeze has left home buyers with fewer options on the market than they’ve seen in decades. While that’s bad news for them, the continuously high demand means it’s one of the best times to be a seller—ever. “I’ve been selling real estate for 25 years, and this is the strongest seller’s market I […]

48% of Homes Sell in Less Than a Month

by Tonja Rodgers | April 25th, 2017

Down from 47 days this time last year Forty-eight percent of homes sold in March were on the market for less than a month, according to housing data from the National Association of REALTORS®. The average for all sold properties, though, was a little higher, at 34 days. Still, that’s down significantly from 47 days […]

Freddie predicts tightening inventory this spring

by Tonja Rodgers | April 24th, 2017

Home sales are predicted to decline from record highs in 2016, according to Freddie Mac. Prospective homebuyers should expect to shell out more as home prices are going beyond the boundaries of income and as interest rates are increasing. “Tight housing inventory has been an important feature of the housing market at least since 2016. […]