Fannie Mae’s Home Purchase Sentiment Index surged to a new high as consumers became more upbeat about buying and selling, mortgage rates, and their jobs. Five of the six components measured by the index rose month over month.“Consumer job confidence and favorable mortgage rate expectations lifted the HPSI to a new survey high in July, despite ongoing housing supply and affordability challenges,” says Doug Duncan, Fannie Mae’s senior vice
Overall, the majority of contracts continue to be settled on time. Seventy-six percent of contracts made it to closing as scheduled from April to June, according to the REALTORS® Confidence Survey, based on responses from more than 4,000 members. Twenty percent of contracts saw a delay, while only 4% were canceled altogether.The top contract problems causing a delay of settlements in June included:Issues related to obtaining financing: 35%Apprai
Home prices in the second quarter continued to rise in the majority of housing markets across the country. Ninety-one percent of 178 metros tracked saw home price gains in the second quarter, according to the latest report from the National Association of REALTORS®, released Wednesday.5 Priciest Markets in Q2San Jose-Sunnyvale-Santa Clara, Calif., metro area: $1,330,000 (median existing single-family price)San Francisco-Oakland-Hayward, Calif.:
More than a third of home buyers say they did not shop around before selecting their mortgage lender, according to new findings from Fannie Mae’s National Housing Survey. That may mean they’re missing out in thousands of dollars in savings.Real estate professionals, with family and friends, may be among the most influential sources of advice regarding lender selection, notes Doug Duncan, Fannie Mae’s chief economist, in a new column at Fann
Stock market chaos ensued on Monday, with the Dow Jones Industrial Average plunging more than 700 points as trade disputes with China intensified. The turmoil in the markets will likely lead to new lows for mortgage rates this week, but it could come at a cost and eventually lead to an economic recession if tensions continue, warned the National Association of REALTORS®’ Chief Economist Lawrence Yun.“The prospect of a major trade war be
Rising costs for construction materials and labor are making home improvement projects more expensive, yet too many homeowners are setting unrealistic budgets, according to the 2019 Kitchen and Bath Market Index report, which reflects second-quarter figures. The report, conducted jointly by the National Kitchen & Bath Association and John Burns Real Estate Consulting, is based on responses from 457 NKBA members.Estimated Cost of Common Interi
Consumers and mortgage lenders may not have the best relationship. In fact, mortgage servicers have some of the lowest customer satisfaction scores compared to other industry groups recently studied by J.D. Power, a consumer data and analytics firm.In its 2019 U.S. Primary Mortgage Servicer Satisfaction Study, J.D. Power found that overall satisfaction with mortgage servicers is 777 (on a 1,000 point scale), which falls just below life insurance
The 30-year fixed-rate mortgage barely budged this week, remaining low at a 3.75% average, Freddie Mac reports.“Mortgage rates have essentially stabilized over the last two months, which reflects the recovery and improvement in the economy from the malaise earlier in the year,” says Sam Khater, Freddie Mac’s chief economist. “Going forward, the combination of low mortgage rates, tight labor market, and high consumer confidence should set
College graduates are searching for a place to live, whether it’s a home of their own, a place to rent, or moving back with their parents. But $7,481 is their magic number—that’s what they see they need, on average, to move out of their parents’ house, according to a new survey from Apartment Guide.Forty-six percent of Generation Z college students say they plan to rent or buy a home after graduation. However, 63% don’t know their curre
Big metro cities like San Francisco, New York, and Los Angeles are notably absent from realtor.com®’s latest list of the top-performing housing markets in the country. Instead, more suburban areas—like Grand Rapids, Mich., and Omaha, Neb.--are topping the list.Housing affordability has been fueling demand in smaller, more suburban housing markets, realtor.com®’s 2019 hottest ZIP codes report notes. The average home price of $272,000 in th
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