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Rates Remain Low But Fail To Move Buyers

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According to the Mortgage Bankers Association’s Weekly Applications Survey, average mortgage rates were mostly flat last week, with rates for 30-year fixed-rate loans with conforming loan balances and 15-year fixed-rate mortgages both unchanged from one week earlier. Rates for jumbo loans and those backed by the Federal Housing Administration were up slightly in last week’s survey. Joel Kan, MBA’s associate …

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Homeownership Rate Rises Unexpectedly

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For several years following its 2004 peak, the homeownership rate was falling. Fewer Americans were buying homes and, instead, more were choosing to rent. The reasons behind this were fairly obvious. The housing crash and financial crisis made buying a home difficult for younger Americans who were struggling to get on their feet and kept hesitant homeowners from putting their …

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Pending Home Sales Bounce Back In June

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The National Association of Realtors’ Pending Home Sales Index measures the number of contracts to buy homes that are signed in any given month. Because it tracks signings and not closings, it’s considered a good indicator of future existing home sales. In June, the index increased 1.5 percent, marking the first gain in three months. Lawrence Yun, NAR’s chief economist, …

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Millennials Say Having A Dog Is A Top Reason To Buy

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There are a handful of common answers that come up time and time again when Americans are surveyed about their reasons for buying a home. For example, a desire for more space is always at or near the top of any list documenting prospective buyers’ main motivations. After all, if you’ve run out of space where you are – whether …

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Why New Home Sales Should Matter To You

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There are many parts to a healthy housing market. Whether you’re talking about home prices, mortgage rates, new home construction, or another housing metric, each one of them have an effect on home buyers and sellers – even if some of those effects aren’t as obvious as others. Take new home sales. If you’re not looking to buy a new …

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Mortgage Rates At Lowest Point In A Month

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According to the Mortgage Bankers Association’s Weekly Applications Survey, average mortgage rates fell 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 mortgages. The drop in rates was caused by a number of economic factors and led to rates falling to the lowest …

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Economist Says Housing Market Isn’t In A Bubble

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If you’re thinking about buying a house any time soon, you’ve likely been wondering about home prices. There are a couple of good reasons for this. One is affordability. With mortgage rates low, prices are the natural place for buyers to focus their attention when trying to figure out if now is a good time for them to buy. The …

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Buyer Demand High As Sales Stay Above Last Year

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New numbers from the National Association of Realtors show sales of previously owned homes were slightly above year-before levels in June, though they fell from the month before. The month-over-month drop was primarily blamed on there being too few homes for sale, as buyer demand has been relatively high. Lawrence Yun, NAR’s chief economist, says available inventory remains low and …

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Is Buying A Home Still An Affordable Choice?

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These days, determining the affordability of buying a home isn’t such a simple calculation. There are always a lot of variables to consider – including prices, mortgage rates, wages, and local factors – but today’s housing market contains a number of contradictions that may make it even more difficult for potential buyers to figure out. For example, home prices have …

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How Much Equity Does The Typical Homeowner Have?

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Simply put, equity refers to the value of your home minus the amount of money you still owe on your mortgage. It is the factor that separates homeowners from renters and is among the greatest creators of wealth for average Americans. But how much equity does the typical homeowner have? Well, according to new numbers from Zillow, the median homeowner …