Demand for purchase loans down 18% week over week and 41% from a year ago as mortgage rates rise for the second week in a row to hit new 2023 highs, MBA survey showsRebounding mortgage rates have cooled homebuyer demand for mortgages to the lowest level since 1995, according to a weekly survey of lenders by the Mortgage Bankers Association.The MBA’s Weekly Mortgage Applications Survey shows demand for purchase mortgages was down a sea
On the multifamily front, high costs and a greater concern for the environment are spurring efforts to cut construction time and expense while increasing sustainability.In the multifamily space, the need for new building processes and materials and the possibility of paring construction and labor costs are generating a buzz. This is especially true as rising costs and inflation, labor shortages and an increased concern for the environment continu
Spring is around the corner, and the signs are pointing to a pick-up in sales on the horizon. Read more from NAR’s latest housing report. Existing-home sales continued to ease in January, marking a yearlong stretch of declines coming off pandemic-fueled highs. But median home prices still are rising.Total existing-home sales—completed transactions that include single-family homes, townhomes, condos and co-ops—decreased 0.7% in January compa
Check out the reddish and pinkish hues topping this year’s picks, and let us know which ones you like. From Pantone’s Viva Magenta to Sherwin-Williams’ Redend Point, the 2023 Colors of the Year—reddish and pinkish hues—may serve as inspiration for your clients’ next home improvement project. “People are ready to bring color back into the home, taking a step outside their color comfort zones,” says Andrea Magno, director of color m
Borrowing costs may see temporary increases in the coming weeks but are expected to stabilize. Mortgage rates jumped this week, driven up by a record number of jobs and higher-than-expected inflation, says Nadia Evangelou, senior economist and director of real estate research for the National Association of REALTORS®. The 30-year fixed-rate mortgage averaged 6.32%, up from 6.12% last week, according to Freddie Mac.While mortgage rates may see te
After falling for five straight weeks, mortgage rates jumped last week, triggering a decline in mortgage demand.Total mortgage application volume fell 7.7% last week, compared with the previous week, according to the Mortgage Bankers Association’s seasonally adjusted index.The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($726,200 or less) increased to 6.39% from 6.18%, with points rising to
Builder confidence rose 7 points in February, to 42, according to the latest NAHB Housing Market Index. It's the highest score since September and the largest 1-month increase in a decade The outlook for the housing market has improved for two-consecutive months, leaving builders cautiously optimistic as the spring homebuying season fast approaches, according to the latest Wells Fargo/National Association of Home Builders Housing Market Inde
The tech behind the video doorbell is ever evolving, so this updated list includes the best options based on what’s available today, plus a few recommendations.Since this series first compared Ring and Nest in 2020, much has changed in the video doorbell realm. The technology has improved, new models have come out and options have expanded. We’ve been able to test eight popular new video doorbells to provide you with the most up-to-date inf
Could that fixer-upper be a health nightmare? It’s a question worth asking after Christina Hall, host of HGTV’s “Flip or Flop,” went public in December about being diagnosed with mercury and lead poisoning. She blames her symptoms—skin rashes, joint pain and swollen lymph nodes, among others—on “all the gross houses” she’s fixed and flipped over the last decade for television. Hall’s announcement has put a spotlight on the hea
A slowdown is now underway, says NAR Chief Economist Lawrence Yun. But don’t expect to see dramatic price drops.After three years of runaway home prices, buyers may soon find relief. In some markets, they may have already found it.The National Association of REALTORS®’ latest quarterly housing report shows that home price growth is cooling—though that doesn’t mean prices are falling. The national median price for a single-family existing
This website includes images sourced from third party websites including Adobe, Getty Images, and as otherwise noted.
