Weekly Mortgage Rates Drop, Existing Home Sales Sag Mortgage rates fell for the third consecutive week, right at the start of the homebuying season, with the average rate on a 30-year fixed-rate mortgage dropping to 6.87%. Despite this decline, rates are still high for many buyers, leading to a slump in home sales. In April,…

For many potential homebuyers, the journey to owning a home starts with a critical question: “How much mortgage can I afford?” This is the first step in understanding the financial commitment involved and ensuring that homeownership remains a blessing rather than a burden. Understanding Affordability Affordability is influenced by several factors, including your income, monthly…

Weekly Mortgage Rates Drop, Existing Home Sales Sag Mortgage rates fell for the third consecutive week, right at the start of the homebuying season, with the average rate on a 30-year fixed-rate mortgage dropping to 6.87%. Despite this decline, rates are still high for many buyers, leading to a slump in home sales. In April,…

Home Sales Dip In April Despite Increased Supply In April, sales of previously owned homes declined unexpectedly by 1.9% compared to March, totaling 4.14 million units, contrary to forecasts for a slight increase. These figures also marked a 1.9% decrease from April 2023. The drop in sales can be attributed to the impact of rising…

MBA: New Home Purchase Mortgage Applications Up 22.1% in April In April 2024, the Mortgage Bankers Association (MBA) reported a 22.1% year-over-year increase in mortgage applications for new home purchases, with a 2% rise from March 2024. Joel Kan, MBA’s Vice President and Deputy Chief Economist, highlighted that this growth follows a brief slowdown in…

Purchasing your first home is an exciting milestone, but it can also feel overwhelming with all the steps and decisions involved. To help you navigate this significant life event, we’ve put together a straightforward guide with essential tips and information for first-time home buyers. 1. Assess Your Financial Readiness Before diving into the home-buying process,…

As temperatures rise and the sun shines brighter, it’s time to shift our focus outdoors and embark on exciting projects to enhance the curb appeal and functionality of our homes. Whether you’re a new homeowner eager to make your mark or a seasoned homeowner looking to refresh your exterior, these summer projects are sure to…

Improved Home Listing Availability in April In April, the housing market saw a significant uptick in the number of homes available for sale, with a 30.4% increase compared to last year. This marks the sixth consecutive month of annual inventory growth and the highest level of inventory since 2020 for the first four months of…

New Home Sales Rise Despite 7% Mortgage Rates: Economist Optimistic Amid challenges like low supply and high prices, prospective homebuyers are paying attention to new construction, which offers more incentives and availability than previously owned homes. Sales of new single-family houses surged by 8.3% in March from a year earlier, with a median sales price…