30-Second Update:  Freddie Mac Forecasts Strong Fall Housing Market

Due to strong August and September housing numbers, Freddie Mac has forecasted that the housing market will maintain its strength well in into fall and early 2020.  Lower mortgage rates continue to be the catalyst in driving this strong housing market.  As anticipated, the Federal Reserve cut rates in September by a quarter point, and forecasts show for another interest rate cut before the end of the year.  Low treasury yields, which help keep mortgage rates subdued, are expected to decrease.  The 10-year yield is expected to average 1.8% in 2020, down from an annual average of 2.1% in 2019.

In addition, housing starts, which represent newly constructed homes, beat consensus estimates in August, increasing 1.36 million units at an annual rate, the highest level since 2007.  This is welcome news because demand and supply for housing are becoming more in-line.  Freddie Mac stated, “Given the combination of increased housing demand and a projected upward tick in housing supply, home sales are expected to rise to 5.98 million in 2019, before reaching 6.03 million in 2020.”

Lastly, Freddie Mac has also indicated that strong data over the last few months indicates home prices will continue to beat estimates in the coming months.  Their estimates indicate that home prices will appreciate 3.4% in 2019, before tapering slightly in 2020 to 2.6%. 

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Strong and Healthy Housing Market

The New Home Sales report was just released showing that newly constructed homes with committed buyers increased by 47,000 units to 713,000 for the month of August.  The demand for new homes is currently nearing the highest levels seen in about twelve years.  Monitoring this number is important because new home sales point to people spending money for things such as appliances, furniture, electronics, etc.  Analysts look to this report to help gauge future economic momentum. 

The Federal Housing Finance Agency (FHFA) has reported that single family homes purchased with conforming loan amounts across the nation have increased in price by 0.2% since last month and by 5% since last year.  These numbers came in better than expectations, and the annual number was slightly stronger than last month’s 4.8%.

Overall, both of these reports show that home purchase demand is still strong.  New homes are getting bought at near twelve month highs, and demand for homes that fall in the FHFA report are still pushing prices higher.  The housing market is still running strong and healthy. 


30-Second Update: Home Sales Rise to 17-Month High!

According the National Association of Realtors (NAR), U.S. home sales rose to a 17-month high in the month of August, up 1.3% from the previous month.  In addition, total existing home sales, which represents completed transactions on single-family homes, townhomes, condos, and co-ops increased to a seasonally-adjusted annualized rate of 5.49 million, which was a gain of 2.6% above last year’s rate. 

The increase in existing home sales appears to be directly tied to low mortgage rates that buyer’s have experienced throughout the summer.  Leading the way were first-time home buyers, which comprised 31% of sales in August.  In addition to the increase in home sales, the median price for an existing home is also on the rise.   According to NAR, the median price for an existing home was $278,000 in August, a gain from last August’s average of $265,600, which marks an impressive 90th straight month of year-over-year gains. 



30 Second Update: Week of September 16th, 2019

According to the National Association of Home Builders (NAHB), from April to June, 55% of home shoppers who were actively seeking to purchase a home were unsuccessful in finding one, even after three months of shopping. 

What were the reasons for these people not being able to find a home?

-50% said affordability

-43% said the lack of inventory in the right neighborhood

-40% said they couldn’t find the right home paired with the features they wanted

Of those surveyed, 36% plan on expanding their search radius, 21% are opting to go with a smaller/older home and 16% said they will just have to spend some more money on the home they seek and desire.

According to Housing Wire, almost 65% of homes in the US are over 25 years old and about 50% of the homes in the US need some type of renovation or updating.

If you are struggling to find the right home, the right move might be to purchase one that needs some updating at a discount and leverage Advisors Mortgage’s FIX-IT program to help you, “Fix –it” or update it the way you want it.



Healthy Market Conditions Continue

Mortgage application data just came in from the Mortgage Bankers Association, and refinances dropped slightly for the week by 8%, but are still up almost 170% for the year.  Home purchase applications were down by 4% last week, but are still up 2% this year.  Tighter inventories have made it harder for buyers to find homes, but the demand is still certainly there.

On the home appreciation front, we are seeing that appreciation levels are still strong.  The Federal Housing Finance Agency (FHFA) has reported that homes with conforming conventional mortgages have appreciated across the nation by 4.8%.  The S&P Case-Schiller Home Price Index, which analyzes single family homes, showed that homes across the nation have appreciated by 3.1%.  Both of these reports have mitigated slightly, but they are still at very strong and healthy levels.

When looking at the current market conditions, this is a great time to take advantage of historically-low interest rates to either purchase or refinance a home.  Call your Advisors Mortgage Loan Officer today to discuss the current market in more detail and to learn what you qualify for.

We Are Happy To Help” Call us at 855-LOANS-USA or visit us at


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