How much house you can buy has a lot to do with where you’re buying. A 1,500-square-foot home will have a much different price tag in New York than it would in St. Louis. But though this is obvious to most potential home buyers, we don’t always have a choice in where we live. Whether it’s a job or family and friends, we’re often tied to the places we call home for reasons that go beyond affordability. However, for those of us who can leave town, where are the most popular cities to go? Well, according to one recent analysis, some cities have a higher rate of interest from out-of-town buyers than others. Places like Tampa, Las Vegas, Atlanta, Phoenix, Sacramento, Miami, and Boston are pulling in a larger share of the 25 percent of buyers looking to move to a new metro. Among the reasons for their popularity, proximity to larger more expensive cities is key. After all, the number of people who are willing and able to move 3,000 miles from the place they call home is relatively small. But whatever their reasons, buyers who look at neighborhoods and locations outside their immediate search area – even if just a few miles away – can often find more affordable options that suit their needs and lifestyle. More here.
Archive for August 2019
Mortgage Rates Mostly Flat Last Week
According to the Mortgage Bankers Association’s Weekly Applications Survey, average mortgage rates were mostly flat last week from the week before. In fact, rates for 30-year fixed-rate loans with both conforming and jumbo balances were unchanged from the previous week. Loans backed by the Federal Housing Administration and 15-year fixed-rate loans both saw little week-over-week movement. But though mortgage rates continue to be favorable, demand for loans to buy homes decreased. Joel Kan, MBA’s associate vice president of economic and industry forecasting, said a lack of available supply may be behind the decline. “Mortgage applications were lower last week, driven by a 3 percent decrease in purchase applications. While purchase activity was still up 6 percent from a year ago, the index has now decreased for three straight weeks and reached its lowest point since March,” Kan said. “Despite healthy demand, inadequate supply levels continue to hold back some would-be buyers.” The MBA’s weekly survey has been conducted since 1990 and covers 75 percent of all retail residential mortgage applications. More here.
