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Mortgage payments grew slightly more expensive due to an early spring rate bump, according to new data from the Mortgage Bankers Association. The group’s monthly Purchase Applications Payment Index tracks the median monthly mortgage payment based on home buyer loan applications. In April, the typical monthly payment increased from $2,173 to $2,186 due to rising mortgage rates during the month. Edward Seiler, MBA’s associate vice president, Housing Economics, and executive director, Research Institute for Housing America, says there’s a silver lining in the numbers. “Economic uncertainty and high mortgage rates continue to weigh on prospective buyers’ decisions on whether to enter the housing market,†Seiler said. “Even with the increase in mortgage rates over the month, the median purchase application loan amount decreased slightly to $328,932, indicating that home prices are moderating. Slower home-price growth, and the overall trend of more inventory, are positives for housing this summer.†(source)

According to the Mortgage Bankers Association’s Weekly Applications Survey, average mortgage rates fell slightly week-over-week. Rates were down from the week before for 30-year fixed-rate loans with both conforming and jumbo balances. Loans backed by the Federal Housing Administration and 15-year fixed-rate loans saw little change week-over-week. But while rates were mostly down, they remain within the same narrow range they’ve now been in since April. Joel Kan, MBA’s vice president and deputy chief economist, says despite elevated rates, purchase demand is up from last year. “Mortgage applications decreased over the week, but continue to exhibit annual gains, with purchase applications running 18 percent ahead of last year’s pace,” Kan said. “Government purchase applications were little changed over the week driven by a slight increase in FHA purchase applications. Refinance activity fell across both the conventional and government segment and the overall average refinance loan size was the smallest since July 2024, as potential borrower hold out for larger rate drops.” The MBA’s weekly survey has been conducted since 1990 and covers 75 percent of all retail residential mortgage applications. (source)

Among all generations, millennials were the most likely to say they plan to buy a house in the next six months, according to the results of a new survey from the National Association of Realtors’ consumer website. The survey found 23 percent of Millennials intend to buy this year. That’s up from just 15 percent last September. Laura Eddy, the website’s vice president of research and insights, says Millennial interest has increased but mortgage rates are still a factor. “Despite current market challenges and persistently high mortgage rates, Millennials are showing a notable increase in home buying interest this spring compared to last fall,†Eddy said. “Even though we found a change in Millennial home buying intent, the influence of mortgage rates cannot be overstated, with the vast majority of Americas, including Millennials, prioritizing lower rates before committing to a purchase.†That helps explains why the survey also found that 69 percent of Americans say they aren’t planning on entering the market in the next six months. (source)

There are 1.4 million vacant residential properties in the United States. That’s about 1.3 percent of all homes. It’s also about the same number of vacant homes as there have been for the past 13 straight quarters, according to new data from ATTOM Data Solutions. ATTOM’s 2025 Vacant Property and Zombie Foreclosure Report shows the vacancy rate has been steady now for more than three years. Rob Barber, ATTOM’s CEO, says that’s good news for just about everybody. “Thankfully, we’re not seeing a lot of homes sitting vacant due to pending foreclosures, which is good for families, neighborhoods, and the market,†Barber said. “However, foreclosure filings have shown a recent uptick – with April seeing a 14 percent increase compared to the same month last year. So far, buyers seem to be scooping up these repossessed homes relatively quickly, so they aren’t sitting empty.†The states with the lowest vacancy rates included New Hampshire, Vermont, New Jersey, Idaho, and Connecticut. (source)

The National Association of Realtors’ Pending Home Sales Index tracks the number of contracts to buy homes signed each month. Contract signings are considered a forward-looking indicator of future home sales because a home’s sale isn’t typically finalized until several weeks after the contract to buy is signed. That means any increase or decrease in the NAR’s Pending Home Sales Index is likely to show up in future existing-home sales data. In April, the index found signings down 6.3 percent from March. Lawrence Yun, NAR’s chief economist, says home buyers’ position is improving despite the decline. “Home buyers have a better chance to purchase homes in affordable regions such as the Midwest, where the typical home price is $313,000 – 25 percent below the national median home price,†Yun said. “Moreover, with housing inventory levels reaching five-year highs, home buyers in nearly every region of the country are in a better position to negotiate more favorable terms.†Regionally, sales increased from last year in the Midwest, remained flat in the Northeast, and fell in the South and West. (source)

Spring is the housing market’s busiest season. Winter is over, buyers are active, and the timing is right to make a move. Naturally, the increased activity typically leads to a bump in home prices. This year was no different. But while prices benefited from the typical seasonal pattern, they’re still slowing, according to new data from the S&P Case-Shiller Home Price Indices. The index – considered among the leading measures of U.S. home prices – found national home prices up just 3.4 percent year-over-year. Nicholas Godec, head of fixed income tradables and commodities at S&P Dow Jones Indices, says the price pattern is cooling. “The National Composite Home Price Index posted a 3.4 percent annual gain in March 2025, down from February’s 4.0 percent pace,†Godec said. “Notably, only 0.9 percent of that year-over-year increase came from the past six months, indicating that most appreciation was front-loaded earlier in the year-long period.†In other words, home prices are still increasing, but those increases are becoming smaller as time goes on and the housing market finds better balance. (source)

According to the Mortgage Bankers Association’s Weekly Applications Survey, average mortgage rates moved higher last week from one week earlier. It was the third consecutive weekly increase. Rates were up across most loan categories, including 30-year fixed-rate loans with conforming balances, loans backed by the Federal Housing Administration, 15-year fixed-rate loans, and 5/1 ARMs. Joel Kan, MBA’s vice president and deputy chief economist, says rates are now as high as they were in January. “Mortgage rates reached their highest level since January, following higher Treasury yields. Additional market volatility has added to the increase, keeping the mortgage-Treasury spread wider than it was earlier this year,†Kan said. But despite higher rates, home buyers remain active, pushing purchase application demand 3 percent higher week-over-week and 18 percent year-over-year. The MBA’s weekly survey has been conducted since 1990 and covers 75 percent of all retail residential mortgage applications. (source)

During the pandemic, when people were spending more time at home, certain home features saw their popularity surge. Home shoppers wanted more space, privacy, bonus rooms, and anything that could make their home more functional, comfortable, and enjoyable. Hannah Jones, senior economic researcher for the National Association of Realtors’ consumer website, says pools were one of the most highly coveted features. “This surge in demand for features like pools translated into a substantial ‘pool premium,’ where homes featuring a pool commanded significantly higher asking prices compared to their pool-less counterparts,†Jones says. How substantial? Well, at its peak, the pool premium reached 61 percent. That was in January 2022. Since then, price premiums have come down. Pools, though, have held onto some of their pandemic-era popularity. In fact, according to the most recent numbers, the typical home for sale with a pool is priced at just under $600,000, compared to $389,000 for homes without pools. (source)

Considering the size of the transaction, you might assume anyone that buys a house has done a fair amount of research before they get started. After all, it isn’t just about where you’re going to live for a few years. It’s a financial decision and understanding what you’re getting into is the key to success. But while that’s certainly true, a newly released survey shows the vast majority of current homeowners admit they didn’t understand the process and terminology until after they purchased their home. In fact, 76 percent of respondents said they lacked basic homeownership literacy when they started shopping for a house. Additionally, one in five said they even had to delaying purchasing a home due to confusion. The good news? It doesn’t have to be that difficult. With a good team of professionals and a little bit of reading, a home buyer can brush up on the basic terminology and feel confident they’re making good decisions. Don’t be among the 43 percent of survey participants who said they weren’t sure they knew the meaning of “mortgage rate.†(source)

The National Association of Realtors’ Existing Home Sales report for April found sales of previously owned homes relatively flat from the month before, with sales 0.5 percent lower than March. Lawrence Yun, NAR’s chief economist, says home sales have been stuck just below normal levels. “Home sales have been at 75 percent of normal or pre-pandemic activity for the past three years, even with seven million jobs added to the economy,†Yun says. “Pent-up housing demand continues to grow, though not realized. Any meaningful decline in mortgage rates will help release this demand.†For now, stalled demand has helped the market recover from historically low levels of inventory. The total number of available homes for sale in April was up 9 percent. At the current sales pace, unsold inventory is now at a 4.4-month supply. A 6-month supply is considered a balanced market. (source)