Market News

Several factors play an important role in the mortgage process when buying a new home. Arguably the most important? Your credit.

If you're considering buying a new house, there are many new people you will soon meet. But who are each of these individuals and where do they fit into the home-buying process?

"Entry-level housing supply remains weak and is likely hindering some would-be-first-time homebuyers from finding a home. This, along with faster growth in the higher price tiers, is why the average loan application size has risen to a new high for three straight weeks."

If you intend to buy a home in the near future, a mortgage is probably part of your plan. This special type of loan makes homeownership a reality for most Americans, who otherwise couldn't afford to make a purchase of that size.

Mortgage interest rates are now decidedly lower than a year ago, and home shoppers are buying in, but most are wealthier consumers purchasing more expensive homes.

The Commerce Department said new home sales increased 3.7 percent to a seasonally adjusted annual rate of 621,000 units, the highest level since May 2018.