If you’re following mortgage rates because you know they impact your borrowing costs, you may be wondering what the future holds for them. Unfortunately, there’s no easy way to answer that question because mortgage rates are notoriously hard to forecast.  

But, there’s one thing that’s historically a good indicator of what’ll happen with rates, and that’s the relationship between the 30-Year Mortgage Rate and the 10-Year Treasury Yield. Here’s a graph showing those two metrics since Freddie Mac started keeping mortgage rate records in 1972:

As the graph shows, historically, the average spread between the two over the last 50 years was 1.72 percentage points (also commonly referred to as 172 basis points). If you look at the trend line…

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What’s the truth about adjustable-rate mortgages today? We take a closer look in this video and compare today versus the crash back in 2008. How are things different? Just watch to find out and let us know here at the Brookings Home Team if you have any questions!

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2223 Bluegill Ave, Brookings, SD

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$ CLICK FOR CURRENT PRICE 4 BEDROOMS 2 BATHROOMS 10625 sqft Lot

Don't wait, take a look today at this split foyer home that features, 4 bedrooms, 2 bathrooms, plus an office which could be a 5th bedroom. Step inside and the foyer has tile floor with a built-in bench (with storage) and coat hooks. Up the stairs to to an open floor plan with an L-shaped island in the kitchen and roll-out spice rack. ALL appliances are INCLUDED! Off of the dining room you'll walk out thru the sliding doors to a new 6 x 14 deck. Seller just…

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Before you decide to sell your house, it’s important to know what you can expect in the current housing market. One positive trend right now is homebuyers are adapting to today’s mortgage rates and getting used to them as the new normal.

To better understand what’s been happening with mortgage rates lately, the graph below shows the trend for the 30-year fixed mortgage rate from Freddie Mac since last October. As you can see, rates have been between 6% and 7% pretty consistently for the past nine months:

According to Lawrence Yun, Chief Economist at the National Association of Realtors (NAR), mortgage rates play a significant role in buyer demand and, by extension, home sales. Yun highlights the positive impact of stable rates:

“Mortgage…

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If you’re following the news today, you may feel a bit unsure about what’s happening with home prices and fear whether or not the worst is yet to come. That’s because today’s headlines are painting an unnecessarily negative picture. If we take a year-over-year view, home prices did drop some, but that’s because we’re comparing to a ‘unicorn’ year when prices peaked well beyond the norm.

To avoid an unfair comparison to that previous peak, we need to look at monthly data. And that tells a very different and much more positive story. While local home price trends still vary by market, here’s what the national data tells us.

The graphs below use recent monthly reports from three sources to show the worst home price declines are already behind…

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If you’re a homeowner ready to make a move, you may be thinking about using your current house as a short-term rental property instead of selling it. A short-term rental (STR) is typically offered as an alternative to a hotel, and they’re an investment that’s gained popularity in recent years.

While a short-term rental can be a tempting idea, you may find the reality of being responsible for one difficult to take on. Here are some of the challenges you could face if you rent out your house instead of selling it.

A Short-Term Rental Comes with Responsibilities

Successfully managing your house as a short-term rental takes a lot of time and effort. You’ll have to juggle tasks like dealing with reservations, organizing check-ins, and…

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1617 1st St, Brookings, SD

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$ CLICK FOR CURRENT PRICE 3 BEDROOMS 1.75 BATHROOMS 7020 sqft Lot

Charming Ranch Home with Modern Upgrades. Discover the perfect blend of comfort and convenience in this inviting 3-BR, 2-BTH, ML Den, ranch-style residence nestled in the heart of our vibrant town. With its classic design, contemporary finishes, and a prime location, this home offers an exceptional opportunity for those seeking a cozy comfy retreat. Step inside and be greeted by the warm ambiance of this well-maintained home. The…

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When it comes to selling your house, you want three things: to sell it for the most money you can, to do it in a certain amount of time, and to do all of that with the fewest hassles. And, while the current housing market is generally favorable to sellers due to today’s limited housing supply, there are still factors that can cause delays or even prevent a house from selling.

If you're having trouble getting your house to sell in today's sellers’ market, here are a few things to think about.

Limited Access – If You Can’t Show It, You Can’t Sell It.

One of the biggest mistakes you can make as a seller is limiting the days and times when buyers can view your home. In any market, if you want to maximize the sale of your house, you can’t…

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2611 Sweetgrass Dr, Brookings, SD

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$ CLICK FOR CURRENT PRICE 3 BEDROOMS 1.75 BATHROOMS 0.37 acres Lot

Just Like NEW! This ONE OWNER, custom designed, 0-entry, ranch style home featuring 3 bedrooms, 2 bathrooms and a sunroom with a gorgeous view. The 3 stall garage is heated, with epoxy floor, floor drains and Keyless SMART entry pads. There is even a 4th door on the side for even more access. The kitchen features granite counter tops, tiled backsplash, large island and walk-in pantry. Bathroom Suite has dual sinks, tiled shower, separate commode &…

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