What do mortgage rates look like in 2024? Projections point to more favorable rates for buyers. Check out this video to learn more and let us know at the Brookings Home Team how we can serve YOU!
145 Views, 0 Comments
If you’ve been holding off on selling your house to make a move because you felt mortgage rates were too high, their recent downward trend is exciting news for you. Mortgage rates have descended since last October when they hit 7.79%. In fact, they’ve been below 7% for over a month now (see graph below):
And while they’re not going back to the 3% we saw during the ‘unicorn’ years, they are expected to continue to go down from where they are now in the near future. As Dean Baker, Senior Economist at the Center for Economic Research, explains:
“It also appears that mortgage rates are now falling again. They will almost certainly not fall to pandemic lows, although we may soon see rates under 6.0 percent, which would be low by pre-Great…160 Views, 0 Comments
One of the biggest factors in buying a home is the interest rate. We hear about it a lot when people are debating a purchase today or waiting for the rates to come down. A better question would be to ask if you like the house. If you really want it, you can buy today and refinance later when the rates get lower. Who cares what the interest rates were like in the 80's?
175 Views, 0 Comments
Would you rather pay tens of thousands of dollars over asking price to win a “bidding war” for a home with a lower interest rate or would you rather pay just a few thousand over asking at a slightly higher interest rate? The answer is … So, if you find a home you like today, make a solid offer and refinance when you can. Because you could be waiting a long time for it to be the right time to buy a home!
176 Views, 0 Comments
The 30-year fixed mortgage rate has been bouncing between 6% and 7% this year. If you’ve been on the fence about whether to buy a home or not, it’s helpful to know exactly how a 1%, or even a 0.5%, mortgage rate shift affects your purchasing power.
The chart below helps show the general relationship between mortgage rates and a typical monthly mortgage payment:
Even a 0.5% change can have a big impact on your monthly payment. And since rates have been moving between 6% and 7% for a while now, you can see how it impacts your purchasing power as rates go down.
You may be tempted to put your homebuying plans on hold in hopes that rates will fall. But that can be risky. No one knows for sure where rates will go…
227 Views, 0 Comments
The biggest challenge the housing market’s facing is how few homes there are for sale. Mark Fleming, Chief Economist at First American, explains the root causes of today’s low supply:
Let’s break down these two big issues in today’s housing market.
According to the Federal Housing Finance Agency (FHFA), the average interest rate for current homeowners with mortgages is less than 4% (see graph below):
But today, the typical mortgage rate offered to buyers is over 6%. As a result, many homeowners are opting to stay put instead of moving to another…
259 Views, 0 Comments
As mortgage rates rose last year, activity in the housing market slowed down. And as a result, homes started seeing fewer offers and stayed on the market longer. That meant some homeowners decided to press pause on selling.
Now, however, rates are beginning to come down—and buyers are starting to reenter the market. In fact, the latest data from the Mortgage Bankers Association (MBA) shows mortgage applications increased last week by 7% compared to the week before.
So, if you’ve been planning to sell your house but you’re unsure if there will be anyone to buy it, this shift in the market could be your chance. Here’s what experts are saying about buyers returning to the market as we approach spring.
256 Views, 0 Comments
Does the latest news about the housing market have you questioning your plans to sell your house? If so, perspective is key. Here are some of the ways a trusted real estate professional can explain the shift that’s happening today and why it’s still a sellers’ market even during the cooldown.
While the supply of homes available for sale has increased this year compared to last, we’re still nowhere near what’s considered a balanced market. A recent article from Calculated Risk helps put this year’s increased inventory into context (see graph below):
It shows supply this year has surpassed 2021 levels by over 30%. But the further back you look, the more you’ll understand the big picture.…
263 Views, 0 Comments
If you’re looking to buy a home, you probably want to secure the lowest interest rate possible for your home loan. Over the last couple of years, that was easier to do as the housing market saw record-low mortgage rates, but this year rates have risen dramatically.
If you’re looking for ways to combat today’s higher rates and lock in the lowest one you can, here are a few factors to focus on. Since approval opportunities can vary, connect with a trusted lender for customized advice.
Credit scores can play a big role in your mortgage rate. Freddie Mac explains:
“When you build and maintain strong credit, mortgage lenders have greater confidence when qualifying you for a mortgage because they see that you’ve paid…
322 Views, 0 Comments
If you’ve been thinking of buying a home, you may have been watching what’s happened with mortgage rates over the past year. It’s true they’ve risen dramatically, but where will they go from here, especially as the market continues to slow?
As you think about your homeownership goals and decide if now’s the time to make your move, the best place to turn to for that information is the professionals. Here’s a summary of the latest mortgage rate forecasts from housing market experts.
While mortgage rates continue to fluctuate due to ongoing inflationary pressures and economic uncertainty, experts project they’ll start to stabilize in the months ahead. According to the latest projections,…
313 Views, 0 Comments
