Found 182 blog entries tagged as Mortgage Rates.

Are you considering a move but concerned about the affordability of buying your next home? There’s good news for homeowners: thanks to increased home equity, many are able to put down more money on their next purchase than ever before, which can make a big difference in affordability and overall savings.

According to recent data from Redfin, the typical down payment for U.S. homebuyers has reached an all-time high of $67,500—about 15% higher than last year’s average. This jump in down payments isn’t just a random trend; it’s fueled by substantial increases in home equity, which current homeowners can use to strengthen their buying power. Here’s why and how equity is a game changer in today’s housing market.


The Equity Advantage: Why It’s…

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Has your home been sitting on the market longer than you expected? If so, it's only natural to feel frustrated. You might even be considering pulling the listing and waiting to see what 2025 brings. But before you make any decisions, it’s important to know that taking your home off the market now could actually cost you in the long run.

In Brookings, South Dakota, and the surrounding areas, the real estate market tends to fluctuate with the seasons, but right now might be the perfect time to stay the course. Let’s dive into why keeping your home on the market through this season could be the smarter move—and how Shane Andersen and the Brookings Home Team can help you make the most of it.

Other Sellers Are Pulling Back – Should You Follow?

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If you’ve been renting for a while, you’ve probably wondered when the time will come when buying makes more sense than continuing to rent. Well, good news—recent data suggests that time might be now! According to a recent Zillow study, in 22 of the 50 largest metro areas across the country, monthly mortgage payments are now lower than rent (see chart below for the numbers). While Brookings, South Dakota, isn’t one of these major metro areas, the trends we’re seeing nationwide could mean that buying a home in our area may soon become a more affordable option.

The Current Market: What’s Changing?

As mortgage rates ease from their recent peak and home prices stabilize, the affordability of purchasing a home is improving across the board. In many…

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As September rolls in, the spotlight is back on the Federal Reserve (the Fed) and their much-anticipated decisions on the Federal Funds Rate. There's a growing expectation that the Fed will reduce the rate at their upcoming meeting, largely driven by signs of easing inflation and a cooling job market. This shift could have a significant impact on the housing market, and even more importantly, it could affect you as a current homeowner or potential homebuyer here in Brookings, South Dakota.

Mark Zandi, Chief Economist at Moody’s Analytics, summed it up perfectly when he said:

“They’re ready to cut, just as long as we don’t get an inflation surprise between now and September, which we won’t.”

But what does this mean for the local real estate…

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Looking ahead to 2025, it's important to know what experts are projecting for the housing market. And whether you're thinking of buying or selling a home next year, having a clear picture of what they’re calling for can help you make the best possible decision for your homeownership plans.

Here’s an early look at the most recent projections on mortgage rates, home sales, and prices for 2025.

Mortgage Rates Are Projected To Come Down Slightly

Mortgage rates play a significant role in the housing market. The forecasts for 2025 from Fannie Mae, the Mortgage Bankers Association (MBA), the National Association of Realtors (NAR), and Wells Fargo show an expected gradual decline in mortgage rates over the course of the next year (see chart…

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You won’t find anyone who’s going to argue that mortgage rates have had a big impact on housing affordability over the past couple of years. But there is hope on the horizon. Rates have actually started to come down. And, recently they hit the lowest point we’ve seen in 2024, according to Freddie Mac (see graph below):

And if you’re thinking about buying a home, that may leave you wondering: how much lower are they going to go? Here’s some information that can help you know what to expect.

Expert Projections for Mortgage Rates

Experts say the overall downward trend should continue as long as inflation and the economy keeps cooling. But as new reports come out on those key indicators, there’s going to be some volatility here and there.

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If you’re thinking about buying or selling a home, you’ve probably got mortgage rates on your mind. That’s because you’ve likely heard that mortgage rates impact how much you can afford in your monthly mortgage payment, and you want to factor that into your planning. Here’s what you need to know.

What’s Happening with Mortgage Rates?

Mortgage rates have been trending down recently. While that’s good news for your homebuying plans, it’s important to know that rates can be unpredictable because they’re affected by many factors.

Things like the economy, job market, inflation, and decisions made by the Federal Reserve all play a part. So, even as rates go down, they can still bounce around a bit based on new economic data. As Odeta Kushi,…

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Over the past couple of years, a lot of people have had a hard time buying a home. And while affordability is still tight, there are signs it's getting a little better and might keep improving throughout the rest of the year. Lawrence Yun, Chief Economist at the National Association of Realtors (NAR), says:

“Housing affordability is improving ever so modestly, but it is moving in the right direction.”

Here’s a look at the latest data on the three biggest factors affecting home affordability: mortgage rates, home prices, and wages. 

1. Mortgage Rates

Mortgage rates have been volatile this year, bouncing around from the mid-6% to low 7% range. But there's some good news. Data from Freddie Mac shows rates have been trending down overall…

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Mortgage rates have been one of the hottest topics in the housing market lately because of their impact on affordability. And if you’re someone who’s looking to make a move, you’ve probably been waiting eagerly for rates to come down for that very reason. Well, if the past few weeks are any indication, you may be getting your wish.

Mortgage Rates Trend Down in Recent Weeks

There’s big news for mortgage rates. After the latest reports on the economy, inflation, the unemployment rate, and the Federal Reserve’s recent comments, mortgage rates started dropping a bit. And according to Freddie Mac, they’re now at a level we haven’t seen since February. To help show the downward trend, check out the graph below:

Maybe you’re seeing this and…

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Today’s headlines and news stories about home prices are confusing and make it tough to know what’s really happening. Some say home prices are heading for a correction, but what do the facts say? Well, it helps to start by looking at what a correction means.

Here’s what Danielle Hale, Chief Economist at Realtor.com, says:

 “In stock market terms, a correction is generally referred to as a 10 to 20% drop in prices . . . We don't have the same established definitions in the housing market.”

In the context of today’s housing market, it doesn’t mean home prices are going to fall dramatically. It only means prices, which have been increasing rapidly over the last couple years, are normalizing a bit. In other words, they’re now growing at a…

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