The 30-year fixed rate decreased this week to an average of 6.61%, down from last week’s 7.08% Some lenders have experienced a spike in borrowers’ demand for mortgage loans following last week’s rate collapse due to softer inflation data. However, according to executives and loan officers, it’s too early to say that this marks a turning point … Continued
According to the new Knock Sellers-Buyers Market Index, of the top-100 largest metropolitan markets, 98 of them reported home price declines in September, while 15 markets reported home prices falling by more than 10% from their highs set earlier this year. So what does this mean? According to Knock, a confluence of events that led to the … Continued
For the first time in two-plus decades, the 30-year fixed-rate mortgage (FRM) has passed the 7% mark, as Freddie Mac reported the 30-year FRM averaging 7.08% with an average 0.8 point for the week ending October 27, 2022, up from last week when it averaged 6.94%. A year ago at this time, the 30-year FRM averaged more than half … Continued
As the housing market cools in response to the dramatic rise in mortgage rates, home price appreciation is cooling as well. And if you’re following along with headlines in the media, you’re probably seeing a wide range of opinions calling for everything from falling home prices to ongoing appreciation. But what’s true? What’s most likely to happen moving forward? … Continued
Since the 2008 housing bubble burst, the word recession strikes a stronger emotional chord than it ever did before. And while there’s some debate around whether we’re officially in a recession right now, the good news is experts say a recession today would likely be mild and the economy would rebound quickly. As the 2022 … Continued
Key Highlights Existing-home sales sagged for the eighth consecutive month to a seasonally adjusted annual rate of 4.71 million. Sales slipped 1.5% from August and 23.8% from the previous year. The median existing-home sales price increased to $384,800, up 8.4% from one year ago. The inventory of unsold existing homes declined for the second straight … Continued
A recent survey from Bankrate asks prospective buyers to identify the biggest obstacles in their homebuying journey. It found that 36% of those polled said saving for a down payment is one of their primary hurdles to buying a home. If you feel the same way, the good news is there are many down payment assistance programs available that … Continued
When it comes to buying a home, it can feel a bit intimidating to know how much you need to save and where to find that information. But you should know, you’re not expected to have all the answers yourself. There are many trusted professionals who can help you understand your finances and what you’ll need to budget for throughout the process.