The mortgage industry is currently facing challenges as the demand for mortgages is dropping, despite recent declines in interest rates. According to recent data, the average contract interest rate for 30-year fixed-rate mortgages with conforming Continue Reading
Mortgage rates have been experiencing significant fluctuations in recent times, hovering above and around the range of 6.5% to over 7%. This instability in interest rates has a direct impact on the monthly payments for homebuyers seeking a $400k Continue Reading
In April, there was a notable surge in new home sales, as they experienced a remarkable increase of 4.1%. This rise in sales contracts can be attributed to the limited availability of existing homes in the market. The lack of inventory has resulted Continue Reading
The real estate market is witnessing a significant decline in the number of existing homes being listed, down by a staggering 20% compared to the previous year. However, amidst this challenging scenario, there is a silver lining: the demand is Continue Reading
As of 2021, over 80% of mortgages in the United States are at 5% interest rates or below. This is largely due to the historically low interest rates set by the Federal Reserve in response to the COVID-19 pandemic. While low interest rates can be Continue Reading
A 0.25% interest rate hike by the Federal Reserve can have a significant impact on your buying strategy, particularly if you are considering making large purchases such as a home or car. Interest rates are a critical factor in determining the cost of Continue Reading
On Wednesday, the Federal Reserve announced that it was raising interest rates by a quarter of a percentage point, marking the second rate hike of the year. The move is expected to have a significant impact on homebuyers, who will now have to pay Continue Reading
Purchase applications for real estate continue to grow even with higher interest rate. Buyers are increasingly buying down their rates as they grapple with getting lowering their monthly payments. 45% of buyers have been buying down their Continue Reading
The real estate market has seen a steady rise of interest rates from the low of 2.65% to its current rate of 7.13% for a 30yr fixed rate mortgage. As interest rates have fluctuated over the last 2 years buyers have had a rollercoaster ride in Continue Reading
