What’s Ahead For Mortgage Rates This Week – June 5, 2023

June 5, 2023

Limited supplies of homes for sale drove home prices up in March. Home prices rose by 0.40 percent month-to-month as compared to 0.70 percent year-over-year. Cities with the highest rates of home price growth were Miami, Florida, where home prices rose 7.70 percent year-over-year, Tampa, Florida with a year-over-year pace of 4.80 percent home price growth, and Charlotte, North Carolina, where home prices rose by 4.70 percent year-over-year.

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S&P Case-Shiller Home Price Indices Show Mixed Readings in March

June 2, 2023

Homeowners took a “wait and see” position as mortgage rates rose and concerns over the economy persisted. Those who refinanced their mortgages to low rates during the pandemic weren’t looking to buy new homes or refinance at current mortgage rates near seven percent. Prospective homebuyers faced affordability challenges and concerns over buying at the top of their local real estate markets.

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Does My Current Debt Affect Getting A New Mortgage?

June 1, 2023

It’s important to manage your debt carefully and maintain a good credit score if you’re planning to apply for a new mortgage. By evaluating the following and staying on track, you can ensure that you’re ready for the financial responsibilities of a mortgage and can make an informed decision about homeownership.

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An Overview Of Mortgage Points

May 31, 2023

There are two types of mortgage points: discount points and origination points. Discount points are used to buy down the interest rate on the loan, while origination points are used to cover the lender’s administrative costs.

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What’s Ahead For Mortgage Rates This Week – May 30, 2023

May 30, 2023

Homeowners weren’t in a hurry to sell their homes due to the low mortgage rates they obtained during the pandemic. Current mortgage rates are higher than pandemic-era rates, which influenced homeowners to stay in their homes and keep their lower existing mortgage rates.

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Understanding the Basic Interest Rates Difference Between Fixed and Variable

May 26, 2023

Home loans are available in an assortment of lending packages, but the big difference that consumers need to pay attention to at a minimum is how the interest charge is calculated. Interest is the margin that represents the profit and risk offset for a lender financing a consumer’s home purchase.

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What is the Difference Between a Reverse Mortgage and a Home Equity Conversion Mortgage?

May 25, 2023

A reverse mortgage and a home. equity conversion mortgages (HECM) are both types of loan products that allow homeowners to tap into the equity they have built up in their homes. However, there are some important differences between the two.

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Running A Quick Financial Health Check Before You Apply For A Mortgage

May 24, 2023

Getting a mortgage is a significant financial decision, and it is crucial to ensure that you are financially prepared before applying for one. Conducting a quick financial health check before applying for a mortgage can help you determine your financial standing and your ability to afford a mortgage payment.

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Mortgage Approval With An Unconventional Job – How Does It Work?

May 23, 2023

It’s also worth noting that the type of property you are seeking to purchase, as well as your credit history, debt-to-income ratio, and other financial factors, will all play a role in the lender’s decision. So while an unconventional job may not be a deal-breaker, it’s important to make sure your overall financial profile is strong before applying for a mortgage.

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What’s Ahead For Mortgage Rates This Week – May 22, 2023

May 22, 2023

Last week’s economic reporting included readings on U.S. housing markets, sales of previously-owned homes, housing starts, and building permits issued. Weekly readings on mortgage rates and jobless claims were also released.

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