A Brighter Future – Market Update!
Today’s mortgage scene is looking a bit brighter! The average rate for a 30-year fixed mortgage is now 6.51%, a small drop from last week. Meanwhile, the 15-year fixed rate is sitting at 5.91%, also down slightly. With inflation finally cooling off and the job market showing signs of fatigue, the Fed might just cut […]
What is a Mortgage Recast?
What is a Mortgage Recast? If you’re wanting to reduce your monthly mortgage payment without refinancing, mortgage recasting might be the answer you’re looking for. By making a lump sum payment towards your principal balance, you can effectively lower your monthly payment while keeping your original interest rate and loan term. This process, also known […]
Two Key Factors that Impact Mortgage Rates
If you’re in the home-buying market, you’re probably keeping a close eye on mortgage rates. These rates have been on a wild ride in recent years, hitting historic lows, surging, and now gradually coming back down. But what’s driving these fluctuations? The answer is rather complicated, as multiple factors influence mortgage rates, however, here are […]
What’s Behind the Housing Inventory Shortage?
Ever wondered why finding a house to buy feels like searching for a needle in a haystack these days? It’s a legit question, and you might be thinking about waiting for better times, but hold on a sec – that might not be the smartest move. Here’s the lowdown. First off, the housing shortage isn’t […]
The New Normal: Are Homebuyers Getting Used to Interest Rates
Before you decide to sell your house, it’s important to have an understanding of the current housing market. One trend we are noticing is that homebuyers are starting to adapt to today’s mortgage rates and appear to be accepting them as the new normal. Looking at the graph below, you can see the trend for the […]