Feb. 1, 2024

Homebuyer Demand Increases, Despite Slight Increase in Rates

30-Year Fixed National Average Rates, as of January 25

Conventional: 6.90

FHA: 6.20% 

 

Jumbo: 7.25

VA: 6.20

Source: mortgagenewsdaily.com daily rate survey. Learn more here: https://www.mortgagenewsdaily.com/mortgage-rates

 

MARKET UPDATE

Homebuyer Demand Increases, Despite Slight Increase in Rates 

Despite a slight uptick in mortgage rates last week, homebuyers returned energetically post-holidays. The Mortgage Bankers Association reported an 8% increase in mortgage applications for home purchases compared to the previous week. However, demand remains 18% lower than the same period last year when rates were more favorable.

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Posted in Mortgages
Jan. 25, 2024

3 Must-Do’s When Selling Your House in 2024

 

3 Must-Do’s When Selling Your House in 2024

If one of the goals on your list is selling your house and making a move this year, you’re likely juggling a mix of excitement about what’s ahead and feeling a little sentimental about your current home.

A great way to balance those emotions and make sure you’re confident in your decision is to keep these three best practices in mind when you’re ready to sell.

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Posted in Listings
Jan. 18, 2024

2 Reasons Why Today’s Mortgage Rate Trend Is Good for Sellers?

 

2 Reasons Why Today’s Mortgage Rate Trend Is Good for Sellers

If you’ve been holding off on selling your house to make a move because you felt mortgage rates were too high, their recent downward trend is exciting news for you. Mortgage rates have descended since last October when they hit 7.79%. In fact, they’ve been below 7% for over a month now (see graph below):

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Posted in Mortgages
Jan. 9, 2024

What Lower Mortgage Rates Mean for Your Purchasing Power

What Lower Mortgage Rates Mean for Your Purchasing Power

If you want to buy a home, it’s important to know how mortgage rates impact what you can afford and how much you’ll pay each month. Fortunately, rates for 30-year fixed mortgages have come down significantly since the end of October and are currently under 7%, according to Freddie Mac (see graph below):

 

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Posted in Mortgages
Jan. 5, 2024

Why Pre-Approval Is Your Homebuying Game Changer?

Why Pre-Approval Is Your Homebuying Game Changer

If you’re thinking about buying a home, pre-approval is a crucial part of the process you definitely don’t want to skip. So, before you start picturing yourself in your new living room or dining on your future all-season patio, be sure you’re working with a trusted lender to prioritize this essential step. Here’s why.

While home price growth is moderating and mortgage rates have been coming down in recent weeks, affordability is still tight.  At the same time, there’s a limited number of homes for sale right now, and that means ongoing competition among hopeful buyers. But, if you’re strategic, there are ways to navigate these waters – and pre-approval is the game changer.

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Dec. 28, 2023

Get Ready To Buy a Home by Improving Your Credit Score?

 

Get Ready To Buy a Home by Improving Your Credit Score

As the new year approaches, the idea of buying a home might be on your mind. It’s an exciting goal to set, and it’s never too early to start laying the groundwork. One crucial step to prepare for homeownership is building a solid credit score.

Lenders review your credit to assess your ability to make payments on time, pay back debts, and more. It’s also a factor that helps determine your mortgage rate. An article from CNBC explains:

“When it comes to mortgages, a higher credit score can save you thousands of dollars in the long run. This is because your credit score directly impacts your mortgage ratewhich determines the amount of interest you’ll pay over the life of the loan.”

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Posted in Buyer Blog
Dec. 26, 2023

Home Staging for the Holidays

You don’t have to rid your wintertime listing of its holiday spirit just because it’s on the market. Many home stagers say they still like to incorporate décor of the season. But they emphasize that subtlety is key.

In fact, one of the hottest holiday decorating styles this year—Scandinavian design(link is external)—offers a minimalist look along with a festive flair. The style embraces simplicity and focuses on neutral color tones as well as natural elements, like pine cones, fresh pine branches, holly or eucalyptus. Vivianne Chow, an interior decorator and founder of the home décor blog VivandTimHome.com, likes to decorate in Scandi style and incorporate nature-inspired elements into her everyday décor.

Christmas tree in living room
Photo credit: Tim & Vivianne Chow, VivandTimHome.com

Take a look at some of these holiday stylings from home stagers and interior designers that show off interiors that are careful to balance spotlighting the home’s features without too many holiday distractions.

Dec. 21, 2023

Why Mortgage Rates Could Continue To Decline?

 

Why Mortgage Rates Could Continue To Decline

The Federal Funds Rate Hikes Have Stalled

One of the Fed’s primary goals is to lower inflation. In order to do that, they started raising the Federal Funds Rate to slow down the economy. Even though this doesn’t directly dictate what happens with mortgage rates, it does have an impact.

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Posted in News
Dec. 15, 2023

If your house hasnt sold yet, it may be overpriced

 

If Your House Hasn’t Sold Yet, It May Be Overpriced

Has your house been sitting on the market a while without selling? If so, you should know that’s pretty unusual, especially right now. That’s because the supply of homes available for sale is still far lower than what we’d see in a normal year. That means buyers have fewer options than they usually would, so your house should be an oasis in an inventory desert.

So, if homebuyers have limited choices and your house still hasn’t sold, there’s a reason why. Let’s break one potential sticking point that may be turning buyers away: your asking price.

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Posted in News
Dec. 11, 2023

Market News You can Use

Here's this week's roundup of news and resources. As always, please feel free to reach out to me with any mortgage or market related questions.

 

30-Year Fixed National Average Rates, as of December 7*

 

Conventional

↓7.05% 

 

FHA

↓6.39%

VA

↓6.40%

Jumbo

7.55%

 

 

 

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Posted in News