After weeks of rising rates, mortgage rates are now falling. The 30-year fixed-rate mortgage averaged 5.10% this week, Freddie Mac reports. “Mortgage rates decreased for the second week in a row due to multiple headwinds that the economy is facing,” says Sam Khater, Freddie Mac’s chief economist. “Despite the recent moderation in rates, the housing …
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Mar 20
Mortgage Applications Are Falling
The housing market is showing more signs of slowing. Purchase applications fell 1% last week compared to the previous week and volume is now 14% lower than a year ago, the Mortgage Bankers Association’s latest index shows. Overall, mortgage demand, which includes applications for refinancing and home purchases, has fallen to its lowest level since …
Mar 19
Signs of Widespread Buyer Regret Emerge
Seventy percent of recent home buyers say they rushed their property purchase due to market pressure, according to a new survey of more than 1,000 consumers conducted by MoneyWise. Rising home prices and mortgage rates made many buyers speed up their timelines, the survey notes. The speed of their decisions may later lead to some …
Mar 18
Mortgage Rates Hold Mostly Flat This Week
The interest rate for the 30-year fixed-rate mortgage averaged 5.09% this week, continuing to inch down slightly. Still, rates are up significantly compared to a year ago. Due to the higher rates, home buyers need to earn about $30,000 more if they want to buy the typical home now compared to a year ago, Nadia …
Mar 18
Mortgage Demand Plummets to 22-Year Low
Mortgage applications dropped 6.5% last week, and demand reached the lowest point in 22 years, the Mortgage Bankers Association reported Wednesday. The index reflects applications for refinancings and home purchases. Mortgage applications for a home purchase, a gauge of homebuying, dropped 7% for the week and are now 21% lower than a year ago, the …
Mar 15
Mortgage Rates Turn Upward Again
The reversal after declines over the last three weeks has economists closely watching for the Fed’s anticipated rate hike next week. Following three weeks of declines, mortgage rates reversed course and headed back up this week. The 30-year fixed-rate mortgage averaged 5.23% for the week ending June 9; a year ago, it averaged below 3%. …
Mar 14
Fed’s Aggressive Rate Hike May Influence ‘Shrinking Buyer Pool’
The Federal Reserve’s move to raise its benchmark rate by three-quarters of a percentage point—the largest increase since 1994—could put more upward pressure on near-6% mortgage rates and sideline more home buyers, says NAR Chief Economist Lawrence Yun. The Federal Reserve unleashed another hike to its short-term benchmark rate Wednesday. The increase, the Fed’s largest …
Mar 13
Thinking of investing in other properties?
Thinking of investing in other properties? The DSCR loan may be an option to easily qualify without all the paperwork hassle. Reach out to Century 21 All-Elite and lender Ken Jordan, NMLS 183317 of Princeton Mortgage to see if you fit that window! #DSCRloan
Mar 13
Having a hard time saving up for a downpayment on a home?
Having a hard time saving up for a downpayment on a home? The PHFA K-flex program can help give you the downpayment assistance you need to obtain a home. Century 21 All-Elite and lender Ken Jordan, NMLS 183317 of Princeton Mortgage can help you along the way with what makes the most sense for you. …
Mar 12
How much can a 2-1 buydown save you?
How much can a 2-1 buydown save you? These examples will help build a picture of how it works. Talk to your agent today on how to structure your offer. Ask Century 21 All-Elite and lender Ken Jordan, NMLS 183317 of Princeton Mortgage who have your best interests at heart! #2-1buydown
Mar 12
Looking at a loan option with 100% financing?
Looking at a loan option with 100% financing? Talk to your agent today to see if a property you love meets the criteria. Ask Century 21 All-Elite and lender Ken Jordan, NMLS 183317 of Princeton Mortgage who have your best interests at heart! #USDA
Mar 11
Surging Mortgage Rates Spook House Hunters
Borrowing costs have climbed to their highest level since 2008, sending shock waves through the housing market. Mortgage rates have climbed to their highest level since 2008, pinching home buyers’ budgets. The 30-year fixed-rate mortgage averaged 5.78% this week, way above its 2.93% average just one year ago, Freddie Mac reports. The Federal Reserve’s decision …
