What’s Happening with Mortgage Rates, and Where Will They Go from Here?

Written by Lakeland FL Mortgage Syndicated User on March 31, 2022. Posted in For Buyers, Housing Market Updates, Interest Rates, Lakeland FL Mortgage, Mortgage Lakeland FL, Pricing.

Based on the Primary Mortgage Market Survey from Freddie Mac, the average 30-year fixed-rate mortgage has increased by 1.2% (3.22% to 4.42%) since January of this year. The rate jumped by more than a quarter of a point from just a week ago. Here’s a visual to show how mortgage rate movement throughout 2021 was steady compared to the rapid increase in mortgage rates this year: Just a few months ago, Freddie Mac projected mortgage rates would average 3.6% in 2022. Earlier this month, Fannie Mae forecast mortgage rates would average 3.8% in 2022. As the chart above shows, rates have already surpassed...

What You Can Expect from the Spring Housing Market

Written by Lakeland FL Mortgage Syndicated User on March 25, 2022. Posted in For Buyers, For Sellers, Housing Market Updates, Interest Rates, Lakeland FL Mortgage, Mortgage Lakeland FL, Pricing.

As the spring housing market kicks off, you likely want to know what you can expect this season when it comes to buying or selling a house. While there are multiple factors causing some uncertainty, including the conflict overseas, rising inflation, and the first rate increase from the Federal Reserve in over three years — the housing market seems to be relatively immune. Here’s a look at what experts say you can expect this spring. 1. Mortgage Rates Will Climb Freddie Mac reports the 30-year fixed mortgage rate has increased by more than a full point in the past six months. And despite some...

This Spring Presents Sellers with a Golden Opportunity

Written by Lakeland FL Mortgage Syndicated User on March 15, 2022. Posted in For Sellers, Housing Market Updates, Interest Rates, Lakeland FL Mortgage, Mortgage Lakeland FL, Move-Up Buyers, Pricing.

If you’re thinking of selling your house this year, timing is crucial. After all, you’ll want to balance getting the most out of the sale of your current home and making the best investment when you buy your next one. If that’s the case, you should know – you may be able to get the best of both worlds today. Here are four reasons why this spring may be your golden window of opportunity. 1. The Number of Homes on the Market Is Still Low Today’s limited supply of houses for sale is putting sellers in the driver’s seat. There are far more buyers in the market today than there are homes available....

Key Terms for Homebuyers [INFOGRAPHIC]

Written by Lakeland FL Mortgage Syndicated User on March 12, 2022. Posted in Buying Myths, Down Payments, First Time Home Buyers, For Buyers, Infographics, Interest Rates, Lakeland FL Mortgage, Mortgage Lakeland FL, Move-Up Buyers.

Some Highlights Knowing key housing terms and how they relate to today’s market is important. For example, when mortgage rates and home prices rise, it impacts how much home you can afford. Terms like appraisal (what lenders rely on to validate a home’s value) and the inspection contingency (which gives buyers essential information on a home’s condition) directly impact the transaction. Buying a home can be intimidating if you’re not familiar with the terms used throughout the process. Let’s connect so you have an expert guide and advice for any questions that may come up. Content previously...

Key Factors That Impact Affordability Today

Written by Lakeland FL Mortgage Syndicated User on March 10, 2022. Posted in Buying Myths, First Time Home Buyers, For Buyers, Housing Market Updates, Interest Rates, Lakeland FL Mortgage, Mortgage Lakeland FL, Move-Up Buyers, Pricing.

You can’t read an article about residential real estate without the author mentioning the affordability challenges that today’s buyers face. There’s no doubt homes are less affordable today than they were over the last two years, but that doesn’t mean homes are now unaffordable. There are three measures used to establish home affordability: home prices, mortgage rates, and wages. Let’s look closely at each of these components. 1. Home Prices The most recent Home Price Insights report by CoreLogic shows home values have increased by 19.1% from last January to this January. That was one reason...

How Global Uncertainty Is Impacting Mortgage Rates

Written by Lakeland FL Mortgage Syndicated User on March 9, 2022. Posted in For Buyers, For Sellers, Housing Market Updates, Interest Rates, Lakeland FL Mortgage, Mortgage Lakeland FL.

If you’re thinking about buying or selling a home, you’ll want to keep a pulse on what’s happening with mortgage rates. Rates have been climbing in recent months, especially since January of this year. And just a few weeks ago, the 30-year fixed mortgage rate from Freddie Mac approached 4% for the first time since May of 2019. But that climb has dropped slightly over the past few weeks (see graph below): The recent decline in mortgage rates is primarily due to growing uncertainty around geopolitical tensions surrounding Russia and Ukraine. But experts say it’s to be expected. Here’s a look...

4 Simple Graphs Showing Why This Is Not a Housing Bubble

Written by Lakeland FL Mortgage Syndicated User on February 18, 2022. Posted in Housing Market Updates, Interest Rates, Lakeland FL Mortgage, Mortgage Lakeland FL, Pricing.

A recent survey revealed that many consumers believe there’s a housing bubble beginning to form. That feeling is understandable, as year-over-year home price appreciation is still in the double digits. However, this market is very different than it was during the housing crash 15 years ago. Here are four key reasons why today is nothing like the last time. 1. Houses Are Not Unaffordable Like They Were During the Housing Boom The affordability formula has three components: the price of the home, wages earned by the purchaser, and the mortgage rate available at the time. Conventional lending...

The Top Indicator if You Want To Know Where Mortgage Rates Are Heading

Written by Lakeland FL Mortgage Syndicated User on February 3, 2022. Posted in First Time Home Buyers, For Buyers, Interest Rates, Lakeland FL Mortgage, Mortgage Lakeland FL, Move-Up Buyers.

Mortgage rates have increased significantly since the beginning of the year. Each Thursday, Freddie Mac releases its Primary Mortgage Market Survey. According to the latest survey, the average 30-year fixed-rate mortgage has risen from 3.22% at the start of the year to 3.55% as of last week. This is important to note because any increase in mortgage rates changes what a purchaser can afford. To give you an idea of how rising mortgage rates impact your purchasing power, see the table below: How Can You Know Where Mortgage Rates Are Headed? While it’s always difficult to know exactly where mortgage...

Owning Is More Affordable than Renting in the Majority of the Country

Written by Lakeland FL Mortgage Syndicated User on February 1, 2022. Posted in Buying Myths, First Time Home Buyers, For Buyers, Interest Rates, Lakeland FL Mortgage, Mortgage Lakeland FL, Pricing, Rent vs. Buy.

If you were thinking about buying a home this year, but already pressed pause on your plans due to rising home prices and increasing mortgage rates, there’s something you should consider. According to the latest report from ATTOM Data, owning a home is more affordable than renting in the majority of the country. The 2022 Rental Affordability Report says: “. . . Owning a median-priced home is more affordable than the average rent on a three-bedroom property in 666, or 58 percent, of the 1,154 U.S. counties analyzed for the report. That means major home ownership expenses consume a smaller portion...

With Mortgage Rates Climbing, Now’s the Time To Act

Written by Lakeland FL Mortgage Syndicated User on January 20, 2022. Posted in Buying Myths, First Time Home Buyers, For Buyers, Housing Market Updates, Interest Rates, Lakeland FL Mortgage, Mortgage Lakeland FL, Move-Up Buyers.

Last week, the average 30-year fixed mortgage rate from Freddie Mac jumped from 3.22% to 3.45%. That’s the highest point it’s been in almost two years. If you’re thinking about buying a home, this news may have come as a bit of a shock. But the truth is, it wasn’t entirely unexpected. Experts have been calling for rates to rise in their 2022 projections, and the forecast is now becoming a reality. Here’s a look at the projections from Freddie Mac for this year: Q1 2022: 3.4% Q2 2022: 3.5% Q3 2022: 3.6% Q4 2022: 3.7% As the numbers show, this jump in rates is in line with the expectations...

Category: Interest Rates