Mortgage Rates Decrease Freddie Mac reports the average 30-year fixed mortgage rate dipped slightly to 6.81% this week, down from 6.83% last week and notably lower than 7.17% a year ago. The 15-year rate also fell to 5.94%. Their Chief Economist highlighted that recent rate stability (less than 0.20% fluctuation ...
Continue ReadingPending Home Sales Show Modest Improvement, but Market Remains Subdued The National Association of REALTORS® reported today that pending home sales increased by 2.0% in February 20251. However, this modest gain comes with some caveats: Year-over-year decline: Despite the monthly increase, pending transactions are down 3.6% compared to February 2024. ...
Continue ReadingOne Homebuying Step You Don’t Want To Skip: Pre-Approval There’s one essential step in the homebuying process you may not know a whole lot about and that’s pre-approval. Here’s a rundown of what it is and why it’s so important right now. What Is Pre-Approval? Pre-approval is like getting a green light ...
Continue ReadingThe 30-year fixed-rate mortgage increased for the third consecutive week, moving closer to 6.5%. In general, higher rates reflect the strength in the economy that is supportive of the housing market. But notably, as compared to a year ago, rates are more than one percentage point lower and potential homebuyers ...
Continue ReadingWhy Buying Now May Be Worth It in the Long Run Should you buy a home now or should you wait? That’s a question a lot of people have these days. And while what’s right for you is going to depend on a lot of different factors, here’s something you’ll want ...
Continue ReadingFalling Mortgage Rates Are Bringing Buyers Back If you’ve been hesitant to list your house because you’re worried no one’s buying, here’s your sign it may be time to talk with an agent. After months of high rates keeping buyers on the sidelines, things are starting to shift. Rates are already coming ...
Continue ReadingHow the Economy Impacts Mortgage Rates As someone who’s thinking about buying or selling a home, you’re probably paying close attention to mortgage rates – and wondering what’s ahead. One thing that can affect mortgage rates is the Federal Funds Rate, which influences how much it costs banks to borrow money from each other. While ...
Continue ReadingExperts Project Home Prices Will Increase in 2024 Even though home prices are going up nationally, some people are still worried they might come down. In fact, a recent survey from Fannie Mae found that 24% of people think home prices will actually decline over the next 12 months. That means almost one out ...
Continue Reading