Monday, August 26, 2024 / by Joyce Dungca
You won’t find anyone who’s going to argue that mortgage rates have had a big impact on housing affordability over the past couple of years. But there is hope on the horizon. Rates have actually started to come down. And, recently they hit the lowest point we’ve seen in 2024, according to Freddie Mac (see graph below):
And if you’re thinking about buying a home, that may leave you wondering: how much lower are they going to go? Here’s some information that can help you know what to expect.
Expert Projections for Mortgage Rates
Experts say the overall downward trend should continue as long as inflation and the economy keeps cooling. But as new reports come out on those key indicators, there’s going to be some volatility here and there.
What you need to remember is it’s not wise to let those blips distract you from the larger trend. Rates are still down roughly a&n. ...
Read More
team raj jaggi, buyers, sellers, mortgage rates, real estate agents, housing affordability
Tuesday, February 20, 2024 / by Joyce Dungca
Buying your first home is a big, exciting step and a major milestone that has the power to improve your life. As a first-time homebuyer, it's a dream you can make come true, but there are some hurdles you'll need to overcome in today’s housing market – specifically the limited supply of homes for sale and ongoing affordability challenges.
So, if you're ready, willing, and able to buy your first home, here are three tips to help you turn your dream into a reality.
Save Money with First-Time Homebuyer Programs
Paying the initial costs of homeownership, like your down payment and closing costs, can feel a bit daunting. But there are many assistance programs for first-time homebuyers t. ...
Read More
buyers, first-time home buyers, homes for sale, affordability, first home
Thursday, February 8, 2024 / by Joyce Dungca
Are you on the fence about selling your house? While affordability is improving this year, it’s still tight. And that may be on your mind. But understanding your home equity could be the key to making your decision easier. An article from Bankrate explains:
“Home equity is the difference between your home's value and the amount you still owe on your mortgage. It represents the paid-off portion of your home.
You'll start off with a certain level of equity when you make your down payment to buy the home, then continue to build equity as you pay down your mortgage. You'll also build equity over time as your home's value increases.”
Think of equity as a simple math equation. It's the value of your home now minus what you owe on your mortgage. And guess what? Recently, your equity has probably grown more than you think.
In the past few years, home prices skyrocketed, which means your home's value – and your equity &nd. ...
Read More
sellers, home prices, mortgage rates, affordability, census
Friday, January 26, 2024 / by Joyce Dungca
Some Highlights
Home affordability depends on three factors: mortgage rates, home prices, and wages.
Mortgage rates are down from their recent peak, home prices are expected to rise at a slower pace, and wages are increasing faster than usual.
That’s good news if you want to buy a home because it means affordability is getting better. ...
Read More
homes, mortgage rates, home buyers, home affordability, home prices, wages
