If you’re reading headlines about inflation or mortgage rates, you may see something about the recent decision from the Federal Reserve (the Fed). But what does it mean for you, the housing market, and your plans to buy a home? Here’s what you need to know. Inflation and the Housing Market While the Fed’s working hard to lower inflation,… [Read More]
Experts’ Insights on Housing Market
The housing market’s been going through a lot of change lately, and there’s been uncertainty surrounding what will happen this spring. You may wonder if more homes will go on the market, what’s next with home prices and mortgage rates, or what the best advice is for someone in your current position. Here’s what industry experts are… [Read More]
Factors Affecting Home Affordability
The attention has been on the impact of rising mortgage rates on home affordability for current homebuyers. Rates have escalated significantly compared to the record lows experienced during the pandemic. Nonetheless, affordability depends not only on mortgage rates but also on a blend of mortgage rates, home prices, and wages. Considering how each of these… [Read More]
Mortgage Rates and Purchasing Power
If you’re contemplating purchasing a home, the fluctuating 30-year fixed mortgage rate between 6% and 7% should be considered. Understanding how a 1% or 0.5% shift in the rate can impact your purchasing power is essential. The chart below helps show the general relationship between mortgage rates and a typical monthly mortgage payment: Even a… [Read More]
Beyond Mortgage Rates
The COVID-19 pandemic brought about historically low mortgage rates, prompting many homeowners to buy or refinance their homes. However, as rates doubled in 2022, some homeowners put their plans to move on hold to avoid losing the low mortgage rate on their current homes. Although rates have started to decline, they’re still higher than… [Read More]
What Buyers Need to Know in 2023
Last year, the Federal Reserve attempted to decrease inflation, but it resulted in a rapid increase in mortgage rates from record lows in 2021, peaking at just over 7% in October. This caused some potential buyers to pause their plans. However, the inflation rate is starting to decrease, leading to a drop in mortgage rates… [Read More]
Expert Insights: on Home Prices
If you’re considering buying or selling a home this year, you may have questions about what’s happening with home prices today as the market cools. In the simplest sense, nationally, experts don’t expect prices to come crashing down, but the level of home price moderation will depend on factors like supply and demand in each local market. Home price… [Read More]
Top Reasons for Selling Your House
Many of today’s homeowners bought or refinanced their homes during the pandemic when mortgage rates were at history-making lows. However, since rates doubled in 2022, some homeowners put their plans to move on hold, not wanting to lose the low mortgage rate they have on their current house. And while today’s rates have started coming… [Read More]
3 Factors That Affect Home Affordability
If you’ve followed the housing market over the last couple of years, you’ve likely heard about growing affordability challenges. But according to experts, the key factors determining housing affordability are projected to improve this year. Selma Hepp, Executive, Deputy Chief Economist at CoreLogic, shares: “. . . with slowly improving affordability and a more optimistic economic… [Read More]
Goals in the Housing Market This Year
If buying or selling a home is part of your dreams for 2023, you need to understand today’s housing market, define your goals, and work with industry experts to bring your homeownership vision for the new year into focus. In the last year, high inflation greatly impacted the economy, the housing market, and your wallet. That’s… [Read More]