The historically low inventory over the past few years led to challenges for many buyers trying to find a home that met their needs and their budget. If you’re in the same boat, you should know the recent shift in the housing market may have opened up doors for you to restart your search. The inventory of homes for sale has increased this year, giving buyers much-needed Continue Reading
Over the past few weeks, the average 30-year fixed mortgage rate from Freddie Mac fell by half a percent. The mortgage rate drop happened over concerns about a potential recession. And since mortgage rates have risen dramatically this year, homebuyers across the country should see this decline as welcome news. Freddie Mac reports that the average 30-year Continue Reading
If you’re planning to buy a home, it’s critical to understand the relationship between mortgage rates and your purchasing power. Purchasing power is the amount of home you can afford to buy that’s within your financial reach. Today’s Mortgage Rates Impact Your Home Purchase. Mortgage rates directly impact the monthly payment you’ll have on the home you purchase. So, when rates Continue Reading
. Purchasing a new home can be an expensive venture. And it involves quite a bit more than just the price of a property. In order to close on a property, buyers always face a bevy of settlement costs. This includes everything from loan origination fees to appraisal charges to credit report costs. According to the Federal Reserve as a general rule of thumb, buyers spend 3% of their Continue Reading
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