How Homeownership Can Help Shield You from Inflation

Written by Longboat Key Mortgage Mortgage Syndicated User on April 26, 2022. Posted in Buying Myths, First Time Home Buyers, For Buyers, Housing Market Updates, Interest Rates, Longboat Key Mortgage, Mortgage Longboat Key, Pricing.

If you’re following along with the news today, you’ve likely heard about rising inflation. You’re also likely feeling the impact in your day-to-day life as prices go up for gas, groceries, and more. These rising consumer costs can put a pinch on your wallet and make you re-evaluate any big purchases you have planned to ensure they’re still worthwhile. If you’ve been thinking about purchasing a home this year, you’re probably wondering if you should continue down that path or if it makes more sense to wait. While the answer depends on your situation, here’s how homeownership can help you combat...

How To Approach Rising Mortgage Rates as a Buyer

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

In the last few weeks, the average 30-year fixed mortgage rate from Freddie Mac inched up to 5%. While that news may have you questioning the timing of your home search, the truth is, timing has never been more important. Even though you may be tempted to put your plans on hold in hopes that rates will fall, waiting will only cost you more. Mortgage rates are forecast to continue rising in the year ahead. If you’re thinking of buying a home, here are a few things to keep in mind so you can succeed even as mortgage rates rise. How Rising Mortgage Rates Impact You Mortgage rates play a significant...

Where Are Mortgage Rates Headed?

Written by Longboat Key Mortgage Mortgage Syndicated User on April 13, 2022. Posted in For Buyers, Housing Market Updates, Interest Rates, Longboat Key Mortgage, Mortgage Longboat Key.

There’s never been a truer statement regarding forecasting mortgage rates than the one offered last year by Mark Fleming, Chief Economist at First American: “You know, the fallacy of economic forecasting is: Don’t ever try and forecast interest rates and or, more specifically, if you’re a real estate economist mortgage rates, because you will always invariably be wrong.” Coming into this year, most experts projected mortgage rates would gradually increase and end 2022 in the high three-percent range. It’s only April, and rates have already blown past those numbers. Freddie Mac announced...

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

Written by Longboat Key Mortgage Mortgage Syndicated User on March 30, 2022. Posted in For Buyers, Housing Market Updates, Interest Rates, Longboat Key Mortgage, Mortgage Longboat Key, 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...

What You Can Expect from the Spring Housing Market

Written by Longboat Key Mortgage Mortgage Syndicated User on March 24, 2022. Posted in For Buyers, For Sellers, Housing Market Updates, Interest Rates, Longboat Key Mortgage, Mortgage Longboat Key, 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 Longboat Key Mortgage Mortgage Syndicated User on March 14, 2022. Posted in For Sellers, Housing Market Updates, Interest Rates, Longboat Key Mortgage, Mortgage Longboat Key, 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 Longboat Key Mortgage Mortgage Syndicated User on March 11, 2022. Posted in Buying Myths, Down Payments, First Time Home Buyers, For Buyers, Infographics, Interest Rates, Longboat Key Mortgage, Mortgage Longboat Key, 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 Longboat Key Mortgage Mortgage Syndicated User on March 9, 2022. Posted in Buying Myths, First Time Home Buyers, For Buyers, Housing Market Updates, Interest Rates, Longboat Key Mortgage, Mortgage Longboat Key, 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 Longboat Key Mortgage Mortgage Syndicated User on March 8, 2022. Posted in For Buyers, For Sellers, Housing Market Updates, Interest Rates, Longboat Key Mortgage, Mortgage Longboat Key.

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 Longboat Key Mortgage Mortgage Syndicated User on February 17, 2022. Posted in Housing Market Updates, Interest Rates, Longboat Key Mortgage, Mortgage Longboat Key, 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...

Category: Interest Rates