Housing market reversed course slightly in July 2024
Sales of existing homes broke a four-month slide in July. Prices continued their increase for the 13th straight month with the median national sales figure rising to $422,600. Easing inflation helped accelerate the decline in mortgage rates in mid-July and rates...
Will it be a .50% or .25% Fed rate cut in September?
Some Fed officials said a half-point Fed rate cut in September would become more likely if there were signs of a further slowdown in hiring. The longer the Fed keeps borrowing costs high, the more it risks weakening the economy too much and causing a recession. Yet,...
No emergency rate cut in July
The Federal Reserve appears to be very much on track for an interest rate cut in September after a "vast majority" of officials said such an action was likely, according to the minutes of the U.S. central bank's July 30-31 meeting. Markets are fully pricing in a...
Positive signs of a rate cut happening this year
Jerome Powell concluded his visit to Capitol Hill as part of his twice-yearly report on the state of the economy this week. Powell said the risks to the economy have become better balanced, allowing him to broaden his focus beyond getting inflation down. He’s watching...
Mortgage rates have dropped to a three-month low
‘We expect rates to continue to come down over the summer months,’ Freddie Mac says. Mortgage rates fell to their lowest level since early April as the U.S. economy showed indications of a slowdown. The 30-year fixed-rate mortgage averaged 6.86% as of June 27,...
How to Remove Private Mortgage Insurance Early
PMI is typically required when you take out a conventional conforming mortgage and put down less than 20%. Your loan servicer must automatically drop PMI when your mortgage balance reaches 78% of your home’s purchase price. It’s possible to cancel PMI in other cases,...
Investors are snatching up 1 in 5 homes for sale creating another hurdle for first time buyers.
Homeownership has slipped out of reach for millions of Americans thanks to the astronomical rise in mortgage rates and an ongoing inventory shortage. Now, there is another obstacle to buying a home. Investors and hedge funds are snatching up properties at the fastest...
Paying Off Your Mortgage Faster
Refinance to a Shorter Term: Refinancing your mortgage to a shorter term, such as a 15-year mortgage, can result in higher monthly payments but a lower overall interest cost. Make Extra Payments: One of the most straightforward ways to pay off your mortgage faster is...
No down payment. No problem with the new 0% down program
Down payment assistance programs continue to be a valuable resource for homebuyers across the country. The 0% Down Purchase program for qualified borrowers to receive a 3% down payment assistance loan, up to $15,000. Here's how it works: First lien mortgage meets LTV...
28/36 ratio rule
With home prices so high, you may be wondering what salary you'd need to earn to afford a home costing $500,000. This question can be difficult to answer, but with a few simple calculations, you can get an estimate of how much you need to make to purchase a home at...