Over the past couple of years, a lot of people have had a hard time buying a home. And while affordability is still tight, there are signs it's getting a little better and might keep improving throughout the rest of the year. Lawrence Yun, Chief Economist at the National Association of Realtors (NAR), says:“Housing affordability is improving ever so modestly, but it is moving in the right direction.”Here’s a look at the latest data on the three biggest factors affecting home affordability: mortgage rates, home … [Read more...]
Mortgage Rates Down a Full Percent from Recent High
Mortgage rates have been one of the hottest topics in the housing market lately because of their impact on affordability. And if you’re someone who’s looking to make a move, you’ve probably been waiting eagerly for rates to come down for that very reason. Well, if the past few weeks are any indication, you may be getting your wish.Mortgage Rates Trend Down in Recent WeeksThere’s big news for mortgage rates. After the latest reports on the economy, inflation, the unemployment rate, and the Federal Reserve’s recent … [Read more...]
How the Economy Impacts Mortgage Rates
As someone who’s thinking about buying or selling a home, you’re probably paying close attention to mortgage rates – and wondering what's ahead.One thing that can affect mortgage rates is the Federal Funds Rate, which influences how much it costs banks to borrow money from each other. While the Federal Reserve (the Fed) doesn’t directly control mortgage rates, they do control the Federal Funds Rate.The relationship between the two is why people have been watching closely to see when the Fed might lower the Federal … [Read more...]
How Do Presidential Elections Impact the Housing Market?
Some HighlightsAre you wondering if the upcoming election will have an impact on the housing market? Here’s what history tells us you need to know if you’re considering a move.Data shows home sales slow in November but quickly bounce back and rise the following year. Prices usually keep climbing. And mortgage rates typically come down slightly.Presidential elections have only a small and temporary impact on the housing market. If you have questions, connect with a real estate agent. … [Read more...]
Real Estate Still Holds the Title of Best Long-Term Investment
With all the headlines circulating about home prices and mortgage rates, you may be asking yourself if it still makes sense to buy a home right now, or if it’s better to keep renting. Here’s some information that could help put your mind at ease by showing that investing in a home is still a powerful decision.According to the experts at Gallup, real estate has been crowned the top long-term investment for a whopping 12 years in a row. It has consistently beat out other investment types like gold, stocks, and bonds. … [Read more...]
Housing Market Forecast for the 2nd Half of 2024 [INFOGRAPHIC]
Some HighlightsWondering what the second half of the year holds for the housing market? Here’s what expert forecasts say. Home prices are expected to climb moderately. Mortgage rates are forecast to come down slightly. And, home sales are projected to hold steady.If you have questions about what to expect for the rest of the year, connect with a local agent to have a conversation about what it means for you and your plans. … [Read more...]
Worried About Mortgage Rates? Control the Controllables
Chances are you’re hearing a lot about mortgage rates right now. You may even see some headlines talking about last week’s Federal Reserve (the Fed) meeting and what it means for rates. But the Fed doesn’t determine mortgage rates, even if the headlines make it sound like they do.The truth is, mortgage rates are impacted by a lot of factors: geo-political uncertainty, inflation and the economy, and more. And trying to pin down when all those factors will line up enough for rates to come down is tricky.That’s why … [Read more...]
What’s Next for Home Prices and Mortgage Rates?
If you’re thinking of making a move this year, there are two housing market factors that are probably on your mind: home prices and mortgage rates. You’re wondering what’s going to happen next. And if it’s worth it to move now, or better to wait it out.The only thing you can really do is make the best decision you can based on the latest information available. So, here’s what experts are saying about both prices and rates.1. What’s Next for Home Prices? One reliable place you can turn to for information on home … [Read more...]
What Is Going on with Mortgage Rates?
You may have heard mortgage rates are going to stay a bit higher for longer than originally expected. And if you’re wondering why, the answer lies in the latest economic data. Here’s a quick overview of what’s happening with mortgage rates and what experts say is ahead.Economic Factors That Impact Mortgage RatesWhen it comes to mortgage rates, things like the job market, the pace of inflation, consumer spending, geopolitical uncertainty, and more all have an impact. Another factor at play is the Federal Reserve … [Read more...]
Now’s a Great Time To Sell Your House
Thinking about selling your house? If you are, you might be weighing factors like today’s mortgage rates and your own changing needs to figure out your next move.Here’s something else to consider. According to the latest Home Purchase Sentiment Index (HPSI) from Fannie Mae, the percent of respondents who say it’s a good time to sell is on the rise (see graph below):Why Are Sellers Feeling so Optimistic?One reason why is because right now is traditionally the best time of year to sell a house. A recent article from … [Read more...]
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