The Fed decided to raise their rate by .75% this week in order to combat inflation. Although this was built into our markets, and expected, the government bond rates jumped to a level not seen for many years. As a result, we are seeing the highest mortgage rates in over 10 years. Many experts do think that this is temporary and we will start seeing some stabilization in the markets late this year and into next year which will hopefully result in lower interest rates. 30 Year Fixed FHA 6.250% (7.318% APR) Lender credit towards closing costs $314 $500,000 Purchase Price $490,943 Loan … Continue reading...
Interest Rates
Experts are starting to make their 2023 home price forecasts. As they do, most agree homes will continue to gain value, just at a slower pace. Over the past couple of years, home prices have risen at an unsustainable rate, leaving many to wonder how long it would last. If you’re asking yourself: what’s ahead for the price of my home, know that experts are now answering this question, and its welcome news for homeowners who may have been led by the media to believe their home would lose value. Historically, home prices have appreciated at a rate near 4%. For 2023, the average of six major … Continue reading...
Interest Rates
Rates Expected to Rise Amid Feds Taper Plan By Christopher Pataki Real Estate Agent with RE/MAX Associates RS - 0019092 REPORT With the final quarter of 2021 upon us, mortgage rates remain low and just above the all-time lows seen at the outset of the year when the 30-year fixed-rate mortgage hit 2.65%. As the U.S. economy grew and the labor market strengthened throughout the year, rates increased slightly, which is natural in an improving economy. Rates were held low due in part to the Fed's massive asset purchase program where it purchased up to $120B worth of … Continue reading...
Interest Rates July 16, 2021
Home Borrowing Costs Decline Again After a spike in the 30-year fixed-rate mortgage (from the lows seen in early January of 2.65% to a high of 3.18% by April 1st), home borrowing costs declined in April and May, now resting just above their historic lows. The run-up in rates from January to April was due in part to the specter of rising inflation as the U.S. economy emerged from the pandemic shutdowns. Pent-up consumer demand along with stimulus checks pushed prices for most goods and services higher while supply constraints added fuel to the fire. Lumber costs skyrocketed while oil … Continue reading...