Mortgage Rates

22 Nov 2023

Mortgage rates continue falling before Thanksgiving: Freddie Mac

Mortgage Rates

In a recent article from Housing Wire, mortgage rates have recently decreased, with the 30-year fixed mortgage rate averaging 7.29% as of November 22, down from 7.44% the previous week but up from 6.58% a year ago. Despite the drop, potential homebuyers are hesitant, waiting for even lower rates and increased housing inventory. Existing home sales have hit a thirteen-year low, attributed to buyers' reluctance and affordability challenges. New construction starts showed strength in October, contrasting with the slump in existing-home sales. Key Points: Mortgage Rate Movement: The 30-year fixed mortgage rate has seen a recent decline, dropping half a…

17 Oct 2023

By Lonny Levine

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Fannie Mae Boosts Loan Limits for Multi-Family Property Investors

Mortgage Rates

🏘️ Big News: Fannie Mae Expands Multi-Family Limits! 🏘️ Great news for investors like you! Fannie Mae is increasing loan limits for conventional multi-family purchases, and here's what it means for you: 🔑 Lower Down Payments for 2-4 Units! 🔑 ✅ Invest with Less: Enjoy reduced down payments for 2-4 unit multi-family properties. ✅ Grow Your Portfolio: Diversify your investments and boost your income potential. ✅ Create Wealth: Multi-family units offer consistent rental income, building long-term wealth. 👉 Ready to Act? Contact me today to explore this opportunity and get expert guidance. Don't miss out on this chance to enhance…

25 Sep 2023

By Lonny Levine

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What to Expect for Mortgage Rates This Week – September 25th, 2023

Mortgage RatesMarket Outlook, Mortgage Rates

In the latest round of economic updates, we delved into the state of the U.S. housing market, scrutinizing indicators like housing starts, building permits, and the Federal Reserve's post-meeting statement from the Federal Open Market Committee. This comprehensive review also encompassed data on the sale of pre-owned homes, along with the regular reports on mortgage rates and jobless claims. Home Builders' Confidence Dampened by Rising Mortgage Rates The confidence of homebuilders took a hit in September as they assessed the conditions in the U.S. housing market. The index for September stood at 45, falling short of the anticipated 49.5 and…

22 Sep 2023

By Lonny Levine

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Challenging Times for Homebuyers: Pending-Home Sales Drop 13%

Market Outlook, Mortgage Rates, Real Estate Trends

In today's housing market, prospective homebuyers are facing significant challenges. According to a recent Redfin report, pending-home sales have plummeted by 13% compared to this time last year. The culprits? Soaring mortgage rates and rising home prices have left many potential buyers in a holding pattern. However, amidst these difficulties, there's a glimmer of hope, with new listings showing a slight improvement since early September. Soaring Rates and Home Prices: Escalating mortgage rates and home prices are the main culprits behind the declining affordability of homes. Over the four weeks ending on September 17, pending-home sales fell by 13%,…

01 Sep 2023

By Lonny Levine

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The Future of the Housing Market: Predictions for 2023 and Beyond

Financial Reports, Home Mortgage, Mortgage Rates

The housing market has been booming in recent years, but what does the future hold? In this post, we’ll take a look at some predictions for the housing market in 2023 and beyond. The housing market has been on a roll in recent years, with low interest rates and high demand driving up prices. However, there are concerns that this growth may not be sustainable in the long term. According to a Forbes article1, there are several factors that could impact the housing market in the coming years. One of the biggest factors is rising interest rates. While interest…

28 Aug 2023

By Lonny Levine

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This Week Ahead: Mortgage Rates August 28, 2023

Blog, Home Mortgage, Market Outlook, Mortgage Rates

This Week Ahead: Mortgage Rates August 28, 2023 If you’re thinking about buying or refinancing a home, you may be wondering how mortgage rates are doing this week. Here’s a summary of what you need to know: Mortgage rates have remained high overall, but if inflation drops later this year, they could go down1. The average for a 30-year fixed rate mortgage was 7.39% on August 25, the highest level in more than two decades2. The Fed resumed rate hikes at its July 26 meeting, and may raise rates again in September to curb inflation3. The median existing-home sales price…

21 Aug 2023

By Lonny Levine

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This Week Ahead: Mortgage Rates August 21, 2023

Financial Reports, Home Mortgage, Home Values, Mortgage Rates, Real Estate

The housing market is facing some serious challenges as mortgage rates remain high, home prices soar and inventory shrinks. Here are some of the key trends and events to watch for this week: Mortgage rates. The national average 30-year fixed mortgage rate crossed the 7% mark in the third week of August, rising to 7.09% the week ending August 171. This is the highest level since October 2022, when rates briefly spiked to 7.16%. The Federal Reserve has raised its benchmark interest rate twice this year, and is expected to hike it again before the end of 2023, putting more…

15 Aug 2023

By Lonny Levine

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Mortgage Rates Rise Again, but Look Poised to Drop in the Fall

Mortgage Rates

As I delve into the insightful article "Mortgage Rates Rise Again, but Look Poised to Drop in the Fall," it's clear that the world of mortgage rates is far from static. The once-steady realm of historically low rates is now undergoing a transformation, with rates on an upward trajectory due to a medley of factors such as inflation concerns and evolving economic policies. However, amidst this fluctuation, there's a glimmer of hope—a prediction for rates to potentially reverse course in the forthcoming fall season. This intriguing duality of challenges and opportunities sets the stage for an engaging narrative in…

08 Aug 2023

By Lonny Levine

A Closer Look at Home Loan Economics: APR, Interest, and Beyond

Mortgage RatesAPR, Mortgage, Mortgage Rates

When it comes to securing a mortgage, borrowers are often confronted with various terms and figures that may seem confusing at first glance. Two key components that play a significant role in determining the cost of a mortgage are the interest rate and the APR (Annual Percentage Rate). Though they are related, it is crucial to understand the difference between them to make informed decisions while comparing different loan offers. This article aims to shed light on the dissimilarities between the mortgage interest rate and the APR, helping borrowers navigate the mortgage landscape more confidently. Mortgage Interest Rate The mortgage…