Everyone knows that high mortgage rates have been a big drag lately, especially for potential homebuyers facing sky-high asking prices. But what if I told you that nearly half of those who recently bought a home are still getting an interest rate of less than 5%? It seems highly unlikely, given the fact that the … Read more
Fannie Mae and Freddie Mac announced newly expanded appraisal waivers to reduce costs and help more first-time homebuyers purchase a property. The pair does offer assessment relief on some of the loans they guarantee, but the loan-to-value (LTV) ratio is currently set at 80%. This means you should have at least a 20% down payment … Read more
Halloween isn’t over yet, but homebuyers may already be getting a little spooky. The 30-year fixed mortgage, which most buyers rely on, jumped from about 6% to nearly 6.75% in about three weeks. This happened right after the Fed finally cut the federal funds rate. Good timing I know. Before this rate reversal, mortgage rates … Read more