What’s Happening with Mortgage Rates, and Where Will They Go from Here?

Written by Miramar Beach FL Mortgage Syndicated User on April 1, 2022. Posted in For Buyers, Housing Market Updates, Interest Rates, Miramar Beach Mortgage, Mortgage Miramar Beach FL, Pricing.

Based on the Primary Mortgage Market Survey from Freddie Mac, the average 30-year fixed-rate mortgage has increased by 1.2% (3.22% to 4.42%) since January of this year. The rate jumped by more than a quarter of a point from just a week ago. Here’s a visual to show how mortgage rate movement throughout 2021 was steady compared to the rapid increase in mortgage rates this year: Just a few months ago, Freddie Mac projected mortgage rates would average 3.6% in 2022. Earlier this month, Fannie Mae forecast mortgage rates would average 3.8% in 2022. As the chart above shows, rates have already surpassed...

Owning Is More Affordable than Renting in the Majority of the Country

Written by Miramar Beach FL Mortgage Syndicated User on February 1, 2022. Posted in Buying Myths, First Time Home Buyers, For Buyers, Interest Rates, Miramar Beach Mortgage, Mortgage Miramar Beach FL, Pricing, Rent vs. Buy.

If you were thinking about buying a home this year, but already pressed pause on your plans due to rising home prices and increasing mortgage rates, there’s something you should consider. According to the latest report from ATTOM Data, owning a home is more affordable than renting in the majority of the country. The 2022 Rental Affordability Report says: “. . . Owning a median-priced home is more affordable than the average rent on a three-bedroom property in 666, or 58 percent, of the 1,154 U.S. counties analyzed for the report. That means major home ownership expenses consume a smaller portion...

Expert Insights on the 2022 Housing Market

Written by Miramar Beach FL Mortgage Syndicated User on January 1, 2022. Posted in For Buyers, For Sellers, Housing Market Updates, Interest Rates, Miramar Beach Mortgage, Mortgage Miramar Beach FL, Pricing.

As we move into 2022, both buyers and sellers are wondering, what’s next? Will there be more homes available to buy? Will prices keep climbing? How high will mortgage rates go? For the answer to those questions and more, we turn to the experts. Here’s a look at what they say we can expect in 2022. Odeta Kushi, Deputy Chief Economist, First American: “Consensus forecasts put rates at about 3.7% by the end of next year. So, that’s still historically low, but certainly higher than they are today.” Danielle Hale, Chief Economist, realtor.com: “Affordability will increasingly be a challenge...

Why Now Is a Great Time To Sell Your House

Written by Miramar Beach FL Mortgage Syndicated User on December 1, 2021. Posted in For Sellers, Housing Market Updates, Miramar Beach Mortgage, Mortgage Miramar Beach FL, Move-Up Buyers, Pricing, Selling Myths.

As we near the end of the year, more homeowners are realizing the benefits of today’s sellers’ market. Record-breaking home price appreciation, growing equity, low inventory, and competitive mortgage rates are motivating homeowners to make a move that addresses their changing lifestyles. In fact, recent data from realtor.com shows a larger share of homeowners are planning to list their houses this winter. So, that means more homes are about to hit the market, which will lead to more choices for buyers too. According to George Ratiu, Manager of Economic Research at realtor.com: “The pandemic...

Renters Missed Out on $51,500 This Past Year

Written by Miramar Beach FL Mortgage Syndicated User on November 1, 2021. Posted in First Time Home Buyers, For Buyers, Miramar Beach Mortgage, Mortgage Miramar Beach FL, Pricing, Rent vs. Buy.

Rents have increased significantly this year. The latest National Rent Report from Apartmentlist.com shows rents are rising at a rate much higher than the three years leading up to the pandemic: “Since January of this year, the national median rent has increased by a staggering 16.4 percent. To put that in context, rent growth from January to September averaged just 3.4 percent in the pre-pandemic years from 2017-2019.” Looking back, we can see rents rising isn’t new. The median rental price has increased consistently over the past 33 years (see graph below):If you’re thinking of renting...

Housing Challenge or Housing Opportunity? It Depends.

Written by Miramar Beach FL Mortgage Syndicated User on November 1, 2021. Posted in For Sellers, Housing Market Updates, Interest Rates, Miramar Beach Mortgage, Mortgage Miramar Beach FL, Move-Up Buyers, Pricing.

The biggest challenge in real estate today is the lack of available homes for sale. The low housing supply has caused homes throughout the country to appreciate at a much faster rate than what we’ve experienced historically. There are many reasons for the limited number of homes on the market, but as you can see in the graph below, we’re well below where we’ve been for most of the past 10 years. Today, across the country, there is only a 2.4-month supply of homes available for sale. The Opportunity This lack of homes for sale is creating a challenge for many buyers who are growing frustrated...

As Home Equity Rises, So Does Your Wealth

Written by Miramar Beach FL Mortgage Syndicated User on October 1, 2021. Posted in First Time Home Buyers, For Buyers, For Sellers, Housing Market Updates, Miramar Beach Mortgage, Mortgage Miramar Beach FL, Move-Up Buyers, Pricing.

Homeownership is still a crucial part of the American dream. For those people who own a home (and those looking to buy one), it’s clear that being a homeowner has considerable benefits both emotionally and financially. In addition to long-term stability, buying a home is one of the best ways to increase your net worth. This boost to your wealth comes in the form of equity. Equity is the difference between what you owe on the home and its market value based on factors like price appreciation. The best thing about equity is that it often grows without you even realizing it, especially in a sellers’...

Category: Pricing