You’ve been waiting for what feels like forever for mortgage rates to finally budge. And recently they did – in a big way. On Friday, September 5th, the average 30-year fixed mortgage rate fell to the lowest level since October 2024. It was the biggest one-day decline in over a year. Full article here: Mortgage Rates Just Saw Their Biggest Drop in a Year (512) 853-0110...
Buyers remain highly sensitive to interest rates. Many blame today’s rates for a subpar selling season, and economists say that when rates begin to fall, a wave of pent-up demand could be unleashed, potentially driving a surge in home sales. Full article here: What Mortgage Rate Will Get More Buyers Moving? (512) 853-0110 or robert@AustinTxHomeSales.com If you are unable to open the...
Despite the current attention around buyers paying all-cash for homes, the majority of home buyers finance their home purchase. Among primary residence buyers, 74% percent financed their home purchase, a share that rises to 91% among first-time buyers. When financing a home, buyers typically have a down payment. But how much is it? And where does it come from? Full article here: Tackling Home...
This might come as a surprise, but you don’t actually need to put down 20% on your home. In fact, for first-time homebuyers, the average down payment is just 8% — and it’s possible to put down even less. But how does the math shake out in your monthly mortgage payments? Full article here: The Math Behind Putting Down Less Than 20% (512) 853-0110 or robert@AustinTxHomeSales.com If...
Homebuyers who purchase newly built homes are typically saving about half a percentage point on their mortgage rate, likely due to incentives from homebuilders, new research has found. Last year, the average mortgage rate for buyers of new-construction homes was 6.1%, compared with an average of 6.6% for buyers of previously owned homes. Full article here: Mortgage Rates for New Homes Are Typically...
If you think you need to make a down payment of at least 20% to buy a home, you're not alone. In fact, a Freddie Mac survey found that nearly one-third of prospective homebuyers think the same. Contrary to popular belief, the typical homebuyer makes a down payment between 5% and 20% of the purchase price, and some mortgage programs make it possible to put down as little as 3%. Full article here: Do...
Home buyers may need to brace for a new reality: Mortgage rates in the upper 6% or even 7% range—at least for the time being. A comprehensive analysis of monthly costs is crucial for all home buyers, rather than focusing on minor fluctuations in mortgage rates as rates are only one component. Full article here: Maybe It’s Time to Stop Obsessing Over Mortgage Rates (512) 853-0110...
Mortgage applications for home purchases—a gauge of future homebuying activity—were up 13% in the week ending May 2 compared to a year ago, the Mortgage Bankers Association reported Thursday. Mortgage rates have barely budged but home buyers appear to be jumping into the market this spring, despite elevated home prices in most markets Full article here: Following Rise in Pending Sales, Mortgage...
Considering mortgage applications for home purchases are posting double-digit percentage annual increases, “it’s a clear sign that this year’s spring home buying season is off to a stronger start” than last year, says Sam Khater, Freddie Mac’s chief economist. Full article here: After a Wild Ride, Mortgage Rates Settle Back Under 7% (512) 853-0110...
As housing affordability remains a critical challenge across the country, mortgage rates continue to play a central role in shaping homebuying power. Mortgage rates stayed elevated throughout 2023 and early 2024. Recent data, however, shows a modest decline in mortgage rates. Even slight declines can have a significant impact on housing affordability, pricing more households back into the...
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