Rates are volatile this week, heading up mid-week after dropping for two weeks in a row on the heels of some positive inflation data. Recently released minutes from the Fed’s June meeting point to further steep rate hikes and reflect inflation’s continued impact on monetary policy. This comes as recent … [Read more...] about Shrinking average mortgage indicates opportunity, but not falling prices
We’ve seen an increase in new construction loans recently as inventory remains at historic lows. But what happens if you were counting on 3% mortgage rates when they signed a contract over a year ago to purchase a home that still isn’t ready today? The price shock is real for many of these new construction homebuyers, but there are ways to help safeguard you from this … [Read more...] about To buy or not to buy: What rising rates mean for new construction loans
Existing home sales fell 3.4% in May while the median home price rose above $400,000 for the first time, according to data just released by the National Association of Realtors (NAR). Despite the headlines, these numbers aren’t necessarily a reason to panic. While yes, home sales are down overall, we’re still in a “wait and … [Read more...] about What to keep an eye on as home sales fall and prices rise
Not sure what to do? Ask Robert!We’ll address homebuyer FAQs each week. Submit your question for a chance to be featured in an upcoming newsletter. Email MortyReport@morty.com or find us on Twitter @HiMorty. Reader Question of the Week: How quickly will we see a change in mortgage rates after a Federal Reserve meeting? - Mel C. in Broomfield, CO There’s a common … [Read more...] about The Morty Report: What the rate hike means for mortgages
Not sure what to do? Ask Robert!We’ll address homebuyer FAQs each week. Submit your question for a chance to be featured in an upcoming newsletter. Email MortyReport@morty.com or find us on Twitter @HiMorty. What to do Want to lower your interest rate? There’s several options to explore here. Float-down options are a provision that allow buyers to, in some cases, lower … [Read more...] about The Morty Report: Are We Finally Catching a Break?