Buyer energy has returned to the market with benchmarks showing mortgage rates hitting some of their lowest levels since September in the past week. While they have ticked up again over the past few days, reflecting continued rate volatility in the market, some signs show that buyer optimism has renewed – overall mortgage applications jumped 7% as of Wednesday, January 25. … [Read more...] about Mortgage applications jump as buyer optimism returns
Series: The Morty Report
January is looking brighter for homebuyers Newly released data shows the Consumer Price Index (CPI) rose 6.5% annually, reflecting a dip in the inflation we’ve seen over the past year. While inflation remains elevated, this marks two months of positive signs. So what does this mean for homebuyers? On the whole, a few moderately positive indicators and a lack of any … [Read more...] about Positive signs in the housing market as rates dip
What homebuyers should know as 2022 comes to a close It’s certainly been a volatile year for the housing and mortgage market. In January, rates hovered just above 3%, sustaining high demand from buyers. But in March the Federal Reserve began a series of rate hikes that have continued throughout the year. Mortgage rates rose higher in turn, eclipsing 7% in October to … [Read more...] about Looking ahead to 2023
Inflation shows some improvement, but how does it impact homebuyers? This week, the Federal Reserve raised interest rates again, this time by .5%. While an increase is still an increase – interest rates now sit at their highest levels since 2007 – it’s lower than the .75% rate hikes we saw at the last four Fed meetings, stretching back to June. The move also comes on the … [Read more...] about Lower rates at last?
Experts look ahead to 2023, but conditions are tough to predict Heading towards the end of the year, we’re seeing a lot of discussion around home prices, along with projections on where they may be headed in the coming months. The National Association of Realtors’ Chief Economist, Lawrence Yun, believes that prices will remain relatively stable in 2023, varying by … [Read more...] about Where are home prices headed?
The market is changing quickly, as the Fed raises rates again This week, the Federal Reserve met and issued another interest rate hike as it works to bring the rate of inflation back to 2% (it came in at 8.2% in September). For homebuyers, rate hikes have contributed to volatility in the secondary mortgage market (where mortgages are bundled and sold as securities), helping … [Read more...] about The Fed’s rate hike: a guide for homebuyers
Rates rise again, but volatility remains a constant Even as competition and inventory constraints loosen things up a bit, rising rates have kept affordability a challenge for buyers. We’ve seen significant volatility recently, not just in the wake of a much-expected rate hike from the Federal Reserve, but from world economic events like those surrounding the central … [Read more...] about What to expect with rates as a volatile market adjusts
You may have heard that the Federal Reserve raised the federal funds rate by .75% on Wednesday. This rate controls how expensive it is for banks to borrow and lend from each other – which influences how much it costs for most consumers to borrow money, too. What does this news mean for mortgage rates and your homebuying journey? Here’s what you should know about the … [Read more...] about The Fed’s latest rate hike: here’s what homebuyers need to know
Seasons change, but do they change the market, too? Whether it’s the end of a lease or the start of a new job, there are often deadlines driving the home search. But regardless of what’s on the calendar, buyers almost always want to know about seasonality and whether it’s the “right” time of the year to buy. We typically see activity drop slightly this time of year … [Read more...] about Does homebuying have ‘seasons?’
A new zero-down option, plus more ways to put down less on your home This week, Bank of America announced a “no-down” mortgage program called the Community Affordable Loan Solution, aimed at closing the racial homeownership gap. It’s the latest of various no- and low-down payment mortgage options, as growing numbers of buyers seek more affordable paths to becoming … [Read more...] about The lowdown on low-down payment mortgages