In December 2019, I described 10 housing and mortgage trends to watch for in 2020. But “deadly pandemic” was missing from my bingo card. Some of the trends I predicted are irrelevant now because COVID-19 disrupted the economy. Time for a midyear update. In a world altered by the pandemic, here are trends that mortgage…
July mortgage rates forecast The interest rate on the 30-year fixed-rate mortgage remained near record lows in June and is likely to stay there in July. The 30-year fixed averaged 3.33% APR in the first four weeks of June, a smidgen lower than the 3.37% average APR in May and 3.36% in April. June’s rate…
Many Americans may be unnecessarily talking themselves out of homeownership. Thirty-seven percent of non-homeowners say not having enough saved for a down payment is holding them back from homeownership, but 62% of Americans incorrectly believe you have to have at least 20% of a home’s purchase price to buy, according to NerdWallet’s 2020 Home Buyer Report….
If you’ve served in the military, this year ushers in some big home loan changes to put on your radar. Veterans and active-duty service members will have more borrowing power but will pay higher fees for new VA home loans in 2020. The changes are part of the Blue Water Navy Vietnam Veterans Act of…
A mortgage rate is like the time displayed on a digital wristwatch: You see a number, but you don’t see the complex calculations concealed beneath. Since August, mortgage rates have lingered near the lowest levels in three years — right around 4% APR, according to NerdWallet’s daily mortgage rate survey. The factors that determine the…
What is a cash-out refinance? A cash-out refinance replaces your existing mortgage with a new home loan for more than you owe on your house. The difference goes to you in cash and you can spend it on home improvements, debt consolidation or other financial needs. You must have equity built up in your house…
The first half of 2019 surprised housing markets across the country: Mortgage rates fell. That’s the opposite of what the experts had predicted at the beginning of the year, and it’s welcome news for home buyers, sellers and homeowners. Millions of owners could benefit from refinancing at these unexpectedly lower rates. In other ways, housing…
A perfect home can be hard to find these days, especially if you’re a first-time home buyer on a budget. That could be why nearly 60% of home shoppers age 18-34, many of whom may be buying for the first time, say they’re open to a house that needs renovations, according to a 2019 survey…
Mortgage rates have fallen so much lately that millions of homeowners might benefit by refinancing — even if they bought a home just last year. A typical refinancer could save more than $150 a month. Some homeowners have gotten the message: Refinance applications have almost doubled compared to a year ago, according to the Mortgage…
First-time home buyers might have a couple of things to cheer about in the final three months of 2018, even as mortgage rates are expected to continue their slow rise. Here are three housing and mortgage trends to keep an eye on from October through the end of the year: Higher rates: If mortgage rates rise…
