While mortgage rates have trended up in recent months, they are still historically low, so relative to one year ago, housing actually is still more affordable and that’s really thanks to this low mortgage rate environment we find ourselves in.
How a Change in Mortgage Rate Impacts Your Homebuying Budget
From January 2021 through April 2021, mortgage rates have increased half a percentage point from historic lows and home prices have risen, leaving potential homebuyers with less purchasing power.
How Upset Should You Be about 3% Mortgage Rates?
It’s true that rates are not as low as they were five weeks ago. However, rates are lower than at almost any other point in history.
Millennials: Is It Time to Buy a Bigger Home?
Older millennials will be trade-up buyers with many having owned their first homes long enough to see substantial equity gains.
47% of New Buyers Surprised by How Affordable Homes Are Today
For first-time buyers, especially, the drop in the 30-year mortgage rate…has provided unexpected leverage. Lower rates allowed many buyers to stretch and buy more expensive homes while keeping their monthly budget the same.
Do I Really Need a 20% Down Payment to Buy a Home?
The reality is, whether you’re looking for your first home or you’ve purchased one before, you most likely don’t need to put 20% down.
What Record-Low Housing Inventory Means for You
Total housing inventory at the end of December totaled 1.07 million units, down 16.4% from November and down 23% from one year ago (1.39 million).
Owning a Home Is Still More Affordable Than Renting One
Owning a median-priced three-bedroom home is more affordable than renting a three-bedroom property in 572, or 63 percent of the 915 U.S. counties analyzed for the report.
What’s the Difference between an Appraisal and a Home Inspection?
In simplest terms, a home appraisal determines the value of a home, while a home inspection determines the condition of a home.
Key Terms to Know in the Homebuying Process
Here is a list of some of the most common terms in the homebuying process.