Tag: Interest Rates
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Voters Tell Candidates: Act on Housing Affordability Now!
With absentee ballots already issued in Alabama, early voting has started. The Center for Popular Democracy ran a survey, and 84% of voters in swing states say housing is a big deal as they fill in their ballots, The Financial Times reports. So, does the 2024 election runup bring us hope that people will soon…
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Borrowing Against Your Equity: HELOCs, Home Equity Loans…and Interest Rates
One of the opportunities you have as a deed holder is the ability to borrow against the home equity you build over the years. But wait. How high is the interest rate you’ll have to pay? Is it worthwhile to pay that rate, in light of what the funds you borrow can do for you…
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Still on the Fence About Selling or Buying This Summer? Consider This.
On the fence about selling your home? Or maybe you’d love to be a buyer, but wonder whether to watch and see if mortgage rates drop… And why not wait for better rates, if you have time to spare? Then again, summer is a traditionally popular time to move. Did you know most deeds change…
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The Rise and Rise of Down Payments
A down payment is the portion of a home’s purchase price the mortgage borrower pays upfront. You knew that. But did you know the median down payment for U.S. homebuyers is now more than $55K+? That’s remarkable. It was less than $45K just last year. Buyers often try to put 20% of the purchase price down.…
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Can’t Wait to Move. (If Only We Could Pack Up Our Low Mortgage Rate and Take It With Us!)
Some people wish they could move, but hesitate to sell their current homes. They might be thinking: “I’d gladly sell my home right now, if only I could shift the remaining 25 years of my 4%-interest mortgage to the next house I buy! (Oh, well.)” “Giving up our 3% rate and getting a new mortgage…
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Buyers Are Back. Are Small Towns Their Best Bets?
Affordable homes for sale are still scarce. And yet a recent Realtor.com survey shows a strong hint of optimism. Four in ten hopeful first-time buyers think 2024 will be their year. “In a year of expected interest rate drops,” says Architectural Digest, “real estate could come roaring back from its beauty sleep.” Well, that’s one…
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Update! Fed Signals 2024 “Pivot” on Interest Rates. What Should Home Sellers and Seekers Know?
As we’ve all noticed, deed transfers really got stuck in a rut in 2023. Too few owners are selling their homes. Supply is down. Prices are up. A core issue? The Federal Reserve. Over the past two years, the Fed has hiked rates in order to banish inflation and to tighten up the economy. So,…
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Get in Early, Make a High Down Payment: The Case for Assertive Home Buying
Have you noticed the big home finance companies desperately touting their low-down-payment deals? You’d think no one wants to put 20% down anymore! But interest rates are high, so keeping your debt high is a pricey thing to do. Therefore, it can make sense, for those who can swing it, to: Let’s explore the case…
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“Mortgage Companies Are Desperate”: What’s Next for Homes and Mortgages in 2024?
In February, Zillow said home prices had bottomed out. Was the market about to rally again? Zillow predicted that U.S. home prices would climb at the healthy pace of 6.5%, from August 2023 to August 2024. Of course, home prices usually do go up over time. Now, Zillow economists have slashed their predictions. Their new…
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The Big Tease: Look Out for Rising Interest on a Home Equity Line of Credit
Once you get a deed to your own home, you have special wealth-building powers. Pay off the mortgage faithfully month by month, and you own increasing home equity. This is how your home turns into value you can tap when you need or want it. A home equity line of credit (HELOC) gives you an account…
