Posts in category 'Tips For Buyers'

In July, the average 30-year fixed-rate mortgage fell below 3% for the first time in history.¹ And while many have rushed to take advantage of this unprecedented opportunity, others question the hype. Are today's rates truly a bargain?

While average mortgage rates have drifted between 4% and 5% in recent years, they haven't always been so low. Freddie Mac began tracking 30-year mortgage rates in 1971. At that time, the national average was 7.31%.² As the rate of inflation started to rise in the mid-1970s, mortgage rates surged. It's hard to imagine now, but the average...

Click Here to Read More...

 

Are you in the market for a new home and considering one that needs work?

Buying a house that requires renovations can be a great way to find a deal, but before you decide to move forward with an offer to purchase, ask yourself some important questions.

 

Can Your Budget Accommodate Renovations and Unexpected Costs?

While you are compiling costs, don't forget to add any permitting expenses. Check your local city, county, and state regulations so you can acquire the appropriate permits and order any inspections that might be required.

When you've finished estimating your budget, add 15% for unexpected expenditures and repairs required by any inspect...

Click Here to Read More...

 

 

Low Inflation Helps Keep Rates at Record Lows

 

Overview

During a light week for economic data, investors remained focused on the concerning spread of the coronavirus in many regions. Mortgage rates dropped slightly to new record-low levels.

Reduced economic activity resulting from the pandemic has caused a significant decline in inflation, which has helped keep mortgage rates low. The Consumer Price Index (CPI) is a widely followed monthly inflation report that looks at the price change for goods and services.

In June, core CPI, which excludes the volatile food and energy components, wasÂ...

Click Here to Read More...