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Mortgage rates greatly affect how much you can afford to borrow and, ultimately, how much house you can afford. The best rates are for borrowers with excellent credit, great income, and only a few debts. But there are factors outside of your personal situation that affect mortgage rates. The economic conditions determine the rates banks … Continue reading The Impact of Economic Trends on Mortgage Rates
Market Comment Mortgage bond prices finished the week slightly positive which held rates steady. We saw back and forth trading as the data was mixed. Leading economic indicators fell 0.4% vs the expected 0.3% decline. Existing home sales were 4M vs 3.97M. Weekly jobless claims were 201K vs 218K. The Fed minutes stated, “Risks around … Continue reading MIG Market Watch, February 26th, 2024
Buying a home is an exciting process, but it has many moving parts that can make it seem overwhelming. Here’s a step-by-step guide on the homebuying journey, what to expect, and tips to make it easier on yourself. #1 Evaluate your Finances Your finances are the number one factor when buying a house. You … Continue reading Navigating the Homebuying Journey: A Step-by-Step Guide
Market Comment Mortgage bond prices finished the week sharply lower which put upward pressure on rates. We saw larger swings amid higher-than-expected inflation readings. Consumer prices rose 0.3% vs 0.2% last month. The Core was up 0.4% vs 0.3%. Year-over-year CPI prices rose 3.1% vs 2.9%. YOY Core prices rose 3.9% vs 3.7%. Producer prices … Continue reading MIG Market Watch, February 19th, 2024
Down payments are essential in mortgage approval but aren’t the only factor. Saving money to invest in your home is important, but so is keeping money aside for emergencies. Owning a home is a big responsibility, so knowing the difference between a large and small down payment and how it affects your approval is important. … Continue reading The Role of Down Payments in Mortgage Approval
Market Comment Mortgage bond prices finished the week lower which put upward pressure on rates. We saw larger swings despite few economic releases. Rates worsened considerably to start the week in response to an interview Fed Chair Powell gave Sunday. Powell told 60 Minutes the Fed is wary of cutting rates too soon. He pushed … Continue reading MIG Market Watch, February 12th, 2024
Home appraisals are often the scariest part of the mortgage underwriting process. Buyers fear losing their loan approval, and sellers worry the house won’t appraise high enough. While home appraisals aren’t a way to stop home sales, they do protect everyone involved in the process, including buyers and lenders. All lenders require home appraisals … Continue reading Home Appraisals: What to Expect and How to Prepare
Market Comment Mortgage bond prices finished the week near unchanged which left rates flat. We saw larger swings tied to economic releases. Rates improved mid-week in response to the weaker than expected ADP employment data and a tame employment inflation reading. ADP came in at 107K vs 145K. Employment cost index rose 0.9% vs 1%. … Continue reading MIG Market Watch, February 5th, 2024
When buying a home, you have many decisions, including the type of financing to secure. Most borrowers can choose between a fixed and adjustable-rate mortgage, but they have vast differences. Here’s everything you must know about choosing between the two loan types. What is a Fixed Mortgage Rate? As the name suggests, a fixed … Continue reading Choosing Between Fixed and Adjustable-Rate Mortgages: Pros and Cons
