Mortgage rates began rising after the 2016 presidential election, and experts are predicting that they will continue to rise (at a slower pace) in 2017. But don’t panic. In fact, rates are still very low and now is a great time to refinance or purchase before rates rise again. What You Need to Know about Mortgages in 2017
The 30-year fixed-rate mortgage averaged 4.2% for the week ending April 25, up from last week when it averaged 4.17%, the Freddie Mac Primary mortgage market survey said. A year ago at this time, the 30-year fixed-rate mortgage averaged 4.58%.
Mortgage rates have not. said they would drop their plans to buy altogether. About one-fifth of consumers said 5 percent rates would cause them to move with more urgency to purchase a home, fearing.
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Getting flood insurance if you’re buying in a flood-prone area shouldn’t. in mortgage rates,” says Danielle Hale, chief economist for Realtor.com. Her forecast assumes that the shutdown won’t last.
You’re ready to buy a home, but you’re also paying. including your new mortgage payment, to equal no more than 43 percent of your gross monthly income. So, if your total debts – again, including.
Fannie Mae has revised its price forecast, but it still predicts that prices for existing homes will rise 4.3% this year..
Raymond Eshaghian, president of GreenBox Loans, a multistate mortgage lender in Los Angeles, agrees that mortgage rates will rise, unless instability. Then buyers start looking again in January,
Housing construction weakens and home sales typically become sluggish as mortgage rates rise. Global factors guide mortgage rates, too. All of these economic variables are interrelated and affect.
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Southern Top Producers are less smitten by self-service mortgage tech Southern Top Producers are less smitten by self-service mortgage tech customer-facing mortgage technology is not that big of a deal for Top Producers based in the South, even as a growing number of lenders are partnering with fintech firms to create a better user experience.
But let’s say rates rise to 5.5%. Still a great rate, but 1% higher than you planned. Now you are limited to a purchase price of $265,000, again assuming 20% down. That’s a 10.17% reduction in buying power and $30,000 shaved off your maximum purchase price.
How Does Interest Rates Affect The Real Estate Market. Most people are aware that mortgage interest rates affect the real estate market. Most people are not aware of HOW MUCH they affect the process of buying a home or selling a home.. Interest rates can single handedly be the most important factor in the viability of the real estate market.