Real Estate Blog

Securing a favorable mortgage rate is a pivotal aspect of the homebuying journey, significantly influencing your long-term financial well-being. As a real estate professional, I aim to equip you with actionable strategies to navigate the mortgage landscape effectively. Here are seven methods to help you obtain a lower mortgage rate in 2025: Enhance Your Credit Score A strong credit score is instrumental in qualifying for better mortgage rates. Lenders assess your creditworthiness based on this score, with higher scores often leading to more favorable terms. To improve your credit score: Timely Payments: Ensure all bills, especially credit cards and loans, are paid on time. Debt Management: Aim to reduce existing debts to lower your credit utilization ratio. Credit Monitoring: Regularly review your credit reports for inaccuracies and dispute any discrepancies. Consistent financial habits can lead to a higher credit score, positioning you for better mortgage opportunities. Increase Yo...

Mortgage rates are finally starting to trend downward, sparking excitement among homebuyers eager to enter the market. The Federal Reserve has begun lowering short-term interest rates, with another rate cut anticipated before the year ends. Sam Khater, chief economist for Freddie Mac, notes, “Even a modest drop in rates has led to noticeably improved purchase demand.” With eager buyers watching the market closely, it’s natural to wonder: Is this the right time to make your move? Here’s a friendly guide to help you navigate the housing market and decide if now is the time to buy your dream home. What’s Happening in the Market? Mortgage Rates While we’re no longer in the era of sub-3% mortgage rates, today’s rates are still below the 52-year average of 7.72%, according to Freddie Mac. To put it in perspective, rates once soared to 18.63% in 1981! As the Federal Reserve continues its cycle of rate cuts, there’s a glimmer of optimism for homebuyers. To get started, use a mortgage calculato...

  The housing market is always evolving, and mortgage rates play a big role in determining when it’s the right time to buy a home or refinance your current loan. As rates change, so do opportunities for homebuyers and homeowners alike. Here’s a breakdown of today’s trends, what experts predict, and how you can make the most of the current market. Today’s Mortgage Rates: A Quick Snapshot Mortgage rates have seen some fluctuations recently. As of December 2, 2024, here’s where they stand: Mortgage Type Average Rate Today 30-year fixed 6.34% 20-year fixed 6.08% 15-year fixed 5.70% 7/1 ARM 6.44% 5/1 ARM 6.60% 30-year FHA 5.58% 30-year VA 5.66% While rates are higher than they were in 2020 or 2021, there’s good news: experts anticipate a gradual decline in rates throughout 2025 as inflation eases and economic conditions stabilize. A Look at Mortgage Trends Mortgage rates hit historic lows in 2021, with 30-year fixed rates dropping to just 2.65%. Since then, rates have climbed, peaking a...

As 2024 draws to a close, the housing market remains a mix of challenges and opportunities. With historically high home prices, persistently low inventory, and evolving mortgage rates, the dynamics of buying and selling are anything but straightforward. Here’s a closer look at what experts predict for the remainder of the year and what it could mean for you. Key Takeaways Sellers remain in control: Low inventory levels give sellers the upper hand, keeping competition tight. Mortgage rates cooling, but still high: After peaking above 8% in 2023, rates have eased to 6.88% as of October 2024, offering some relief but remaining high by historical standards. Affordability concerns linger: Elevated home prices and borrowing costs continue to deter many would-be buyers. Lower rates could spur activity: Further decreases in mortgage rates could motivate both buyers and sellers, improving inventory and market movement. Market Conditions: What’s Happening Now? The median sale price for an ex...

It’s been a tough couple of years for the real estate market, with both buyers and sellers feeling stuck. Homes sat on the market as buyers were put off by high prices, and wild mortgage rate fluctuations kept many on the sidelines. But according to housing experts, the market is finally showing signs of change — a “thaw” in the real estate Ice Age is on the horizon. A Shift in the Air Mortgage rates are near their lowest point in two years, which could encourage more sellers to put their homes on the market. At the same time, the inventory of available homes is the highest it’s been since the early days of the COVID-19 pandemic. While home prices are still higher than last year, the increase is modest (around 3-5%), which is more typical of a healthy, balanced market. If this trend continues, the coming spring could bring more activity as buyers and sellers start to feel more confident. It’s Not All Sunshine Yet While things are looking up, the housing market is far from “back to norm...

This week, the average rate on a 30-year mortgage in the U.S. nudged up to 6.12%, marking the first increase in seven weeks. This is a slight jump from last week’s 6.08%, according to Freddie Mac, but still significantly lower than last year’s 7.49%. Last week, rates hit their lowest point in two years, giving homebuyers a bit more purchasing power, even as home prices remain near record highs. While this week’s increase may seem minor, it’s important to keep an eye on trends, especially if you’re actively house hunting. What About 15-Year Mortgages? If you're considering refinancing, the average rate on a 15-year fixed-rate mortgage also edged up this week, rising to 5.25% from 5.16% last week. Still, it's well below last year’s 6.78%, so it could be a good time to explore refinancing options if you want to lock in a lower rate for the long term. Why Are Rates Moving? Mortgage rates are influenced by a variety of factors, including changes in the bond market and the Federal Re...