What Does the Rest of the Year Hold for the Housing Market?

Written by Key West Mortgage Syndicated User on June 1, 2022. Posted in First Time Home Buyers, For Buyers, For Sellers, Housing Market Updates, Interest Rates, Key West Florida News, Key West News, Move-Up Buyers.

If you’re thinking of buying or selling a house, you’re at an exciting decision point. And anytime you make a big decision like that, one thing you should always consider is timing. So, what does the rest of the year hold for the housing market? Here’s what experts have to say. The Number of Homes Available for Sale Is Likely To Grow There are early signs housing inventory is starting to grow and experts say that should continue in the months ahead. According to Danielle Hale, Chief Economist at realtor.com: “The gap between this year’s homes for sale and last year’s is one-fifth the size...

How Homeownership Can Help Shield You from Inflation

Written by Key West Mortgage Syndicated User on May 1, 2022. Posted in Buying Myths, First Time Home Buyers, For Buyers, Housing Market Updates, Interest Rates, Key West Florida News, Key West News, Pricing.

If you’re following along with the news today, you’ve likely heard about rising inflation. You’re also likely feeling the impact in your day-to-day life as prices go up for gas, groceries, and more. These rising consumer costs can put a pinch on your wallet and make you re-evaluate any big purchases you have planned to ensure they’re still worthwhile. If you’ve been thinking about purchasing a home this year, you’re probably wondering if you should continue down that path or if it makes more sense to wait. While the answer depends on your situation, here’s how homeownership can help you combat...

How To Approach Rising Mortgage Rates as a Buyer

In the last few weeks, the average 30-year fixed mortgage rate from Freddie Mac inched up to 5%. While that news may have you questioning the timing of your home search, the truth is, timing has never been more important. Even though you may be tempted to put your plans on hold in hopes that rates will fall, waiting will only cost you more. Mortgage rates are forecast to continue rising in the year ahead. If you’re thinking of buying a home, here are a few things to keep in mind so you can succeed even as mortgage rates rise. How Rising Mortgage Rates Impact You Mortgage rates play a significant...

What’s Happening with Mortgage Rates, and Where Will They Go from Here?

Written by Key West Mortgage Syndicated User on April 1, 2022. Posted in For Buyers, Housing Market Updates, Interest Rates, Key West Florida News, Key West News, Pricing.

Based on the Primary Mortgage Market Survey from Freddie Mac, the average 30-year fixed-rate mortgage has increased by 1.2% (3.22% to 4.42%) since January of this year. The rate jumped by more than a quarter of a point from just a week ago. Here’s a visual to show how mortgage rate movement throughout 2021 was steady compared to the rapid increase in mortgage rates this year: Just a few months ago, Freddie Mac projected mortgage rates would average 3.6% in 2022. Earlier this month, Fannie Mae forecast mortgage rates would average 3.8% in 2022. As the chart above shows, rates have already surpassed...

What You Can Expect from the Spring Housing Market

Written by Key West Mortgage Syndicated User on April 1, 2022. Posted in For Buyers, For Sellers, Housing Market Updates, Interest Rates, Key West Florida News, Key West News, Pricing.

As the spring housing market kicks off, you likely want to know what you can expect this season when it comes to buying or selling a house. While there are multiple factors causing some uncertainty, including the conflict overseas, rising inflation, and the first rate increase from the Federal Reserve in over three years — the housing market seems to be relatively immune. Here’s a look at what experts say you can expect this spring. 1. Mortgage Rates Will Climb Freddie Mac reports the 30-year fixed mortgage rate has increased by more than a full point in the past six months. And despite some...

4 Simple Graphs Showing Why This Is Not a Housing Bubble

Written by Key West Mortgage Syndicated User on March 1, 2022. Posted in Housing Market Updates, Interest Rates, Key West Florida News, Key West News, Pricing.

A recent survey revealed that many consumers believe there’s a housing bubble beginning to form. That feeling is understandable, as year-over-year home price appreciation is still in the double digits. However, this market is very different than it was during the housing crash 15 years ago. Here are four key reasons why today is nothing like the last time. 1. Houses Are Not Unaffordable Like They Were During the Housing Boom The affordability formula has three components: the price of the home, wages earned by the purchaser, and the mortgage rate available at the time. Conventional lending...

Owning Is More Affordable than Renting in the Majority of the Country

Written by Key West Mortgage Syndicated User on February 1, 2022. Posted in Buying Myths, First Time Home Buyers, For Buyers, Interest Rates, Key West Florida News, Key West News, Pricing, Rent vs. Buy.

If you were thinking about buying a home this year, but already pressed pause on your plans due to rising home prices and increasing mortgage rates, there’s something you should consider. According to the latest report from ATTOM Data, owning a home is more affordable than renting in the majority of the country. The 2022 Rental Affordability Report says: “. . . Owning a median-priced home is more affordable than the average rent on a three-bedroom property in 666, or 58 percent, of the 1,154 U.S. counties analyzed for the report. That means major home ownership expenses consume a smaller portion...

Expert Insights on the 2022 Housing Market

Written by Key West Mortgage Syndicated User on January 1, 2022. Posted in For Buyers, For Sellers, Housing Market Updates, Interest Rates, Key West Florida News, Key West News, Pricing.

As we move into 2022, both buyers and sellers are wondering, what’s next? Will there be more homes available to buy? Will prices keep climbing? How high will mortgage rates go? For the answer to those questions and more, we turn to the experts. Here’s a look at what they say we can expect in 2022. Odeta Kushi, Deputy Chief Economist, First American: “Consensus forecasts put rates at about 3.7% by the end of next year. So, that’s still historically low, but certainly higher than they are today.” Danielle Hale, Chief Economist, realtor.com: “Affordability will increasingly be a challenge...

How Smart Buyers Are Approaching Rising Mortgage Rates

Written by Key West Mortgage Syndicated User on December 1, 2021. Posted in Buying Myths, First Time Home Buyers, For Buyers, Interest Rates, Key West Florida News, Key West News, Move-Up Buyers.

Last week, the average 30-year fixed mortgage rate from Freddie Mac inched up to 3.1%, and experts project rates will continue rising through 2022: “The 30-year fixed-rate mortgage was 2.9% in the third quarter of 2021. We forecast mortgage rates to increase slightly through the remainder of the year and reach 3.0%, rising to 3.5% for full year 2022.” If you’re thinking of buying a home, here are a few things to keep in mind so you can succeed even as mortgage rates rise. Taking Time Off Can Be Costly Mortgage rates play a significant role in your home search. As rates go up, your monthly...

Don’t Believe Everything You Read: The Truth Many Headlines Overlook

Written by Key West Mortgage Syndicated User on December 1, 2021. Posted in Distressed Properties, For Buyers, For Sellers, Foreclosures, Housing Market Updates, Interest Rates, Key West Florida News, Key West News, Pricing.

There are a lot of questions right now regarding the real estate market as we head into 2022. The forbearance program is coming to an end and mortgage rates are beginning to rise. With all of this uncertainty, anyone with a megaphone – from the mainstream media to a lone blogger – has realized that bad news sells. Unfortunately, we’ll continue to see a rash of troublesome headlines over the next few months. To make sure you aren’t paralyzed by a headline, turn to reliable resources for a look at what to expect from the housing market next year. There are already alarmist headlines starting...

Category: Interest Rates

What Does the Rest of the Year Hold for the Housing Market?

How Homeownership Can Help Shield You from Inflation

How To Approach Rising Mortgage Rates as a Buyer

What’s Happening with Mortgage Rates, and Where Will They Go from Here?

What You Can Expect from the Spring Housing Market

4 Simple Graphs Showing Why This Is Not a Housing Bubble

Owning Is More Affordable than Renting in the Majority of the Country

Expert Insights on the 2022 Housing Market

How Smart Buyers Are Approaching Rising Mortgage Rates

Don’t Believe Everything You Read: The Truth Many Headlines Overlook

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