Expectations of a big Federal Reserve rate cut in September have swelled during the past week amid rising unemployment and the sudden prospect of a recession. Fed chair Jerome Powell’s language after last week’s rate decision suggested the door was open for a move to lower rates in its next announcement – and that darkening…

1. Carefully Time Your Preapproval Application – Validity: Typically 60-90 days – Preapproval signals readiness to sellers and streamlines process 2. Choose A Mortgage Lender – Explore rates and costs online – Consider prequalification/preapproval from multiple lenders

Improving your credit score can result in lower down payment requirements and more loan options. Even a 1% difference in mortgage rates can save you tens of thousands over the loan’s life.

In May Fannie, Freddie and the FHFA (Federal Housing Finance Agency) which runs Fannie and Freddie released a new form and a new idea to understand the need of First-Generation Homebuyers. A First-Generation Homebuyer is defined as a family who either grew up without parents or with parents that were not financially capable of helping…

Home values expected to rise steadily, though at a slower pace than recent years. An increase in inventory levels could lead to a more balanced market, easing buyer competition.

Rate Reversal Is it time to refiance? Since 1955, the Fed has unwound 86%, on average, of the prior rate hikes during the ensuing rate easing cycle, which we’re entering. This means the Fed funds rate bottoms out at 0.75%. The smallest historical reversal would suggest that Fed funds hits 2.25%. Yet the market is…

Weigh Flexibility vs. Investment: Renting offers flexibility, while buying builds equity and offers tax benefits. Consider Long-Term Stability: Buying is better if you plan to stay in one place for many years.

Fed continues rate hikes to curb inflation, possibly pushing rates above 6.25% to 7%. Rates may stabilize in 2025 as inflation moderates, possibly in the mid-to-high 6% range.

Mortgage rates have decreased for 3 consecutive weeks in June. The decline in mortgage rates may provide some relief for potential homebuyers.

If the job market softens to manage inflation, a rate cut could occur late this year, slightly easing 2024 mortgage rates. Rates could drop below 6.5% by 2025, making homeownership more affordable and stimulating the housing market.