by Padma Sonti | Sep 14, 2023 | Housing Market Updates, Interest Rates, Mortgage Rates
Hey folks, let’s talk mortgages and what’s been happening lately. First off, the big news is that the average contract interest rate for 30-year fixed-rate mortgages, especially those conforming to loan balances of $726,200 or less, took a little dip. It went...
by Padma Sonti | Jul 10, 2023 | Interest Rates, Mortgage Rates
Great news for prospective homebuyers and those looking to refinance! Despite minimal changes in June, mortgage rates, which had surpassed the 6.5% mark in late May, presented some minor dips that motivated borrowers eagerly took advantage of. According to...
by Padma Sonti | Apr 7, 2023 | Advice For Homeowners, Home Buyers, Market Updates, Mortgage Rates
As we near the end of March 2023, the mortgage market has seen some movement in interest rates. According to Bankrate.com, the average rate on a 30-year fixed mortgage is 6.93%, while the average rate on a 15-year mortgage is 6.18%. Jumbo mortgages with a 30-year term...
by Padma Sonti | Jan 14, 2022 | Downpayments, Home Buyers, Interest Rates, Mortgage Rates
While it’s challenging to buy a home with a down payment, programs exist that allow qualified buyers to put down as little as 3.5%. A VA Loan will let you put down 0%. Why would anyone put down as much as 20%? It Will Lower Your Interest Rate A 20% down payment...
by Padma Sonti | Jan 14, 2022 | Housing Market Updates, Mortgage Rates
Mortgage rates remain near historic lows but will probably rise in 2021. But even with a mortgage rate in the 3% range, there are traps to be avoided if you want a mortgage at all. Primary among these traps is the debt-to-income ratio (DTI). A recent study by...
by Padma Sonti | Dec 14, 2021 | Home Buyers, Mortgage Rates
In December, mortgage rates remain stable. The 30-year fixed mortgage rate moved lower from 3.10% to 3.11% during the week ending 12/9/2021. It seems that Investors are optimistic that the omicron variant of Covid-19 will not have a significant impact on markets. ...
