The 30-year mortgage average rate is now about 4.5% for most borrowers but if your credit scores are low making you a higher risk, get ready for a higher rate closer to 5%.
For the first time in years we will see buyers with less buying
power, they will qualify for less as we see increasing housing prices. On the brighter side, I always look for a
silver lining. Lenders are scrambling to provide new loan programs and
guidelines to adjust to the raising rates.
Even with rates on the increase we are still seeing more buyers
then housing inventory on the market. Making it a seller’s market and
increasing prices. If you are a buyer
and thinking about buying this year you should be planning and preparing early,
don’t wait to get pre-qualified, do it now. Your approval will be good for 90
days while you look for a home. If you go beyond those 90 days, it’s quick and
easy to renew your approval for another 90 days. It’s very important you know how
much you qualify for before you start shopping with your Realtor. You can apply online on my secure website, you
can upload needed documents making it very easy to get started. www.roxyloans.com
I am offering a buyer’s mortgage coupon $1000 off your closing
cost to help make purchasing a bit more affordable. Request your coupon by
sending me an email; roxy@roxyredenbaugh.com
The volatility in the market is due to the wide swings in
the stock market. Mortgage rates tend to follow the 10-year Treasury yield. Yesterday’s
bond market opened flat after economic data helped erase overnight lost. To get
a full mortgage rate update each day you can visit my website,
This tool can be very helpful to know if locking your rate
or letting it float is best.
If you would like my weekly mortgage rate update emailed to
you, shoot me an email requesting to be added to my distribution list.
If you are a Realtor I can keep you informed on the market with
this weekly mortgage rate update and my monthly newsletter that focuses on Real
Estate trends and updates. Both allow for co-branding to help with your
marketing efforts.
Thank you for visiting my
blog, I encourage you to leave a comment or questions. Let me know if my blog has helped you. I
would love to hear your thoughts and any ideas for future posts.
Roxy Redenbaugh
ACMC Loan Consultant
roxy@roxyredenbaugh.com
Mortgage Coach
Branch Manager
NMLS #269926
