Although mortgage rates have already seen some improvement since the election dust settled, they remain quite high. At last glance, the 30-year fixed rate was hovering around 6.875%, down about 0.25% from its recent highs. It’s been a good few days, but rates are still at least 0.75% higher than they were in mid-September. Why … Read more
I often try to find glimmers of hope in bad situations. The latest issue facing potential buyers is the return to mortgage rates of 7%, down from around 6% just a month ago. While there is no clear negative correlation between mortgage rates and home prices, as one goes up and the other goes down, … Read more
Figure Lending has unveiled a new piggyback loan at a time when housing affordability has rarely been worse. Call it a sign of the times, and perhaps a strange reminder of the real estate market of the early 2000s. But perhaps with some additional guarantees this time, such as taking out a loan! The new … Read more
It now seems pretty clear that what economic data emerges between now and next week won’t matter. Mortgage rates are not going to improve significantly this week or before the election. Too bad for those who have to block their prices and/or close this week. And last month for that matter. Lenders are essentially in … Read more
Everyone knows that high mortgage rates have been a total drag lately, especially for potential buyers facing sky-high asking prices. But what if I told you that almost half of those who recently purchased a home still have an interest rate below 5%? This seems quite unlikely, given that the 30-year fixed rate returned above … Read more
If you recall, Chase took over the struggling First Republic Bank in May 2023. Before the fall of the First Republic, they were the leading giant real estate lender in the United States. They were aimed at very wealthy homeowners and businessmen. And it was ironically their ultra-low rate mortgages that ultimately brought them down. … Read more
It’s no secret that almost everyone thinks mortgage rates will be higher under President Trump. But as has been announced this time, we have seen a very defensive bond market in the run-up to the election. Many argued that his election victory was already priced into the bond market. After all, the 10-year yield has … Read more