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While rates remain elevated, the Fed recently signaled that it will begin to cut rates in 2024, indicating a further downward shift in mortgage rates may soon come. Bright MLS chief economist Dr. Lisa Sturtevant. “The Federal Reserve has indicated that there will likely be cuts to the short-term federal funds rate in 2024, which will put downward pressure on mortgage rates. Overall, though, rates are expected to remain above 6% throughout [2024].” William Raveis Mortgage regional vice president Melissa Cohn. “The peak in mortgage rates is behind us, but mortgage rates are not going to decline as fast as everyone would like them to. … The Fed and the markets will now closely analyze all data, and when there is a consistent flow of weaker data, the door will…

The rising cost of property taxes and homeowners insurance are an unwelcome surprise Among homeowners who have a mortgage escrow account, only 52% fully understand how the account works, according to survey results released Thursday by property tax services provider LERETA. More than 80% of survey respondents said they know what an escrow account is and its primary purpose — to pay property taxes and other expenses, such as homeowners insurance, flood insurance and mortgage insurance premiums. But at a time when mortgage escrow expenses across the nation are likely to experience substantial increases due to higher home prices, as well as higher property tax and insurance rates, only half of respondents indicated they “completely understand how their escrow account works.” The survey, conducted in February, included the responses of…

Congratulations to Sylvie Guerin for receiving the 2024 LO award from Five Star Experience! We are excited to have her on the team and looking forward to more great accomplishments from this amazing woman. "With a background in business, construction and a keen understanding of the lending industry, I thrive to make the loan process smooth and transparent for my clients. Whether you're looking to buy a new home, refinance an existing loan, or secure financing for a major purchase, I am committed to guiding you through every step of the loan process and finding the best possible solution for the unique situation".

Mortgage rates jumped to a two-month high following a release of government data this week that showed producer and consumer prices surpassed expectations in January, further dimming prospects of Federal Reserve interest rate cuts in the near future. The average 30-year fixed mortgage rate hit 7.14 percent Friday, according to Mortgage News Daily. Mortgage rates jumped to 7.13 percent on Tuesday after the new consumer price index (CPI) came in hotter than expected. Inflation fell to 3.1 percent in January, according to the latest data from the Bureau of Labor Statistics, down significantly from its 9 percent peak in June 2022 but far from the Fed’s goal of 2-percent inflation. The producer price index (PPI), which measures fluctuations in prices paid to U.S. producers, rose 0.3 percent from December to…

By Alain Sherter Edited By Aimee Picchi January 8, 2024 / 4:36 PM EST / CBS News A growing number of American expect mortgage rates to fall this year. According to a new survey from Fannie Mae, as of December some 31% of consumers think that borrowing costs for home loans will decline over the next 12 months, a more optimistic outlook than the previous month. The same percentage of respondents expect mortgage rates to rise, while 36% believe they'll hover around their current level. "Notably, homeowners and higher-income groups reported greater rate optimism than renters," Mark Palim, deputy chief economist at Fannie Mae, said in a statement. "In fact, for the first time in our National Housing Survey's history, more homeowners, on net, believe mortgage rates will go down…

Mortgage Predictions: Could 2024 Be a Better Year for Homebuyers? Experts say mortgage interest rates are on a slow path down to 6%. Written by Katherine Watt Edited by Laura Michelle Davis Updated Jan. 08, 2024 5 min read New year, new housing market? Not exactly, but with mortgage rates expected to fall, homebuyers should have an easier time in 2024 than they had last year. 2023 was the least affordable housing market on record, according to a report from mortgage brokerage Redfin. So when mortgage rates went on a falling streak in November, it gave market watchers a much-needed boost of optimism. Even though the housing market tends to be seasonal, mortgage interest rates are not. Rates move around on a daily, and even hourly, basis in response to…

Mortgage Rates End 2023 Not Too Terribly Far From Where They Started By: Matthew Graham Fri, Dec 29 2023, 3:10 PM Looking back at October when 30yr fixed mortgage rates were over 8%, a return to the roughly unchanged levels by the end of the year may have seemed like too much to hope for. While we might not have made it quite back to rates seen on the last day of 2022, we got surprisingly close. Today's movement didn't contribute to this conclusion in any meaningful way. The average lender quoted modestly higher rates compared to yesterday afternoon, but still right in line with the flat trend that's been intact since December 14th. Next week could easily bring more volatility with several important economic reports on tap, starting on…

If you were recently denied for a mortgage application, it doesn’t mean you can’t get approved somewhere else. There are some application issues that are fixable. The first thing you’ll want to know is why you were denied. We can take a look and shop for other loans options. Credit issues are a common reason for getting denied. The first thing to do is to examine your credit report to see if there are any errors that can be fixed. There are also other loan programs if your score doesn’t fit conventional loans. Debt to income ration or DTI that is too high is another common reason to be denied. The first thing if possible, would be to pay down debt. Another common source of debt is student loans -…

If you thought you missed the opportunity to refinance and lock in low rates, you didn’t! We’ve seen a wave of refinance activity in the last week as rates dropped to an average of 2.78% for 30 year fixed mortgages according to a survey from Freddie Mac, which is not far from the all-time record low of 2.65%. Fannie Mae estimates that there are millions of home owners that can benefit from refinancing in today’s rates, with either lower monthly, cash-out or both. Getting the best rates, will depend on a number of factors, including credit scores, debt to income and how much is currently owed on your house. Call us or fill out a quick refi analysis on our website and we can see how much savings you are…

If you’re in the market for a new house, you’ve probably heard that you want to get pre… qualified or pre-approved? What’s the difference anyways? There’s actually a big difference. Pre-qualified is more of a preliminary step. It gives you a general idea of much home you can afford. We will examine your credit, income, assets, and debts and you’ll have a general idea of the price range you’re looking for. You may also see that you need to increase your savings or lower debts before you buy. While pre-qualifying is an initial step, pre-approval is a deeper dive and being pre-approved carries more weight with sellers. To get pre-approved we will verify you income, assets, etc. and you will be more official (of course you still have to apply…