Every homebuyer is hoping to get approved for a mortgage at the current, historically low rates, but experts warn that only people who have high credit scores are likely to receive them.
Home loan rates are falling in tandem with Treasury yields, which serve as a benchmark for mortgage-bonds, as investors worry about a resurgence of the Covid-19.
Federal Reserve policymakers are in no rush to tighten monetary policy and taper its asset-purchasing program, according to minutes of its June meeting released on Wednesday.
The U.S. economy added 850,000 jobs in June, the biggest gain in 10 months, boosted by hiring in retail and residential construction, according to a Labor Department report.
The average U.S. rate for a 30-year fixed mortgage dipped below 3% this week as mortgage investors bet that an inflation spike would be temporary.
An index that measures signed contracts to buy homes reversed a 4% decline in April and posted its strongest May performance since 2005, the National Association of Realtors said.
U.S. home prices gained at a record pace in April as a shortage of available properties boosted competition among buyers.
While Americans are feeling better about the economy, the data showed their outlook on housing was souring.
The average U.S. rate for a 30-year fixed mortgage rose to 3.02% from 2.93% from last week, Freddie Mac said on Thursday.
The move likely will result in more consumer-friendly decisions in setting the course for the two companies that back more than half of American’s outstanding mortgages.
American homeowners are sitting on nearly $28 trillion of equity – an all-time high.
Some homebuyers using VA loans are now eligible for a streamlined appraisal process.
Closing costs add up quickly. You should plan on spending 2% to 5% of the mortgage loan on these addition fees.
Even a small change in a rate can have a hefty impact on the long-term costs of your mortgage.
