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Strap on your seatbelts, homebuyers! You’re in for a bumpy ride! Mortgage rates climbed AGAIN this week, ending just below 7%.
Who says Wall Street doesn’t have a heart? Right now, it’s an emotional rollercoaster! Much of the trading is being driven by momentum and emotion. One strong jobs report (albeit a bit suspect) has sent Wall Street into a tailspin, reacting with worst-case scenarios.
In the last 5 weeks, mortgage rates have jumped over .75%! This can be daunting, especially if you were recently pre-approved. Now, you might be looking at an extra $200 per month on a $400,000 loan. Ouch!
With more economic reports coming out over the next 6 months, the election still in play, and a new administration on the horizon, the path ahead might be a bit rocky.
Next week is a big one for economic indicators, with another jobs report—the same type that shifted rates last month—and the Fed’s favorite inflation measure, PCE (Personal Consumption Expenditure). Hang tight and stay tuned!
What’s the silver lining? You’re likely in a strong position with sellers. More price reductions are happening, and sellers are often willing to cover some, if not all, of your closing costs.
The time to negotiate is now. The market is entering the slower holiday season, and with the election still undecided, many other buyers are sitting on the sidelines.
In Colorado, buffaloes teach a valuable lesson about handling storms. When a storm hits, cows see it and try to run away. Are cows fast? Ahhhh…no! They get drenched, stuck in the storm for longer.
Buffaloes, on the other hand, see the storm and run into it, reducing the time they’re in it. Right now, it’s wise to think like a buffalo. Many other buyers are running away, and by the time they return, home values could be higher, competition fiercer, and the best opportunities gone.
As a buffalo, you’re in a great position, with plenty of pastures to choose from. Once you’re settled in, you’ll be enjoying life in your new home. And…when you refinance to a lower rate, you’ll have a little extra for the good life ahead!
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The information contained is the viewpoint of the presenter(s). Individuals should consult their own financial representative.
Estimated Mortgage Payment is for exemplary purposes only. Contact a licensed loan officer for exact numbers and APR. Additional rates and terms may apply and are subject to change without notice. Loan scenario assumes a purchase price of Zillow's list price and a 10% down payment. Points and fees not included. Property tax, homeowners insurance, mortgage insurance, and HOA fees are approximate and may vary. Other fees may apply. Product displayed is a conventional 30-year fixed rate mortgage using the current average rate as shown on Mortgage News Daily (mortgagenewsdaily.com).
Estimated Qualifying Income assumes a homebuyer has a FICO score above 740, no other credit debt, and a debt-to-income (DTI) ratio of 43%.
For exact numbers and APR or to run a loan scenario based on your own credit and income, contact our office at (858) 259-8700.
Rate Source: Mortgage News Daily. Rates displayed are approximate, subject to change, and do not necessarily reflect rates available to you. MND’s methods involve an objective component based on lenders' raw prices as well as a subjective impression from their network of originators. For more information about how these rates are calculated, visit www.mortgagenewsdaily.com/mortgage-rates/about.
Mortgage News Daily (MND) is a trademark of Brown House Media, Inc. Zillow is a trademark of Zillow, Inc. CrossCountry Mortgage has not been authorized, sponsored, or otherwise approved by Brown House Media, Inc. or Zillow, Inc.
Equal Housing Opportunity. All loans subject to underwriting approval. Certain restrictions apply. Call (858) 259-8700 for details. All borrowers must meet minimum credit score, loan-to-value, debt-to-income, and other requirements to qualify for any mortgage program. CrossCountry Mortgage, LLC is an FHA Approved Lending Institution and is not acting on behalf of or at the direction of HUD/FHA or the federal government. CrossCountry Mortgage, LLC is not affiliated with or acting on behalf of or at the direction of the Veteran Affairs Office or any government agency. Certificate of Eligibility required for VA loans. By refinancing, the existing loan total finance charges may be higher over the life of the loan.
