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How Large Of A Down Payment Do You Truly Need?

If you are interested in purchasing a home, how much money should you put down? This is a difficult question that all potential homeowners need to answer, as it will dictate the size and location of the house you can afford. There are a number of factors to consider, so what do you need to know?If you are interested in purchasing a home, how much money should you put down? This is a difficult question that all potential homeowners need to answer, as it will dictate the size and location of the house you can afford. There are a number of factors to consider, so what do you need to know?

Generally, Putting More Down Is Better

There is a solid chance that a home loan is going to be the largest loan you will ever take out in your life. Therefore, there is some risk involved, and you must make sure you can pay it back. You can reduce the risk you take on by putting more money down. That way, you don’t necessarily have to take out such a large loan, and your lender may provide you with a lower interest rate. This could save you thousands of dollars over the life of the loan.

First-Time Homebuyer Options Are Available

The downside of saving up such a large down payment is that it could take a long time for you to save up so much money. Fortunately, there are programs available for first-time home buyers. For example, if you qualify for an FHA-backed loan for first-time homebuyers, you might be able to qualify for a home loan with as little as 3.5 percent down. This might make it easier for you to afford a house.

Is Your Money Better Served In The Market?

Putting more money down for a house may provide you with a lower interest rate while also reducing your monthly mortgage payments; however, you need to think about where your money will work the hardest for you. You may qualify for a lower interest rate if you put more money down, but will your money generate a higher return if you invested in your retirement? You should answer this question when you decide whether to put more money towards your house or more money in an investment portfolio.

Consider Working With An Expert

How much money should you put down for your house? This is a question that has a different answer for everyone, which is why you should consider working with a professional who can help you. 

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What’s Ahead For Mortgage Rates This Week – November 28, 2022

What's Ahead For Mortgage Rates This Week - November 28, 2022

Last week’s economic reporting included readings on new home sales and consumer sentiment. Weekly readings on mortgage rates and jobless claims were also published. No economic data was published Thursday or Friday due to the Thanksgiving holiday.

New Home Sales Surpass Expectations in October

The Commerce Department reported higher-than-expected sales of new homes during October. New homes sold at a seasonally-adjusted annual pace of 632,000 homes sold.  Analysts expected new homes to sell at an annual pace of 570,000 sales as compared to the revised annual pace of 588,000 new home sales in September. The supply of available new homes rose by 1.50 percent between September and October and approached a nine-month supply of new homes for sale. Rising mortgage rates affected affordability for first-time and moderate-income home buyers, but average mortgage rates fell last week.

Mortgage Rates Fall, Jobless Claims Rise

Freddie Mac reported lower average mortgage rates last week as the average rate for 30-year fixed-rate mortgages fell by three basis points to 6.58 percent and the average rate for 15-year fixed-rate mortgages fell by eight basis points to 5.90 percent. Homebuilders reported rising costs and slowing home sales; some builders added or increased buyer incentives including mortgage rate buydowns and paying buyers’ closing costs.

Last week’s first-time jobless claims were higher than expected with 240,000 new claims filed as compared to the expected reading of 225,000 initial claims filed and the previous week’s reading of  223,000 new jobless claims filed.

Consumer sentiment fell to an index reading of 56.8 in November according to the University of Michigan’s consumer sentiment survey. November’s reading reflected consumer concerns about inflation and a potential recession and was markedly lower than October’s index reading of 59.9 and the October 2021 reading of 73.6. Consumer sentiment about economic conditions in the next six months was also lower at an index reading of  55.6. Readings over 50 indicate that most consumers have a positive view of economic conditions.

What’s Ahead

This week’s scheduled economic news includes readings on home prices, pending home sales, and inflation. Weekly readings on mortgage rates and jobless claims will also be released.

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What’s Ahead For Mortgage Rates This Week – November 21, 2022

What's Ahead For Mortgage Rates This Week - November 21, 2022Last week’s economic reporting included readings on U.S housing markets, housing starts, and building permits issued. Data on sales of previously-owned homes were released along with weekly reports on mortgage rates and jobless claims.

Builder Sentiment on Housing Markets Declines in November

November’s National Association of Home Builders Housing Market Index fell five points to an index reading of 33; analysts expected a reading of 36. November’s reading was the lowest since June 2012 except during the pandemic.

All three indices contributing to the Housing Market Index were lower in November than in October. Homebuilder sentiment regarding current sales conditions fell six points to an index reading of 39; by comparison, this reading was 83 in November 2021. Builder confidence in home sales conditions over the next six months fell four points to 31. Homebuilder confidence in prospective buyer traffic in new single-family developments fell five points to an index reading of 20.

Homebuilders were less confident about housing market conditions in the four regions tracked by the NAHB. Builder sentiment in the Northeast fell six points to an index reading of 41. Builder sentiment in the Midwest fell two points to 38. Builder confidence in the South fell seven points to 42. Builder sentiment was five points lower in the West at 29. Index readings of less than 50 indicate that most builders lack confidence in housing market conditions.

Builders continue to experience rising materials costs and regulatory expenses associated with developing land and home construction. Rising home prices and resulting affordability concerns compelled builders to ask lawmakers to reduce regulatory costs connected with developing land and building homes.

Mortgage Rates, Jobless Claims

Freddie Mac changed the format of its Primary Mortgage Market Survey to include only average rates for 30 and 15-year fixed-rate mortgages and the survey no longer reports average discount points. The average rate for 30-year mortgages fell 47 basis points to 6.61 percent. Rates for 15-year mortgages averaged 5.98 percent and four basis points lower than in the previous week. 222,000 initial jobless claims were filed last week. Analysts expected 225,000 new claims filed as compared to the previous week’s reading of 226,000 first-time claims filed.

What’s Ahead

This week’s scheduled economic reporting includes readings on new home sales, minutes of the most recent meeting of the Fed’s Federal Open Market Committee, and weekly readings on mortgage rates and jobless claims. Financial markets will be closed on Thursday and Friday for the Thanksgiving holiday. 

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Mortgage 101: How Interest-Only Mortgages Work and Why They’re A Good Solution for Some Buyers

Mortgage 101: How Interest-Only Mortgages Work and Why They're A Good Solution for Some BuyersWhether you’re a first-time homebuyer or an experienced real estate investor, if you are planning to borrow funds to buy a home you will want to choose the right mortgage product. In today’s blog post we’ll explore how interest-only mortgages work and why they’re the perfect choice for some homebuyers.

How Interest-Only Mortgages Differ From Conventional Ones

As the name suggests, interest-only mortgages are loans where you are only required to pay off the interest portion of the loan each month for some specific term. The length of these loans can be up to ten years, although five or seven is the most common. Once this period is over, you will have some options. Some choose to refinance their mortgage into a new term; others will make a lump-sum payment to pay off the balance. The most important item of note is that during the interest-only period, no principal is paid off unless you pay a bit extra.

The Pros And Cons Of Interest-Only Mortgages

Interest-only mortgages are a popular choice because of their many upsides. Your monthly payments are almost certainly going to be far lower during the interest-only period. This is because you’re not responsible for paying down the principal of the loan. A lower monthly payment frees up money that you can use for other purposes, such as investing. Also, your entire monthly payment during the interest-only period should be tax deductible, which may contribute to a refund each year.

Note that there are some potential downsides to interest-only mortgages as well. For example, if your mortgage interest rate is adjustable, you can end up paying more in interest than if you had locked in. You also need to stay disciplined financially. Once the interest-only period ends, your monthly payment may increase significantly to cover both interest and principal.

Who Should Consider An Interest-Only Mortgage?

Interest-only mortgages are a good fit for those individuals or families where you are confident that your income is going to grow significantly in five or ten years. Alternatively, if your income is somewhat sporadic and you want the option of paying lower payments in some months and more substantial payments in others. The key point is that these mortgages offer flexibility that other mortgage products do not.

As you can see, interest-only mortgages are an excellent choice in certain circumstances. To learn more about how an interest-only mortgage might be right for you, contact our professional mortgage team today. We are happy to share our experience to find mortgage financing that perfectly suits your needs.

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What’s Ahead For Mortgage Rates This Week – November 7, 2022

Last week’s economic reporting included the Federal Reserve’s statement on its target interest rate range and Fed Chair Jerome Powell’s regularly-scheduled press conference. Data on construction spending and public and private-sector jobs was published along with weekly reports on mortgage rates and jobless claims.Last week’s economic reporting included the Federal Reserve’s statement on its target interest rate range and Fed Chair Jerome Powell’s regularly-scheduled press conference. Data on construction spending and public and private-sector jobs was published along with weekly reports on mortgage rates and jobless claims.

Fed Hikes Key Interest Rate Range, but Signals a Future Slowdown

The Federal Reserve increased its key interest rate range last week from 3.50-3.75 percent to 3.75-4.00 percent. While this was the highest interest rate range in 15 years, the Fed said it plans to continue raising the target interest rate range until it reduces the inflation rate to 2 percent “over time.” Analysts viewed the Fed’s latest comments as less aggressive than its stance earlier this year.

Fed chair Jerome Powell said during his scheduled press conference that at some time “it will be appropriate to slow the pace of increases.” Mr. Powell also cautioned that the target interest rate range will likely rise past the current expected rate range of 4.50 to 4.75 percent.

Mortgage Rates Fall, Jobless Claims Mixed

Average mortgage rates fell last week as the rate for 30-year fixed-rate mortgages fell by 13 basis points to 6.95 percent. Rates for 15-year fixed-rate mortgages averaged 6.29 percent and 7 basis points lower than in the previous week. Rates for 5/1 adjustable rate mortgages averaged one basis point lower at 5.95 percent; Discount points averaged 0.80 percent for 30-year fixed-rate mortgages and 1.20 percent for 15-year fixed-rate mortgages. Points for 5/1 adjustable rate mortgages averaged 0.20 percent.

 

Initial jobless claims fell by 217,000 claims as compared to the previous week’s reading of 218,000 new claims filed. Continuing jobless claims increased to 1.49 million claims filed from the previous week’s reading of 1.44 million ongoing claims filed.

Job Growth Data Mixed, Unemployment Rate Rises

ADP reported 239,000 private-sector jobs added in October as compared to expectations of 195,000 jobs added and September’s reading of 192,000 private-sector jobs added. The Commerce Department’s Non-Farm Payrolls reported 261,000 public and private-sector jobs added in October as compared to expectations of 205,000 jobs added and 315,000 jobs added in September. The national unemployment rate rose to 3.7 percent in October from September’s rate of 3.5 percent.

In other news, construction spending rose 0.2 percent in September; analysts expected spending to drop -0.6 percent based on August’s construction spending pace of -0.7 percent

What’s Ahead

 

This week’s scheduled economic reporting includes readings on inflation and consumer sentiment. Weekly readings on mortgage rates and jobless claims will also be published.

Last week’s economic reporting included the Federal Reserve’s statement on its target interest rate range and Fed Chair Jerome Powell’s regularly-scheduled press conference. Data on construction spending and public and private-sector jobs was published along with weekly reports on mortgage rates and jobless claims.
Fed Hikes Key Interest Rate Range, but Signals a Future Slowdown
The Federal Reserve increased its key interest rate range last week from 3.50-3.75 percent to 3.75-4.00 percent. While this was the highest interest rate range in 15 years, the Fed said it plans to continue raising the target interest rate range until it reduces the inflation rate to 2 percent “over time.” Analysts viewed the Fed’s latest comments as less aggressive than its stance earlier this year. 
Fed chair Jerome Powell said during his scheduled press conference that at some time “it will be appropriate to slow the pace of increases.” Mr. Powell also cautioned that the target interest rate range will likely rise past the current expected rate range of 4.50 to 4.75 percent. 
Mortgage Rates Fall, Jobless Claims Mixed
Average mortgage rates fell last week as the rate for 30-year fixed-rate mortgages fell by 13 basis points to 6.95 percent. Rates for 15-year fixed-rate mortgages averaged 6.29 percent and 7 basis points lower than in the previous week. Rates for 5/1 adjustable rate mortgages averaged one basis point lower at 5.95 percent; Discount points averaged 0.80 percent for 30-year fixed-rate mortgages and 1.20 percent for 15-year fixed-rate mortgages. Points for 5/1 adjustable rate mortgages averaged 0.20 percent.
Initial jobless claims fell by 217,000 claims as compared to the previous week’s reading of 218,000 new claims filed. Continuing jobless claims increased to 1.49 million claims filed from the previous week’s reading of 1.44 million ongoing claims filed.
Job Growth Data Mixed, Unemployment Rate Rises
ADP reported 239,000 private-sector jobs added in October as compared to expectations of 195,000 jobs added and September’s reading of 192,000 private-sector jobs added. The Commerce Department’s Non-Farm Payrolls reported 261,000 public and private-sector jobs added in October as compared to expectations of 205,000 jobs added and 315,000 jobs added in September. The national unemployment rate rose to 3.7 percent in October from September’s rate of 3.5 percent. 
In other news, construction spending rose 0.2 percent in September; analysts expected spending to drop -0.6 percent based on August’s construction spending pace of -0.7 percent
What’s Ahead
This week’s scheduled economic reporting includes readings on inflation and consumer sentiment. Weekly readings on mortgage rates and jobless claims will also be published.

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Finding The Best Mortgage Deal: What To Do

Finding The Best Mortgage Deal: What To DoYou have worked hard for your money, and you probably want to save as much of it as you possibly can. That means you need to find the best possible mortgage deal you can. What are a few steps you should take if you want to get the best loan terms possible?

1. Get Plenty Of Estimates

You need to get a lot of estimates from different types of lenders. Examples include private mortgage companies, commercial banks, and credit unions. If you have a real estate agent, you may want to see if they can refer you to a loan officer. Many of these institutions have forms you can fill out online. Then, they will give you a custom rate estimate. When you compare rates across institutions, you must make sure you use the same loan terms. For example, you might want to get a 30-year fixed-rate estimate from all of these institutions. 

2. Understand Closing Costs

When you get an estimate back from the lender, they will probably give you the total loan amount, the term (or length) of the loan, and the interest rate; however, you cannot overlook closing expenses. For example, some lenders will charge you a fee just for printing your loan documents. Pay attention to the closing costs and try to remove as many of them as possible.

3. Select A Lender

After reviewing the documents carefully, you should select a lender. Be sure to ask about the rate lock period, which guarantees your interest rate for a certain amount of time. You need to make sure your interest rate will not change before you get to the closing table. You should also ask about prepayment penalties, which refers to penalties you might have to pay for paying off your mortgage early. If you plan on making extra payments toward the principal, try to remove the prepayment penalty.

4. Finalize The Document

Once you are done with the negotiating process, go ahead and finalize the document. You cannot necessarily negotiate appraisal fees or government recording fees, but you can negotiate your closing expenses, interest rate, and points. Once you are done, work with your agent to get to the closing table and start the moving process. 

 

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What’s Ahead For Mortgage Rates This Week – October 10, 2022

What's Ahead For Mortgage Rates This Week - October 10, 2022Last week’s economic reporting included readings on construction spending, public and private sector job growth, and the national unemployment rate. Weekly readings on mortgage rates and jobless claims were also released.

Construction Spending Falls in August

The Commerce Department reported less construction spending in August as spending fell by -0.70 percent to $1.78 trillion as compared to July’s reading of $1.79 trillion. August construction spending was lower than the expected reading of -0.20 percent and July’s revised construction spending reading of -0.60 percent. Year-over-year construction spending rose by 8.50 percent.

Mortgage Rates Mixed, Jobless Claims Rise

Freddie Mac reported lower fixed mortgage rates last week as the average rate for 30-year fixed-rate mortgages dropped by four basis points to 6.66 percent. The average rate for 15-year fixed-rate mortgages fell by six basis points to 5.90 percent and the average rate for 5/1 adjustable rate mortgages rose by six basis points to 5.36 percent.

Discount points averaged 0.80 percent for 30-year fixed-rate mortgages and 1.00 percent for 15-year fixed-rate mortgages. Discount points for 5/1 adjustable rate mortgages averaged 0.30 percent.

 Higher-than-expected jobless claims were reported last week with 219,000 initial claims filed. Analysts expected  203,000 new claims to be filed and the previous week’s reading was 190,000 first-time jobless claims filed. Continuing jobless claims were also higher with 1.36 million jobless claims filed as compared to 1.35 million ongoing claims filed during the previous week. Rising jobless claims suggest that layoffs are increasing.

The federal government also released month-to-month readings for public and private sector job growth and the national unemployment rate. Non-farm payrolls rose by 263,000 jobs in September, which fell short of the expected reading of 275,000 jobs added and the previous month’s reading of 315,000 jobs added. The national unemployment rate fell to 3.50 percent in September as compared to August’s reading of 3.70 percent and the expected reading of 3.70 percent.

ADP reported that 208,000 private-sector jobs were added in September as compared to August’s reading of 185,000 jobs added; Analysts expected 200,000 jobs added, which was revised from initial expectations of 132,000 jobs added. Nela Richardson, the chief economist at ADP, said that reopened schools and childcare providers supported parents’ ability to return to work after pandemic shutdowns.

What’s Ahead

This week’s scheduled economic reporting includes readings from the Fed’s Federal Open Market Committee, readings on retail sales, and the University of Michigan’s initial monthly report on consumer sentiment. 

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What’s Ahead For Mortgage Rates This Week – September 19, 2022

What's Ahead For Mortgage Rates This Week - September 19, 2022Last week’s economic reporting included readings on inflation, retail sales, and consumer sentiment. Weekly readings on mortgage rates and jobless claims were also released.

Consumer Inflation Rate Falls as Gas Prices Decrease

Lower gas prices was welcomed news to consumers last week, but analysts said that high inflation would continue to impact consumer goods including groceries. The core inflation rate, which excludes volatile food and fuel prices, rose by 0.60 percent, which was twice the expected month-to-month pace of  0.30 percent. Rapidly rising inflation could cause the Federal Open Market Committee of the Federal Reserve to raise its target interest rate range again in a further attempt to slow runaway inflation.

While lower gas prices provided good news for consumers, rising costs for food, clothing, and household goods added to financial pressures for many families. The Fed indicated that it would increase its target interest rate range as needed to ease rapidly rising prices.

The consumer price index rose by 8.30 percent year-over-year, which exceeded the expected reading of 8.00 percent, but fell short of July’s year-over-year reading of 8.50 percent growth. The year-over-year reading for core consumer prices showed 6.30 percent growth which exceeded expectations of 6.00 percent growth and July’s reading of 5.90 percent growth.

In related news, retail sales rose by 0.30 percent in August and exceeded expectations of 0.10 percent month-to-month growth but fell short of July’s reading of 0.40 percent growth in retail sales. August’s retail sales excluding autos were -0.30 percent lower than in July. Analysts expected 0.10 percent growth in sales based on a flat reading of 0.00 percent growth n July. Consumers assumed a wait-and-see position about spending and chose to hold on to their cash.

Mortgage Rates, Jobless Claims

Freddie Mac reported higher average mortgage rates as the average fixed rate for 30-year mortgages exceeded six percent for the first time since 2008. Rates for 30-year fixed-rate mortgages averaged 13 basis points higher than in the previous week at 6.02 percent; rates for 15-year fixed-rate mortgages averaged 5.21 percent and five basis points higher. Rates for 5/1 adjustable rate mortgages averaged 29 basis points higher at 4.93 percent. Discount points averaged 0.80 percent for 30-year fixed-rate mortgages and0.90 percent for 15-year fixed-rate mortgages. Discount points for 5/1 adjustable rate mortgages averaged 0.20 percent.

Fewer new jobless claims were filed last week with 213,000 first-time claims filed as compared to the previous week’s reading of 218,000 initial jobless claims filed. Analysts expected 225,000 new jobless claims to be filed. The University of Michigan’s Consumer sentiment rose to an index reading of 59.5 in September as compared to the expected reading of 60.0 and August’s reading of 58.2. Consumer sentiment readings over 50 indicate that most consumers feel positive about current economic conditions.

What’s Ahead

This week’s scheduled economic reports include readings on the U.S. housing market, sales of previously-owned homes, data on housing starts, and building permits. issued Weekly readings on mortgage rates and jobless claims will also be released.

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What’s Ahead For Mortgage Rates This Week – September 12, 2022

What's Ahead For Mortgage Rates This Week - September 12, 2022Last week’s economic reporting was minimal due to the Labor Day Holiday. Fed Chair Jerome Powell Weekly readings on mortgage rates and jobless claims were also released.

Fed Chair: Rates Expected to Remain Higher

Chair Powell said that interest rates will remain high for a longer than expected time as “history cautions against prematurely loosening [monetary] policy.” The Federal Reserve has a legislative mandate to maintain its target interest rate range at or near 2 percent, During a discussion at the Cato Institute, Chair Powell said that the longer inflation remains above the target rate range the more likely the public will view high inflation as normal.

Chair Powell addressed concerns about political influence on Fed policy. “ I can assure you that we never take into consideration external political considerations.” While President Biden supports the Fed’s policies,  Massachusetts Senator Elizabeth Warren expressed concern that too many rate hikes could raise unemployment. Chairman Powell would not indicate how much the Fed may raise rates at its next monetary policy meeting on September 21 but analysts said the rate hike would likely be 0.75 percent or 0.50 percent at the least.

Mortgage Rates Rise, Jobless Claims Mixed

Freddie Mac reported higher mortgage rates last week as the average rate for 30-year fixed-rate mortgages rose by 23 basis points to 5.89 percent. Rates for 15-year fixed-rate mortgages averaged 5.16 percent and were 18 basis points higher than in the previous week. Rates for 5/1 adjustable rate mortgages averaged 4.64 percent and were 13 basis points higher on average. Discount points averaged 0.70 percent for 30-year fixed-rate mortgages and 0.80 percent for 15-year fixed-rate mortgages. Discount points for 5/1 adjustable rate mortgages averaged 0.40 percent.

New jobless claims fell to 222,000 initial claims filed last week as compared to the previous week’s reading of 228,000 new jobless claims filed.  1.45 million continuing jobless claims were filed last week as compared to the previous week’s 1.44 million ongoing claims filed.

What’s Ahead

This week’s scheduled economic reporting includes readings on month-to-month and annual inflation, retail sales, and consumer sentiment. Weekly readings on mortgage rates and jobless claims will also be released.

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What’s Ahead For Mortgage Rates This Week – September 6, 2022

What's Ahead For Mortgage Rates This Week - September 6, 2022Last week’s economic reporting included readings on home price growth, federal data on public and private sector job growth, the national unemployment rate, and data on consumer sentiment. Weekly readings on mortgage rates and jobless claims were also released.

S&P Case Shiller: Home Price Growth Slows in June

The S&P Case-Shiller National Home Price Index reported slower home price growth in June as home price growth slowed to a year-over-year pace of 18.0 percent as compared to May’s reading of 19.9 percent. The 20-City Home Price Index posted 18.6  percent growth in June as compared to May’s reading of 20.50 percent year-over-year growth in May.

The top three cities in June’s 20-City Home Price Index were Tampa, Florida, which posted the fastest year-over-year home price growth rate for the fourth consecutive month with a reading of 35.00 percent,  and Miami. Florida with a year-over-year home price growth rate of 33.00 percent. Dallas, Texas completed the top three cities with year-over-year home price growth of 28.20 percent.

While all 20 cities reported double-digit percentages for year-over-year home price growth, 19 of 20 cities reported slower rates of home price appreciation in June. Craig J. Lazzara, Managing Director of S&P Dow Jones Indices, explained the difference between the deceleration of home price growth and home price decline. A deceleration in home price growth indicates that while home prices continue to increase, they’re doing so at a slower pace. A decline in home prices means that home prices are falling.

Analysts expect rising mortgage rates to negatively impact home sales as affordability issues increase. As demand for homes falls, home prices may also fall as the housing market cools.

Mortgage Rates Rise, Jobless Claims Fall

Freddie Mac reported higher average mortgage rates last week as rates for 30-year fixed-rate mortgages rose by 11 basis points to 5.66 percent. Rates for 15-year fixed-rate mortgages averaged 4.98 percent and 13 basis points higher. Rates for 5/1 adjustable rate mortgages averaged 4.51 percent and 15 basis points higher than in the previous week.

Initial jobless claims fell last week with 232,000 initial claims filed as compared to the previous week’s reading of 237,000 first-time claims filed. Analysts expected 245,000 new jobless claim filings last week. Job growth reports from ADP and the government’s Non-Farm Payrolls report showed sharp drops in job growth; ADP, which reports on private-sector payrolls, reported 132,000 jobs added in August as compared to July’s reading of 268,000 private-sector jobs added in July. The Non-Farm Payrolls report

The national unemployment report rose to 3.70 percent in August from July’s reading of 3.50 percent. Analysts expected a reading of 3.50 percent unemployment for August.

What’s Ahead

This week’s scheduled economic reporting is spare due to the Labor Day Holiday. Fed Chair Jerome Powell will give a speech and weekly readings on mortgage rates and jobless claims will be released.

 

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