Found 2 blog entries tagged as mortgage rates.

Mortgage Demand Hits 25-Year Low

The Federal Reserve has raised interest rates six times in 2022 which has pushed 30-year mortgage rates to the highest levels they’ve been in over 20 years. This has led to a massive decline in mortgage demand hitting a 25-year low, mortgage demand is down 4% week over week and 38% year over year.

Why Mortgage Demand Is Down 

Interest rates are pushing some buyers out of the market due to affordability, which is also pushing out a lot of potential refinances due to the higher interest rates we're seeing right now.

Rates are now back in line with what we have seen historically dating back to the pre-2000 years. This chart shows we're back to rates that we have really been seeing for most of the country’s…

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Alternatives to the 30-Year Fixed Rate Mortgage

 

With 30-year mortgage rates hitting the highest level they've been in the last 20 years, a lot of people are looking for alternatives to that 30-year fixed-rate mortgage. There are three alternatives that we can look at; one option that is typically a bad option, one that is oftentimes a good option, and then there's a great option for us to consider. The three alternatives are:

Alternative Mortgage Options

Adjustable Rate Mortgage

The first option is an adjustable-rate mortgage which is also called an ARM. ARMs are fixed for a period of time and then they adjust after that. ARMs typically start with a lower interest rate than fixed-rate mortgages, so ARMs are a great option if you’re…

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