What’s Happening with Mortgage Rates, and Where Will They Go from Here?

Written by Siesta Key Mortgage Syndicated User on March 30, 2022. Posted in For Buyers, Housing Market Updates, Interest Rates, Mortgage Siesta Key, Pricing, Siesta Key Mortgage.

Based on the Primary Mortgage Market Survey from Freddie Mac, the average 30-year fixed-rate mortgage has increased by 1.2% (3.22% to 4.42%) since January of this year. The rate jumped by more than a quarter of a point from just a week ago. Here’s a visual to show how mortgage rate movement throughout 2021 was steady compared to the rapid increase in mortgage rates this year: Just a few months ago, Freddie Mac projected mortgage rates would average 3.6% in 2022. Earlier this month, Fannie Mae forecast mortgage rates would average 3.8% in 2022. As the chart above shows, rates have already surpassed...

The Best Week To List Your House Is Just Around the Corner

Written by Siesta Key Mortgage Syndicated User on March 29, 2022. Posted in For Sellers, Housing Market Updates, Mortgage Siesta Key, Siesta Key Mortgage.

Are you thinking about selling your house? If so, you may want to make it a priority to start the process soon. According to realtor.com, the sweet spot for sellers is just around the corner. In a recent study, experts analyzed housing market trends by looking at data from the past several years (excluding 2020, since it was an atypical year). When applied to the current market, experts determined the ideal week to list a house this year. The research says: “Home sellers on the fence waiting for that perfect moment to sell should start preparations, because the best time to list a home in...

A Key To Building Wealth Is Homeownership

Written by Siesta Key Mortgage Syndicated User on March 28, 2022. Posted in First Time Home Buyers, For Buyers, Housing Market Updates, Mortgage Siesta Key, Rent vs. Buy, Siesta Key Mortgage.

The link between financial security and homeownership is especially important today as inflation rises. But many people may not realize just how much owning a home contributes to your overall net worth. As Leslie Rouda Smith, President of the National Association of Realtors (NAR), says: “Homeownership is rewarding in so many ways and can serve as a vital component in achieving financial stability.” Here are just a few reasons why, if you’re looking to increase your financial stability, homeownership is a worthwhile goal. Owning a Home Is a Building Block for Financial Success A recent...

What You Can Expect from the Spring Housing Market

Written by Siesta Key Mortgage Syndicated User on March 24, 2022. Posted in For Buyers, For Sellers, Housing Market Updates, Interest Rates, Mortgage Siesta Key, Pricing, Siesta Key Mortgage.

As the spring housing market kicks off, you likely want to know what you can expect this season when it comes to buying or selling a house. While there are multiple factors causing some uncertainty, including the conflict overseas, rising inflation, and the first rate increase from the Federal Reserve in over three years — the housing market seems to be relatively immune. Here’s a look at what experts say you can expect this spring. 1. Mortgage Rates Will Climb Freddie Mac reports the 30-year fixed mortgage rate has increased by more than a full point in the past six months. And despite some...

What You Need To Know if You’re Thinking About Building a Home

Written by Siesta Key Mortgage Syndicated User on March 23, 2022. Posted in For Buyers, Housing Market Updates, Mortgage Siesta Key, Move-Up Buyers, New Construction, Siesta Key Mortgage.

If you’re ready to move up, you may be trying to decide whether you want to buy a home that’s already on the market or build a new one. And since the supply of homes available for sale today is low, you’re willing to consider either avenue. While home builders are doing everything they can to construct more houses and help narrow the supply shortage, they’re also facing delays due to factors outside of their control. Here’s the latest on some of the key challenges homebuilders are experiencing today and how they could impact your plans to move up. When you know what’s happening in the industry,...

The Average Homeowner Gained More Than $55K in Equity over the Past Year

Written by Siesta Key Mortgage Syndicated User on March 21, 2022. Posted in For Sellers, Housing Market Updates, Mortgage Siesta Key, Pricing, Siesta Key Mortgage.

If you’re a current homeowner, you should know your net worth just got a big boost. It comes in the form of rising home equity. Equity is the current value of your home minus what you owe on the loan. Today, you’re building that equity far faster than you may expect – and this gain is great news for you. Here’s how it happened. Home values are on the rise thanks to low housing supply and high buyer demand. Basically, there aren’t enough homes available to meet this high buyer interest, so bidding wars are driving home prices up. When you own a home, the rising prices mean your home is worth...

Did Your Dream Home Just Come on the Market?

Written by Siesta Key Mortgage Syndicated User on March 17, 2022. Posted in First Time Home Buyers, For Buyers, Housing Market Updates, Mortgage Siesta Key, Move-Up Buyers, Siesta Key Mortgage.

For the first time in a long time, the number of newly listed homes is beginning to rise. In their latest monthly release, realtor.com reveals the number of existing homes entering the market has increased for two months in a row (this comes after six months of declines). Here’s a graph showing the monthly new listings going back to January of last year. The green bars indicate the first gains since June. However, buying demand is still outpacing housing supply. Though the increase in homes coming to the market is great news for prospective homebuyers, the number of buyers is still outpacing...

This Spring Presents Sellers with a Golden Opportunity

Written by Siesta Key Mortgage Syndicated User on March 14, 2022. Posted in For Sellers, Housing Market Updates, Interest Rates, Mortgage Siesta Key, Move-Up Buyers, Pricing, Siesta Key Mortgage.

If you’re thinking of selling your house this year, timing is crucial. After all, you’ll want to balance getting the most out of the sale of your current home and making the best investment when you buy your next one. If that’s the case, you should know – you may be able to get the best of both worlds today. Here are four reasons why this spring may be your golden window of opportunity. 1. The Number of Homes on the Market Is Still Low Today’s limited supply of houses for sale is putting sellers in the driver’s seat. There are far more buyers in the market today than there are homes available....

How To Navigate a Market Where Multiple Offers Is the New Normal

Written by Siesta Key Mortgage Syndicated User on March 10, 2022. Posted in First Time Home Buyers, For Buyers, Housing Market Updates, Mortgage Siesta Key, Move-Up Buyers, Siesta Key Mortgage.

If you’re thinking of buying a home today, you already know that the number of homes available for sale is low. But what does that really mean for you? As a buyer, low housing supply coupled with high buyer demand means you should be prepared to navigate a highly competitive market where homes sell fast and get multiple offers. Realtor.com has this to say: “Homes also flew off the market at record pace as buyers put offers in the moment properties came up for sale….” In a bidding war situation like this, doing everything you can to get ahead of the competition is a wise move. That’s because...

Key Factors That Impact Affordability Today

Written by Siesta Key Mortgage Syndicated User on March 9, 2022. Posted in Buying Myths, First Time Home Buyers, For Buyers, Housing Market Updates, Interest Rates, Mortgage Siesta Key, Move-Up Buyers, Pricing, Siesta Key Mortgage.

You can’t read an article about residential real estate without the author mentioning the affordability challenges that today’s buyers face. There’s no doubt homes are less affordable today than they were over the last two years, but that doesn’t mean homes are now unaffordable. There are three measures used to establish home affordability: home prices, mortgage rates, and wages. Let’s look closely at each of these components. 1. Home Prices The most recent Home Price Insights report by CoreLogic shows home values have increased by 19.1% from last January to this January. That was one reason...

Category: Housing Market Updates