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Category: Mortgage Rates

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The Best Way To Keep Track of Mortgage Rate Trends

Written by Fidelity Home Group Syndicated User on . Posted in Florida Mortgage, Florida Mortgage Rates, For Buyers, Mortgage Florida, Mortgage Rates.

The Best Way To Keep Track of Mortgage Rate Trends Simplifying The Market

If you’re thinking about buying a home, chances are you’ve got mortgage rates on your mind. You’ve heard about how they impact how much you can afford in your monthly mortgage payment, and you want to make sure you’re factoring that in as you plan your move.

The problem is, with all the headlines in the news about rates lately, it can be a bit overwhelming to sort through. Here’s a quick rundown of what you really need to know.

The Latest on Mortgage Rates

Rates have been volatile – that means they’re bouncing around a bit. And, you may be wondering, why? The answer is complicated because rates are affected by so many factors.

Things like what’s happening in the broader economy and the job market, the current inflation rate, decisions made by the Federal Reserve, and a whole lot more have an impact. Lately, all of those factors have come into play, and it’s caused the volatility we’ve seen. As Odeta Kushi, Deputy Chief Economist at First American, explains:

“Ongoing inflation deceleration, a slowing economy and even geopolitical uncertainty can contribute to lower mortgage rates. On the other hand, data that signals upside risk to inflation may result in higher rates.”

Professionals Can Help Make Sense of it All

While you could drill down into each of those things to really understand how they impact mortgage rates, that would be a lot of work. And when you’re already busy planning a move, taking on that much reading and research may feel a little overwhelming. Instead of spending your time on that, lean on the pros.

They coach people through market conditions all the time. They’ll focus on giving you a quick summary of any broader trends up or down, what experts say lies ahead, and how all of that impacts you.

Take this chart as an example. It gives you an idea of how mortgage rates impact your monthly payment when you buy a home. Imagine being able to make a payment between $2,500 and $2,600 work for your budget (principal and interest only). The green part in the chart shows payments in that range or lower based on varying mortgage rates (see chart below):

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As you can see, even a small shift in rates can impact the loan amount you can afford if you want to stay within that target budget.

It’s tools and visuals like these that take everything that’s happening and show what it actually means for you. And only a pro has the knowledge and expertise needed to guide you through them.

You don’t need to be an expert on real estate or mortgage rates, you just need to have someone who is, by your side.

Bottom Line

Have questions about what’s going on in the housing market? Connect with a real estate professional to take what’s happening right now and figure out what it really means for you. 

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Should I Wait for Mortgage Rates To Come Down Before I Move?

Written by Fidelity Home Group Syndicated User on . Posted in Florida Mortgage, Florida Mortgage Rates, For Sellers, Mortgage Florida, Mortgage Rates, Selling Tips.

Should I Wait for Mortgage Rates To Come Down Before I Move? Simplifying The Market

If you’ve got a move on your mind, you may be wondering whether you should wait to sell until mortgage rates come down before you spring into action. Here’s some information that could help answer that question for you.

In the housing market, there’s a longstanding relationship between mortgage rates and buyer demand. Typically, the higher rates are, you’ll see lower buyer demand. That’s because some people who want to move will be hesitant to take on a higher mortgage rate for their next home. So, they decide to wait it out and put their plans on hold.

But when rates start to come down, things change. It goes from limited or weak demand to good or strong demand. That’s because a big portion of the buyers who sat on the sidelines when rates were higher are going to jump back in and make their moves happen. The graph below helps give you a visual of how this relationship works and where we are today:

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As Lisa Sturtevant, Chief Economist for Bright MLS, explains:

“The higher rates we’re seeing now [are likely] going to lead more prospective buyers to sit out the market and wait for rates to come down.”

Why You Might Not Want To Wait

If you’re asking yourself: what does this mean for my move? Here’s the golden nugget. According to experts, mortgage rates are still projected to come down this year, just a bit later than they originally thought. 

When rates come down, more people are going to get back into the market. And that means you’ll have a lot more competition from other buyers when you go to purchase your next home. That may make your move more stressful if you wait because greater demand could lead to an increase in multiple offer scenarios and prices rising faster.

But if you’re ready and able to sell now, it may be worth it to get ahead of that. You have the chance to move before the competition increases.

Bottom Line

If you’re thinking about whether you should wait for rates to come down before you move, don’t forget to factor in buyer demand. Once rates decline, competition will go up even more. If you want to get ahead of that and sell now, talk to a real estate agent.

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Ways To Use Your Tax Refund If You Want To Buy a Home

Written by Fidelity Home Group Syndicated User on . Posted in First-Time Buyers, Florida Mortgage, Florida Mortgage Rates, For Buyers, Mortgage Florida, Mortgage Rates.

Ways To Use Your Tax Refund If You Want To Buy a Home Simplifying The Market

Have you been saving up to buy a home this year? If so, you know there are a number of expenses involved – from your down payment to closing costs. But did you also know your tax refund can help you pay for some of these expenses? As Credit Karma explains:

“If one of your goals is to stop renting and buy a home, you’ll need to save up for closing costs and a down payment on the mortgage. A tax refund can give you a start on the road to homeownership. If you’ve already started to save, your tax refund could move you down the road faster.”

While how much money you may get in a tax refund is going to vary, it can be encouraging to have a general idea of what’s possible. Here’s what CNET has to say about the average increase people are seeing this year:

“The average refund size is up by 6.1%, from $2,903 for 2023’s tax season through March 24, to $3,081 for this season through March 22.”

Sounds great, right? Remember, your number is going to be different. But if you do get a refund, here are a few examples of how you can use it when buying a home. According to Freddie Mac:

  • Saving for a down payment – One of the biggest barriers to homeownership is setting aside enough money for a down payment. You could reach your savings goal even faster by using your tax refund to help.
  • Paying for closing costs – Closing costs cover some of the payments you’ll make at closing. They’re generally between 2% and 5% of the total purchase price of the home. You could direct your tax refund toward these closing costs.
  • Lowering your mortgage rate – Your lender might give you the option to buy down your mortgage rate. If affordability is tight for you at today’s rates and home prices, this option may be worth exploring. If you qualify for this option, you could pay upfront to have a lower rate on your mortgage.

The best way to get ready to buy a home is to work with a team of trusted real estate professionals who understand the process and what you’ll need to do to be ready to buy.

Bottom Line

Your tax refund can help you reach your savings goal for buying a home. Connect with a local real estate professional about what you’re looking for, because your home may be more within reach than you think.

#fidelityhomegroup, #floridamortgage, #floridamortgagerates, #mortgageflorida

Should I Move with Today’s Mortgage Rates?

Written by Fidelity Home Group Syndicated User on . Posted in Florida Mortgage, Florida Mortgage Rates, For Sellers, Mortgage Florida, Mortgage Rates.

Should I Move with Today’s Mortgage Rates? Simplifying The Market

When mortgage rates spiked up over the last few years, some homeowners put their plans to move on pause. Maybe you did too because you didn’t want to sell and take on a higher mortgage rate for your next home. But is that still the right strategy for you?

In today’s market, data shows more homeowners are getting used to where rates are and thinking it may be time to move. As Mark Zandi, Chief Economist at Moody’s Analytics, explains:

“Listings are up a bit as life events and job changes are putting increasing pressure on locked-in homeowners to sell their homes. Homeowners may also be slowly coming to the realization that mortgage rates aren’t going back anywhere near the rate on their existing mortgage.”

A recent study from Bank of America sheds light on some of the things homeowners say would make them sell, even with rates where they are right now (see visual below):

a group of blue and white icons


What Would Motivate You To Move?

Now that you know why other people would move, take a minute to think about what would make a move worth it for you. Is it time to take a chance and go for your dream job, even though it’s not local? Are you looking for a neighborhood that has more to offer and a close-knit sense of community? Maybe you just need more space, you’re looking for your next great adventure, or you want a house that opens up rental opportunities to pad your income.

And here’s something else to consider. Mortgage rates are still expected to go down over the course of the year. And once that happens, there’s going to be a big rush of buyers jumping back into the market. While you could delay your plans until rates drop, you’ll only have more competition with those buyers if you do.

So, does that mean it’s worth it to move now, even with rates where they are? The answer is: that it depends.

You’ll want to consider today’s mortgage rates, where they’re expected to go from here, and what would prompt you to want to make a change as you decide on your next steps. An expert can help with that. 

Bottom Line

Other homeowners are getting used to rates and deciding to move. Talk to a local real estate agent to go over what matters most to you and if it’s time for you to jump back into the market too. 

#fidelityhomegroup, #floridamortgage, #floridamortgagerates, #mortgageflorida

Bridge Loans Florida | Florida Bridge Loans

Written by Fidelity Home Group Syndicated User on . Posted in Florida Mortgage, Florida Mortgage Rates, Mortgage Florida, Mortgage News, Mortgage Rates, Orlando Florida News, Real Estate Updates.

Bridge Loans Florida | Florida Bridge Loans At Fidelity Home Group, we are Florida Bridge Loan Experts! We offer more options, more transparency and a simpler way to find the right bridge loan program for your unique situation. A bridge loan is a short-term financing solution designed to bridge the financial gap between purchasing a new home and selling your current home. In situations where you intend to buy before selling, and thus lack the proceeds from the sale for your new home’s down payment, a financial challenge arises .NMLS ID 1834853 #floridabridgeloans #bridgeloansflorida #floridabridgeloanmortgage

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Florida Mortgage | Outdoor Upgrades To Wow Homebuyers

Written by Fidelity Home Group Syndicated User on . Posted in Florida Mortgage, Florida Mortgage Rates, Mortgage Florida, Mortgage News, Mortgage Rates, Orlando Florida News, Real Estate Updates.

Florida Mortgage | Outdoor Upgrades To Wow Homebuyers Want to move, but trying to decide what to tackle before selling? Let’s connect to go over the best ways to spend your time and money. NMLS ID 1834853 #floridarealestate #floridahomebuying

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Florida Mortgage | This Spring Is the Sweet Spot for Selling Your House

Written by Fidelity Home Group Syndicated User on . Posted in Florida Mortgage, Florida Mortgage Rates, Mortgage Florida, Mortgage News, Mortgage Rates, Orlando Florida News, Real Estate Updates.

Florida Mortgage | This Spring Is the Sweet Spot for Selling Your House This spring is the sweet spot for selling your house. Let’s connect to start planning your move. NMLS ID 1834853 #floridahome #floridarealestate #homesellertips

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Florida Mortgage | Helpful Tips for First-Time Homebuyers

Written by Fidelity Home Group Syndicated User on . Posted in Florida Mortgage, Florida Mortgage Rates, Mortgage Florida, Mortgage News, Mortgage Rates, Orlando Florida News, Real Estate Updates.

Florida Mortgage | Helpful Tips for First-Time Homebuyers Trying to buy your first home right now? Let’s connect so you’ve got a pro who can help. NMLS ID 1834853 #firsttimehomebuyer #floridamortgage #floridamortgagerates #floridamortgagecompany #mortgagetips

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Florida Mortgage | 4 Tips for Selling Your House This Spring

Written by Fidelity Home Group Syndicated User on . Posted in Florida Mortgage, Florida Mortgage Rates, Mortgage Florida, Mortgage News, Mortgage Rates, Orlando Florida News, Real Estate Updates.

Florida Mortgage | 4 Tips for Selling Your House This Spring If you’re planning to move, check out these four easy tips. NMLS ID 1834853 #sellingyourhome #sellingyourhouse #floridamortgage #floridamortgagerates #floridamortgagecompany

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