January 12, 2024

Understanding the Impact of Lower Mortgage Rates on Home Buying Power

Advice, Buyer, Market Trends, Mortgage Rates, Real Estate / By Keith LaBrunda - RE/MAX Select

Knowing the influence of mortgage rates on your purchasing capacity and monthly payments is crucial when considering buying a home. Thankfully, 30-year fixed mortgage rates have significantly decreased since late October, now falling below 7% as reported by Freddie Mac (refer to the graph below): This downward trend in rates is a positive development for prospective home buyers. As Bankrate recently highlighted: “The rate cool-off somewhat eases the housing affordability squeeze.” Edward Seiler, AVP of Housing Economics and Executive Director of the Research Institute for Housing America at the Mortgage Bankers Association (MBA), also notes: “MBA expects that affordability conditions […]

Understanding the Impact of Lower Mortgage Rates on Home Buying Power Read More »

The Importance of Pre-Approval in the Homebuying Process

Advice, Buyer, Mortgage, Real Estate / By Keith LaBrunda - RE/MAX Select

Embarking on the journey of buying a home? Don’t overlook the vital step of getting pre-approved. Before you start envisioning life in your new home, ensure you’ve engaged with a reliable lender, like Mark Scocco with Crown Home Mortgage, to secure this key part of the homebuying process. Here’s why it’s so crucial. Despite a recent moderation in home prices and a decrease in mortgage rates, affordability remains a challenge. Additionally, the current limited housing inventory continues to fuel competition among buyers. However, with a strategic approach, including pre-approval, you can effectively navigate the market. The Role and Benefits of

The Importance of Pre-Approval in the Homebuying Process Read More »