Weekly Mortgage Rate News for the week of August 21- August 25, 2023

Weekly Mortgage Rate Update Newsletter for the week of August 14-August 18, 2023

THE BENEFITS OF CHOOSING A CONDO AS YOUR HOMEOWNERSHIP OPTION THIS SPRING

Are you on the hunt for a new home this spring, but feeling discouraged by the high prices of traditional single-family homes? It might be time to consider alternative housing options, like condos. While they may appear small on the outside, condos offer a lot of value and can be a game-changer in achieving your homeownership goals.

IS 20% DOWN THE BEST OPTION? HERE ARE SOME THINGS TO CONSIDER

For years, the "gold standard" in home buying has been putting 20% down. This is because it allows you to avoid paying for private mortgage insurance and results in a smaller loan amount with lower monthly payments, which can ultimately save you money in the long run. However, with home prices skyrocketing in recent years, not everyone can afford to put down such a significant amount of money. This begs the question: what are the pros and cons of putting 20% down on your next home purchase?

NAVIGATING HOME BUYING AND BUDGETING IN TIMES OF INFLATION: MASTERING STRATEGIES FOR SUCCESS

Our blog is designed to provide you with valuable information and insights to help you navigate the challenges of managing debt during inflation and achieving your dream of owning a home. We'll delve into various strategies for effective debt management, budgeting, home financing, and key factors to consider when planning your home purchase. Our goal is to equip you with the knowledge and tools you need to make informed decisions and achieve success in your home buying journey.

HOW TO PROFIT FROM BUYING A HOME NOW DESPITE RISING RATES

As mortgage rates continue to climb in recent weeks, many prospective homebuyers are apprehensive about proceeding with their search. However, this may present a unique opportunity to finally secure the home you've been eyeing. With fewer buyers in the market, there may be reduced competition, allowing you to potentially snag your dream home.

Data from the Mortgage Bankers Association (MBA) shows that mortgage applications have dropped by 13.3% in just one week due to rising rates. While this may discourage some from continuing their search, those who persevere may be able to capitalize on the current market conditions and secure their ideal property.