Mortgage Rates have been taking us for a wild ride and it’s important to know your home purchasing power and how it could affect you buying a home in metro Detroit MI.
Over the past few weeks, the average 30-year fixed mortgage rate from Freddie Mac fell by half a percent. The drop happened over concerns about a potential recession. And since mortgage rates have risen dramatically this year, homebuyers across the country should see this decline as welcome news. I follow the mortgage rate trends and provide updates once a week. Below I have the information on how your can track and time your lock on your mortgage rate. Also, find out how to save thousands on your Mortgage Closing Cost below.
Freddie Mac tracking reports that the average 30-year rate was down to 5.30% from 5.81% two weeks prior (see graph below):
The National Association of Realtors (NAR)
But why is this recent dip such good news for homebuyers? As Nadia Evangelou, Senior Economist and Director of Forecasting explains.
“According to Freddie Mac, the 30-year fixed mortgage rate dropped sharply by 40 basis points to 5.3 percent. . . . As a result, home buying is about 5 percent more affordable than a week ago. This translates to about $100 less every month on a mortgage payment.”
That’s because when rates go up (as they have for the majority of this year), they impact how much you’ll pay in your monthly mortgage payment, which directly affects how much you can comfortably afford. The inverse is also true. A decrease in mortgage rates means an increase in your purchasing power.
The chart below shows how a half-point, or even a quarter-point, changes in mortgage rates can impact your monthly payment:
How to Plan and Track Mortgage Rate Rollercoaster
We look at what caused the Mortgage Rates to Skyrocket, and how you track where they are going. Also, know the difference between the Federal Reserve and Interest rates vs Mortgage Rates and the correlation with the 10-year treasury yield. For updates review Mortgage Rates ~ Monday Updates to review the full blog post and all graphs and trends on my website. Updated Videos will be posted on social media at #TeamTagItSold.
Step #1 ~ Do You Homework to find the Best Lender and Program for You
💥 Important 💥 We’ve seen many changes lately with high mortgage rates and now lenders are designing special programs to help you and compete for your business… Great News!
✅ Do ~ Call around and check out and get quotes for rates and what type of programs different lenders have available. Give the lenders your FICA score to get quotes.
✅ Do ~Call around and check out and get quotes for rates and what type of programs different lenders have available. Give the lenders your FICA score to get quotes.
🛑 DON’T ~give out your Social Security Number as they will pull your credit. Wait until you select a lender and a program that works best for you then make an application. You are getting rough quotes for now based on the FICA score you obtained, it doesn’t have to be exact for now. You’re in the weeding-out phase of your search.
✅ DO ~ contact me with any question you may have via my cell at 248-343-2459
🙋♀️~ Not sure where to start? Get Your Do’s and Don’ts during the loan process. Below are lenders I’ve worked with in the past that offer amazing programs and options. You can also check with your Bank or Credit Union (Alpha order: not based on preference.)
First State Bank – Manny Nino – Loan Officer 📲 Cell: 586-945-5203
Flagstar Bank – Ray Cela – Loan Officer/VP Sale 📲 Cell: 248-238-1849
Keller Mortgage – MaryAnn O’Brian – Loan Officer 📲 Cell: 843-368-7163
Step #2 ~ Your 🔑 To Home Selling and Buying Success ~ Safe e-Guides
💥 Important 💥 Your Guides also have educational videos and links regarding where home prices are heading, mortgage rates, Housing Market Trends, and more.
Watch Video for Sneak Peak
Don’t muddle through the Home Buying and Selling Process. Buying a new home is a dream for all of us, and it’s an emotional and stressful process.
It also involves the most significant financial transaction you probably will make in your lifetime. Your Buying Guide…will walk you through tips, strategies, and how to understand the numbers to strengthen your negotiation power.
Your Selling Guide…It will help you work through the selling process using the latest in high-tech market tools, so you make MORE Money. Our goal is to separate your home from the competition, and keep Buyers focused on your house. The Selling Guide is very detailed and works step-by-step, so you’re guaranteed Top Dollar for your home.
Step #3 ~ 💥Search Better Than a Realtor💥 on a Platform that was Designed by One.
Find Your Ideal Home Here ~ Pre-loaded Home Search: Newly Listed ~ Coming Soon ~Luxury~ Waterfront ~ and More🤩
Create an account and save your favorites and email updates. Another huge feature you can modify and look for homes Coming Soon only, or view homes that have been on the market X number of days. Maybe a 1st floor primary bedroom or office is important. You can even search by lot features like Finished Basement ~ Golf Frontage ~ Water Frontage ~ Acreage ~ Large private treed lot ~ Cul-de-Sac and More.
Bottom Line for Your Home Purchasing Power
If your home doesn’t meet your needs, this may be the opportunity you’ve been waiting for. Let’s connect to see how you can benefit from the current drop in mortgage rates.
Simplifying Real Estate Through Education
As we move forward, it’s been challenging as we navigated through all the changes. Putting your dream of a new home on HOLD shouldn’t be one of them. Now more than ever, knowledge will be your power. Know Your Local Home Prices and Trends by Ctiy and your Negotiation Power. Check out Categories for additional updates regarding the Market | Buying | Selling
If You Need To Sell 1st… I Recommend 🛑Doing This!
No 2 homes are alike, and agents need to 🛑 marketing ONE size fits all. We no longer have an exposure problem (internet). Your home is buried on public home search internet sites. The only way to compete on those platforms is the price. If you want more money, you need to apply Influence. Separate your home from the competition, so the Buyer sees value. Keeping them focused on your property and not getting lost in homes’ inaccurate data on public internet sites is necessary. Having digital omnipresence on serval platforms is your key to success. Remember MORE INFLUENCE = MORE 💰. We have details on how you can utilize High Tech Marketing and Win!
If you have any questions, contact us: Chatbot 🤖 at the bottom. Contact me by Email 📩 or my Cell 📲 @ 248-343-2459. Would you mind sharing your thoughts below or what future article you would like to see? Your opinion is important to us…. this site is for you.🤩 To Keep up to date request our 🏡 Chat Newsletter or Follow us on Facebook, Instagram, or YouTube.
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