Zeller Realty - Sierra PropertiesLicense #: 00319644

Zeller Realty - Sierra PropertiesLicense #: 00319644

Zeller Realty - Sierra Properties's blog

FHFA ends debt-to-income ratio mortgage fee. How homebuyers will benefit.

To the relief of many, the Federal Housing Finance Agency (FHFA) has canceled its plan to change a mortgage fee for people with certain debt-to-income ratios.

Home Loan Interest Rates Mortgage Revert from Last Week

After the substantial slowdown in growth last fall, home prices stabilized during the winter and began to modestly rise over the last few months. This indicates that while affordability remains a hurdle, homebuyers are getting used to current rates and continue to pursue homeownership.

Primary Mortgage Market Survey®
U.S. weekly averages as of 05/18/2023:

30-Year Fixed Rate Mortgage 6.39%
15-Year Fixed Rate Mortgage 5.75%

Source: Freddie Mac

Mortgage Rates Aren’t Home Buyers’ Problem This Spring

Borrowing costs are lower even after the Fed’s hike this week—but a bigger issue looms large. While the outlook for borrowing costs bodes well for prospective home buyers this spring, the lack of inventory does not.

Why Work With a Certified Residential Specialist Agent?

Buying or selling your home is one of the biggest and most important decisions you’ll make in your lifetime. You need someone you can trust by your side, who is looking out for your best interests and is willing to put all their knowledge and experience to work for you.

Not all real estate agents are the same. There are many real estate agents out there, and their experience and dedication to their profession and clients varies widely.

Annual Home Price Growth at Lowest Rate in Over a Decade

U.S. home price growth increased by 3.1% in March, according to new data from CoreLogic. While this represented the 134th consecutive month of year-over-year price acceleration it also represented the lowest rate of appreciation since the spring of 2012.

The 30-Year Fixed-Rate Mortgage Inches Up Again

“The 30-year fixed-rate mortgage increased modestly for the second straight week, but with the rate of inflation decelerating rates should gently decline over the course of 2023,” said Sam Khater, Freddie Mac’s chief economist. “Incoming data suggest the housing market has stabilized from a sales and house price perspective. The prospect of lower mortgage rates for the remainder of the year should be welcome news to borrowers who are looking to purchase a home.”

Home sales will be ‘subdued’ for rest of 2023

Strong homebuyer demand is providing more support for home prices than economists at Fannie Mae had expected at the beginning of the year, but forecasters at the mortgage giant expect tight for-sale inventory will keep sales “subdued” for the rest of the year.

Home Loan Interest Rates Decrease Slightly

Mortgage rates decreased for the fifth consecutive week. Incoming data suggest inflation remains well above the desired level but showing signs of deceleration. These trends, coupled with tight labor markets, are creating increased optimism among prospective homebuyers as the housing market hits its peak in the spring and summer.

U.S. weekly averages as of 04/13/2023:

30-Yr Fixed Rate Mortgage 6.27%

15-Yr Fixed Rate Mortgage 5.54%

Source: Freddie Mac, Primary Mortgage Market Survey®

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