I've got home inspections happening this week for both buyers and sellers. Home inspections can be a cause for worry for both parties. In this market of short inventory, sellers
Mortgage Rates and the Ability to Buy
Dated: May 22 2020
Recently Fannie Mae and Freddie Mac released their mortgage rate predictions for the remainder of the year. Both organizations believe that rates for 30 year loans will fall to 2.9% by fall. What has happened since their prediction makes it look like reality. This week we've seen rates drop to 3% for good buyers with conventional loan products. Chase Bank this week offered exceptional buyers who have 800+ credit scores, high equity in their homes and low debt 30 year new mortgage (not refinance) rates at 2.75%.
Rates like these have been unheard of in the last 40 years. 2.75% was a great number for a 15 year loan, but that number on a 30 year loan changes the game for many buyers. An example would be a first time buyer who is approved at 3.9% for a $150,000 loan. The change to a 2.9% loan gives them an additional $36,000 in purchase power. An exceptional buyer at 2.75% would get even more. What a way to move the market forward.
Don't miss out on your chance to buy with these great rates. Your dream house may have just become attainable.
I'm a Michigan girl who loves four seasons, water, the Lions (no, I don't have a back-up team), and Detroit. My husband Brad and I met while serving in the US Air Force. That service had us living i....