If you’re thinking about buying a home , chances are you’ve got mortgage rates on your mind. You’ve heard about how they impact how much you can afford in your monthly mortgage payment, and you want to make sure you’re factoring that in as you plan your move . The problem is, with all the headlines in the news about rates lately, it can be a bit overwhelming to sort through. Here’s a quick rundown of what you really need to know. The Latest on Mortgage Rates Rates have been volatile – that means they’re bouncing around a bit. And, you may be wondering, why? The answer is complicated because rates are affected by so many factors. Things like what’s happening in the broader economy and the job market, the current inflation rate, decisions made by the Federal Reserve, and a whole lot more have an impact. Lately, all of those factors have come into play, and it’s caused the volatility we’ve seen. As Odeta Kushi, Deputy Chief Economist at First American, explains : “Ongoing inflation deceleration, a slowing economy and even geopolitical uncertainty can contribute to lower mortgage rates. On the other hand, data that signals upside risk to inflation may result in higher rates.” Professionals Can Help Make Sense of it All While you could drill down into each of those things to really understand how they impact mortgage rates, that would be a lot of work. And when you’re already busy planning a move, taking on that much reading and research may feel a little overwhelming. Instead of spending your time on that, lean on the pros . They coach people through market conditions all the time. They’ll focus on giving you a quick summary of any broader trends up or down, what experts say lies ahead, and how all of that impacts you. Take this chart as an example. It gives you an idea of how mortgage rates impact your monthly payment when you buy a home . Imagine being able to make a payment between $2,500 and $2,600 work for your budget (principal and interest only). The green part in the chart shows payments in that range or lower based on varying mortgage rates (see chart below): 

Have you been saving up to buy a home this year? If so, you know there are a number of expenses involved – from your down payment to closing costs . But did you also know your tax refund can help you pay for some of these expenses? As Credit Karma explains : “If one of your goals is to stop renting and buy a home, you’ll need to save up for closing costs and a down payment on the mortgage . A tax refund can give you a start on the road to homeownership. If you’ve already started to save, your tax refund could move you down the road faster .” While how much money you may get in a tax refund is going to vary, it can be encouraging to have a general idea of what’s possible. Here’s what CNET has to say about the average increase people are seeing this year: “ The average refund size is up by 6.1%, from $2,903 for 2023's tax season through March 24, to $3,081 for this season through March 22.” Sounds great, right? Remember, your number is going to be different. But if you do get a refund, here are a few examples of how you can use it when buying a home . According to Freddie Mac : Saving for a down payment – One of the biggest barriers to homeownership is setting aside enough money for a down payment. You could reach your savings goal even faster by using your tax refund to help. Paying for closing costs – Closing costs cover some of the payments you’ll make at closing. They’re generally between 2% and 5% of the total purchase price of the home. You could direct your tax refund toward these closing costs. Lowering your mortgage rate – Your lender might give you the option to buy down your mortgage rate. If affordability is tight for you at today’s rates and home prices, this option may be worth exploring. If you qualify for this option, you could pay upfront to have a lower rate on your mortgage. The best way to get ready to buy a home is to work with a team of trusted real estate professionals who understand the process and what you’ll need to do to be ready to buy . 

When mortgage rates spiked up over the last few years, some homeowners put their plans to move on pause. Maybe you did too because you didn’t want to sell and take on a higher mortgage rate for your next home. But is that still the right strategy for you? In today’s market , data shows more homeowners are getting used to where rates are and thinking it may be time to move . As Mark Zandi, Chief Economist at Moody’s Analytics, explains : “Listings are up a bit as life events and job changes are putting increasing pressure on locked-in homeowners to sell their homes. Homeowners may also be slowly coming to the realization that mortgage rates aren’t going back anywhere near the rate on their existing mortgage. ”  A recent study from Bank of America sheds light on some of the things homeowners say would make them sell , even with rates where they are right now (see visual below):

You may have heard headlines in the news lately about agents in the real estate industry and discussions about their commissions. And if you’re following along, it can be pretty confusing. But here’s the thing you really need to know – expert advice from a trusted real estate agent is priceless, now more than ever. And here’s why. A real estate agent does a lot more than you may realize. Your agent is the person who will guide you through every step when buying a home and look out for your best interests along the way. They smooth out a complex process and take away the bulk of the stress of what’s likely your largest purchase ever. And that’s exactly what you want and deserve. This is at least a part of the reason why a recent survey from Bright MLS found an overwhelming majority of people agree an agent is a key part of the homebuying process (see visual below):

Mortgage rates up 0.25%-0.5% this week as inflation (both CPI and PPI) refuses to come down pushing back the Fed’s rate cuts to probably 2-3 from 7 at the start of the year. Today’s Mortgage Rates - Our Conventional 30 yr is now at 6.625%, $1K Lender fee, NO POINTS, 6.65% APR 600K purchase price, 20% down, 780+ credit, primary residence, SFH, 30 day lock. Mortgage approval in 5 business days! Rates as of 03/14/2024 Get Today’s mortgage rate at https://www.bestlocalmortgagereviews.com/ and see how much your clients can save with a lower rate that helps get them into their dream home. Here's this week's quick look at the markets! ‌ 

Today’s Mortgage Rates - Our Conventional 30 yr is now at 6.375%, $1K Lender fee, NO POINTS, 6.4% APR 600K purchase price, 20% down, 780+ credit, primary residence, SFH, 30 day lock. Mortgage approval in 5 business days! Rates as of 03/07/2024 Get Today’s mortgage rate at https://www.bestlocalmortgagereviews.com/ and see how much your clients can save with a lower rate that helps get them into their dream home.  Here's this week's quick look at the markets! ‌

Today’s Mortgage Rates - Our Conventional 30 yr is now at 6.625%, $1K Lender fee, NO POINTS, 6.7% APR 600K purchase price, 20% down, 780+ credit, primary residence, SFH, 30 day lock. Mortgage approval in 5 business days! Rates as of 2/27/24 Get Today’s mortgage rate at https://www.bestlocalmortgagereviews.com/ and see how much your clients can save with a lower rate that helps get them into their dream home. 

Today’s Mortgage Rates - Our Conventional 30 yr is now at 6.625%, $1K Lender fee, NO POINTS, 6.65% APR 600K purchase price, 20% down, 780+ credit, primary residence, SFH, 30 day lock. Mortgage approval in 5 business days! Rates as of 2/22/24 Get Today’s mortgage rate at https://www.bestlocalmortgagereviews.com/ and see how much your clients can save with a lower rate that helps get them into their dream home. Here's this week's quick look at the markets! ‌

Today’s Mortgage Rates - Our Conventional 30 yr is now at 6.625%, $1K Lender fee, NO POINTS, 6.7% APR 600K purchase price, 20% down, 780+ credit, primary residence, SFH, 30 day lock. Mortgage approval in 5 business days! Rates as of 2/20/24  Get Today’s mortgage rate at https://www.bestlocalmortgagereviews.com/ and see how much your clients can save with a lower rate that helps get them into their dream home.