Freddie Mac’s most recent Primary Mortgage Market Survey shows the 30-year fixed mortgage rate inching lower for the third consecutive week and setting a new low for the year. “In a short week following Memorial Day, the 10-year Treasury yield fell 4 basis points,” says Sean Becketti, Freddie Mac’s chief economist. “The 30-year mortgage rate remained relatively flat, falling 1
A lender can approve you for a mortgage, but that doesn’t mean you will be able to comfortably afford it. Online mortgage calculators can help determine how much house you will be able to afford, but it also is important to consider your personal financial situation. Here, Trulia explains why you can’t rely solely on a calculator to tell you
While your loan term might be fixed, that doesn’t have to determine when you’ll be mortgage-free. There are a few ways to cut the ties early while lowering the total amount paid in the process. Here, Trulia offers five ways you can speed up the process. 1. Refinance into a 15-year mortgage Cutting your loan term in half is a
Unless you can afford to buy a home in cash, you’ll need to get a mortgage. When you’re serious about buying a home, it’s important to understand the mortgage process and to see how much mortgage you can qualify for. Here, Redfin offers five steps for getting a mortgage. Step 1: Know your numbers The first step in preparing to
When making an offer on a home, you will show the sellers you mean business with two things: 1) a chunk of cash called an earnest money deposit, and 2) a piece of paperwork known as an earnest money contract. Odds are you’re focused on the first. The earnest money deposit, after all, is a large sum of money you put down on a house that demonstrates
If your resolution is to get into a new home this spring, it’s important to understand the mortgage pre-approval process. Anyone looking to buy—especially in a competitive market—should ask a reputable lender to pre-approve them for a mortgage. A mortgage pre–approval letter: Confirms you can qualify for a mortgage; Tells you how much you can expect to borrow, provided your
Freddie Mac’s most recent Primary Mortgage Market Survey shows an increase in average mortgage rates for the first time in five weeks. “The 10-year Treasury yield rose about 10 basis points this week. The 30-year mortgage rate moved with Treasury yields, rising 6 basis points to 4.03 percent,” says Sean Becketti, Freddie Mac’s chief economist. “Despite recent swings in
Raising your credit score above 800 will put you in rare company. So rare that only one out of nine Americans can claim they’re members of this elite club. The perks of having an excellent or perfect credit score (think 750 or higher) are undeniable. You’ll often have lenders fighting for your business, and in nearly all instances, you’ll
Freddie Mac’s most recent Primary Mortgage Market Survey shows the 30-year mortgage rate dropping for the fourth consecutive week and hitting a new low for 2017. “Following a weak March jobs report, the 10-year Treasury yield dropped about 5 basis points,” says Sean Becketti, Freddie Mac’s chief economist. “The 30-year mortgage rate fell 2 basis points to 4.08 percent. Not
The average time it takes millennial mortgage borrowers to close a loan tapered off to 44 days in February, the shortest time period since March 2016, according to Ellie Mae’s recently released Millennial Tracker, a measure of millennial mortgage applications. Closing a purchase loan took two days less than the average at 42 days, while closing a refinance loan took
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