As 2016 draws to a close, WalletHub has made its economic predictions for 2017. Based on the current economic recovery and the inauguration of a new president, here are 10 important developments expected in the new year. U.S. GDP growth will remain at 2.1 percent The U.S. economy is expected to end 2016 having grown by about 1.75 percent, and
Freddie Mac’s most recent Primary Mortgage Market Survey shows average fixed mortgage rates moving higher for the seventh consecutive week. “As was almost-universally expected, the Federal Open Market Committee (FOMC) closed the year with its one and only rate hike of 2016,” says Sean Becketti, Freddie Mac’s chief economist. “The consensus of the committee points to more rate hikes in
The election of Donald Trump has had a major influence on interest rates, with rates on 30-year conforming mortgage increasing by more than 50 basis points to levels the public hasn’t seen in more than two years. In real terms, the movement in rates so far has increased mortgage payments by 7 percent. On a median-price home, that shift amounts to more than
Thinking about buying a house, but your credit score doesn’t quite meet the required standard? You’re not alone. Half of the nation’s consumers have the desired 700-plus credit score, while the average is 695. And while you can obtain a mortgage with scores in that range, you’ll need a 740 or above to get the optimal rates. If you’re wondering
Freddie Mac’s most recent Primary Mortgage Market Survey shows average fixed mortgage rates moving higher, with the average 30-year fixed-rate mortgage topping 4 percent for the first time since 2015. “In a short week leading up to the Thanksgiving holiday, the 10-year Treasury yield rose 8 basis points,” says Sean Becketti, Freddie Mac’s chief economist. “The 30-year mortgage rate followed
Mortgage lenders look at four factors when deciding whether to grant financing, and having an understanding of each will help make the process much easier. Steady income Having a stable income is key. Lenders crave a consistent income that is poised to continue into the future, while any gaps in employment during the past two years must be explained and
There’s a new buying strategy brewing: Cash first, mortgage later. Here’s how it works: Rather than having to finance a purchase, buyers liquidate their assets (including taking money out of their retirement savings, investment accounts and assets such as other property); amass enough cash to purchase a home outright; and then make an all-cash offer. This can help make your
Freddie Mac’s most recent Primary Mortgage Market Survey shows that a jump this past week in the personal consumption expenditure (PCE) — the price index tracked most closely by the Fed — raised the prospect that inflation might not have gone by the wayside after all. Investors reacted by driving the yield on the 10-year Treasury to its highest point
Lenders make homeownership possible for many people who don’t have the available cash to purchase a home. They also help buyers with bad credit or no down payment to obtain loans. Here, Realtor.com offers four ways lenders can assist you on the path to homeownership, along with some recommendations on how to make the most of this relationship. Lenders can provide pre-approval If
Mortgage applications increased 0.6 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending Oct. 14 (with an adjustment included for the Columbus Day holiday). The Market Composite Index, a measure of mortgage loan application volume, increased 0.6 percent on a seasonally adjusted basis from one week earlier.
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