Tips for First Time Home Buyers
Prepping to buy your first home can be quite daunting, especially if you are lacking in knowledge about the process. Read the following tips, that can be used as a checklist to help you start your home buying research: Examine your credit score: Lenders consider your...
Home Buying Tips For Millennials
Millennials make up the majority of today's homebuyers, and if you are one of them, you may have received some home buying advice from your friends and family. You might also have been exposed to some real estate myths or even home buying facts that were once true...
Mortgage rates dropped last week
According to Freddie Mac, the 30-year fixed-rate mortgage averaged 5.30% in the week ending July 28, down from 5.54% the week before. Rates increased sharply at the start of the year, hitting a high of 5.81% by the middle of June. Recently, worries about inflation and...
Demand among home buyers is cooling off
Due to the current high cost of buying a home, demand among buyers has slowed. As a result, many sellers are seeing their homes sit longer on the market. Recent moves by the Federal Reserve are designed to combat inflation by reducing demand. While home prices had...
Mortgage rates have largest decline since December 2008
While rates were on the rise at the beginning of the year, the 30-year fixed-rate mortgage averaged 5.30% in the week ending July 7. This was down from 5.70% the week before. Economic concerns have pushed them lower in recent weeks. Rates are still higher than they...
Many in the Portland area have been priced out of the housing market
This report from the Oregon Office of Economic Analysis said nearly 168,000 households in the Portland area have been priced out of the housing market this year. “30-year mortgage rates have risen from around 3% at the end of 2021 to just over 6% in recent days,” the...
Federal Reserve Raises Benchmark Interest Rate
The Federal Reserve announced on Wednesday it raised benchmark interest rate by three-quarters of a percentage point, the sharpest hike since 1994, as it seeks to combat the fiercest surge in U.S. inflation in four decades. Chair of the Federal Reserve Mr. Powell also...
A Slowing Market Leads to Eager Sellers
Signs of a slowing real estate market are growing—existing-home sales and new-home sales are slipping. Many home sellers are worried that they could miss out on the typical buyer frenzy. The inventory of homes for sale went up by 9% last week compared to 2021. New...
Reasons Why Now Is A Good Time To Buy A House
Despite the rise in home prices and rates, and in some cases a lack of inventory, it can still a good time to buy a home. Case in point: if you’re already ready to buy a home, you could lock in a favorable interest rate before things shift. Rates seem high at 5+%, but...
Could we have hit a rate peak this week? Time will tell.
The Fed may be over cooking the rate hikes. The result might lower the long-term rates. One week after the first .50% rate hike in 22 years, there were many Fed officials out using soothing rhetoric in an attempt to reassure financial markets they will be able to...