Home Buyers: You Win Some, You Luge Some
Mortgage Rates Jump; Purchasing Power Falls 11%
Mortgage rates. Just wow. I mean, that’s about all I got.
It’s rough out there. Since the start of the year, mortgage rates are up close to a full percentage point.
An entire percentage point.
I mean, people predicted mortgage rates might rise, but not like this.
And here’s the bad news: if you were sitting with you family over winter break being like, “Hey, I think I’m gonna buy house this spring”, the amount of house you can afford has dropped 11 percent since then.
If you were looking homes in the $400,000 price range six weeks ago, now you’re looking near $350,000.
That’s major. It’s one less bedroom. It’s one less bathroom. It’s maybe a different school district.
So, get with your lender and re-run your mortgage pre-approval.
You can also click the link in the description if that’s more your flavor. We’ll connect you to a lender who specializes quick pre-approval turnarounds.
Today’s Mortgage Rates
If beauty’s on the inside, somebody better flip these ugly mortgage rates inside out.
These last few days have been straight up brutal, with mortgage rates rising four out of 5 days and, today, they’re on their way up again.
Conforming, FHA, VA, and USDA mortgage rates — they’re all climbing.
So, what rate will you get?
Well, that’s going to depend on where you live, how much you borrow, and your credit score. It’s also to depend on your lender so shop around.
Always shop around.
Talk to two or more lenders and don’t wait too long to act. Rates are moving quickly.
Flood Insurance Worth $100,000 Or More
April Showers might bring May Flowers, but they also bring floods and damage into your home and life.
And, you want to make sure you’re insured. Because replacing things is expensive.
Look, I get it. Insurance is a rainy day thing and nobody expects bad things for their home. But, rainy days happen.
A lot, actually, according to government stats which shows that one-in-five floods happening in areas considered at low-risk for them.
And, your regular home or renters insurance won’t cover the damage they cause.
Insurance on floods is cheap — as low as 10 dollar per month — and that’s excellent considering the huge price tag to repair and replace flooring, furniture, and appliances.
A little bit of prevention goes a long way toward protecting your bottom line. Click to read more on flood insurance and why it’s worth your energy.
Get A Mortgage Rate Quote Now