This morning Freddie Mac reported a new low - the average mortgage rate for a 30-year fixed loan fell to 2.8% this week. The rate fell one basis points from the week prior and is now six basis points lower than the original all-time low set in mid-September. The average fixed rate for a 15-year mortgage was 2.33%, falling from [...]
With rates at record lows, you may be considering about refinancing your mortgage. However, be aware that it could be a more expensive transaction. Effective on December 1st, a 0.5% adverse market fee will be imposed on lenders by mortgage backers Fannie Mae and Freddie Mac. Many experts are suggesting that homeowners are going to absorb at least some of [...]
A common question we get asked is what can I expect when getting ready to close on a new house? Closing, on average, takes 30 to 45 days from when your loan begins processing. And an hour or so on the day you sign the final paperwork. There are two major nerve-racking situations when buying a home: getting pre-approved for [...]
Chances are your home if owned, is most likely one of your largest assets. And if you have a mortgage, it is also likely your largest single monthly expense. To help ease the burden on many Americans during the coronavirus pandemic the government has targeted mortgages as an area to concentrate relief efforts. The CARES Act (Coronavirus Aid, Relief, and [...]
Annapolis Homeowners are joining other cities asking for breaks on mortgage payments, as millions of Americans face unemployment or reduced income because of coronanvirus pandemic. But requesting a temporary postponement of payments for your mortgage does require special attention to detail. Federally-backed mortgage's require loan servicers to offer forbearance The CARES Act stimulus package requires loan servicers to provide [...]
Record of 3.28 million people file for unemployment – what does this mean for the Real Estate Market?
When Goldman Sachs recently predicted that 2.25 million people would file for unemployment last week, it made headlines nationwide - which obliterated the previous weekly record that has stood since 1982. But the actual figure is much worse than Goldman Sachs predicted. According to the Department of Labor, nearly 3.3 million people filed for unemployment in the week ending March [...]
There are many things buyers and sellers should consider when looking to buy or sell a home. Location, why you want to buy or sell, and help you along your journey are some examples. When it comes to today’s real estate market, the top two factors to consider include Interest Rates and Inventory. Interest Rates in Today's Real Estate Market [...]