There are a number of factors that go into a mortgage rate quote. Here are 10 factors that are considered: 1. Occupancy type – Is the home your primary residence, second/vacation home, or investment property? Rates for second/vacation homes and investment properties are typically higher than a primary residence. 2. How much is your down...
Category: Mortgage Rates
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NOVEMBER 2024 INTEREST RATES AND VALUES UPDATE
The Fed reduced the Fed Funds rate by 0.75% in the last few months, but mortgage rates have not come down. Currently, the Freddie Mac Primary Mortgage Market Survey shows the 30-year fixed mortgage rate at 6.84%. You can see the rate increased after the Fed decreased the Fed Funds rate in mid-September. The Fed...
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WILL MORTGAGE RATES GO UP OR DOWN? LOOK TO THE 10-YEAR T-NOTE
In order to determine where mortgage rates will go on a day-to-day basis, we look at the yield on the 10-year Treasury Note. This is a leading indicator for mortgage rates. If the yield on the 10-year Note goes down, then mortgage rates typically follow. On the other hand, if the yield goes up, then...
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HOW QUICKLY WILL MORTGAGE RATES COME DOWN AS A RESULT OF THE FED’S ANNOUNCEMENT YESTERDAY?
The Fed’s announcement was very encouraging. They said they will likely no longer increase the Fed Funds rate, and look to decrease the rate next year. This is big news. The stock markets took off, and the Dow reached a record high. As a result of this good news, how quickly will mortgage rates come...
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WHY THE FED RAISES INTEREST RATES TO STEM INFLATION
Check out this story from USA TODAY: Why the Fed raises interest rates and more questions answered The Federal Reserve will likely raise interest rates by 0.75 percentage point this week to try to stem inflation. How do interest rate hikes work? https://www.usatoday.com/story/money/markets/2022/07/25/fed-interest-rates-hike-explained/10122115002/ Contact us if you have questions about rate hikes and...
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CONTINUED INFLATION AFFECTING MORTGAGE RATES
In recent weeks mortgage rates were reported to be slightly higher than the steadfast low rates we’ve become accustomed to for quite awhile. Will rates continue to increase due to current inflation? Contact Counsel Mortgage Group or click link https://counselmortgagegroup.com/todays-rates/ for daily rates . We’re a brokerage, we have access to wholesale rates...
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WHAT’S REALLY HAPPENING WITH MORTGAGE RATES?
Earlier this week there were reports of rates exceeding 3.0%. Some reports stated rates had barely risen but were still under 3.0%. Check out this article pertaining to 30 yr fixed rates http://www.mortgagenewsdaily.com/consumer_rates/986613.aspx Do you have questions about mortgage rates? Contact us at Counsel Mortgage Group. We’re happy to discuss mortgage rates...
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ARE YOU WILLING TO TAKE THE PLUNGE?
In spite of low home inventory, many prospective homebuyers are still willing to take the plunge and purchase a new home, or a first home. Interest rates have remained low and homebuyers want to take advantage of current rates even though market prices continue to rise. You may ask yourself if it’s a good...
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ADVERTISEMENT SATURATION
I witness time and again advertisements on the internet, billboards and radio for. The down payment is typically in the form of a grant that does not need to be paid back. Many people push these loans enticing first time homebuyers to buy a home without any money out of their pocket. While these loans...
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THE RUN-UP IN MORTGAGE RATES
The recent rate increases have stalled the demand for mortgage refinancing. Applications fell 5% last week according to the Mortgage Bankers Association’s seasonally adjusted index. How does this affect homeowners considering refinancing their mortgage loans?