Looking to buy a new home? One thing you want to know is the difference between a preapproval and a prequalification letter.
Mortgage rates have increased significantly since the beginning of the year. Each Thursday, Freddie Mac releases its Primary Mortgage Market Survey. According to the latest survey, the average 30-year fixed-rate mortgage has risen from 3.22% at the start of the year to 3.55% as of last week. This is important to note because any increase in mortgage rates changes what a purchaser can afford. To give you an idea of how rising mortgage rates impact your purchasing power, see the table below:
Considering buying a new home and getting a loan? Let's talk about the importance of lenders, fee sheets, and understanding the costs associated with your loan. I'd love to help connect you with a few lenders we work with locally and who also know we teach our clients to shop the loan and understand what they are paying for BEFORE they are sitting at the closing table.
How did the Real Estate Market fair in 2021?
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Year End Totals 2021 vs 2020
Closing Volume: +3.6% higher @ 34,835 closings for 2021
Average Closed Prices: + 21% ($522,592)