Mortgage Interest Rates
Home values are up can you still afford to buy? This is a monthly post from our preferred lender, Dan Tharp, Enjoy as it’s a good one! Home prices in California are going up and will probably continue to do so. Does that mean they are less affordable?
The news can be misleading and confusing as it recently touted the significant move higher in the median home price, currently up 15% nationally versus last year. And 14.3% in Sacramento County, says the Sacramento Association of Realtors. 15% sounds awfully high. But the median home price does not measure appreciation. Instead, it marks the middle price point of recent home sales.
Why don’t I have the best rate? An amazing blog below from our team preferred lender, Dan Tharp. Enjoy, a very good read. — JaCi Wallace
Without fail, the number one question I get from first-time callers looking to refinance or purchase a new home is “what’s your rate?” I used to stumble a bit when asked this question because there is so much involved in getting an accurate interest rate and one that I can’t answer in a 30-second conversation. I wish it were that easy.
A new tax on mortgage refinance is a brilliant blog written by our fabulous lender, Dan Tharp, with Guild Mortgage. –Enjoy, JaCi Wallace. Dan has some good news and some bad news. Here’s the bad news first.
Last week, the Federal Housing Finance Agency (FHFA) announced a surprise fee on all new refinance transactions sold to Fannie Mae and Freddie Mac. This is making up approximately two-thirds of all loans. The cost was assessed regardless of the bank or mortgage company you choose to work with . End result, it will increase the interest rate that you had been expecting and had been available.
The true cost of waiting to buy a home in Sacramento, as written by our fantastic lender, Dan Tharp, with Guild Mortgage., Enjoy. — JaCi Wallace.
I know shopping for a home today is hard work and very frustrating at times. Inventory is low, and demand is high – It may take many offers, and a few tension-filled bidding sessions, before you land that home. Buyers can quickly get discouraged and say, “I am tired of this. I am just going sign a new rental lease instead and try this again in 6 months to a year”.
Metrolist Sacramento MLS pending sales March-May 2020 is a clear snapshot of the current surge in pending sales. Clearly, May 2020 forward shows increased buyer confidence. We would customarily see an uptick this time of year; however, Covid19 has some buyers nervous about home buying. Many buyers we talk to are surprised when they see the reports like this graph. If they are out shopping, they know as buyers are only allowed two at a time, so buyers are waiting outside in a line on some listings. The above market snapshot is a good example of simplicity and EZ to follow. The inventory is increasing slowly, but not by much.