TODAY’S MORTGAGE RATES

Mortgage Interest Rates have gone up
by .03% this week. The average 30
year fixed conventional interest rate
in the U.S. is now exceeding 7%.

The Mortgage Backed Security Market
traded down -35 bps over the past
7 days. The 10 Year Treasury
currently sits at 4.47%.

Below are your average interest rates
across the country according to
Mortgage News Daily.

Housing inventory is currently at the
highest post-pandemic levels, but
inventory is still lower than the
pre-pandemic averages.
See chart below.

The U.S. housing market is moving
towards a more normal market
that we saw before the pandemic.
Currently, there are 4.4 months
of home inventory on the market.

Remember that with more homes on
the market, buyers have the ability
to negotiate better terms. It’s very
common for a buyer to negotiate
seller concessions allowing a home
buyer to get a much lower rate
with the seller paying for it.

There are a lot of characteristics
that go into a mortgage rate –
credit score, investor, loan to
value, loan amount, costs, etc.
Please call me to go over your specific
scenario so we can price your loan
out accurately.

Or you can get a Free Mortgage Quote
or Apply for a Mortgage with the links below.

Thank You! 

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ALMOST HALF OF YOUNG BUYERS
GET DOWN PAYMENT FROM
THEIR PARENTS

Nearly half of home buyers 18-26 years
old get help for a down payment
from their parents.

The minimum down payment percentages
for the most common mortgages in the
U.S. are 3 to 5%. Down payment
assistance options are also very
popular which help lower the
required down payment.

One thing that may be helping
parents assist their children with
a down payment is the equity
they have in their current home.
Today, the average homeowner
has over $300,000 in equity in
their home.

HOME IN 5 FUNDS ARE LIMITED

Home in 5 Platinum, the popular
Maricopa County Down Payment
Assistance Program is now limited
to homes that sit in specific land
tracts.  Manufactured housing is
also still eligible.

This comes just two weeks after
another round of funding made
the program available again.

If you would like to see if where
you are planning on purchasing
is eligible, please reach out.

Hope you have a fantastic week!