Mortgage Rates Drop For Third Straight Week |
November 18, 2023 |
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Hi, Home Buyer.
It's another down week for mortgage rates. We could all get used to this.
According to Freddie Mac and its weekly mortgage rate survey, the average 30-year fixed-rate mortgage rate dropped another 0.06 percentage points this week to fall to 7.44% nationwide.
That's three straight weeks of falling rates. We haven't see this happen since May.
Because rates are lower, your purchasing power is up. As compared to last month, home buyers can buy 5 percent more home, or $5,000 more for every $100,000 in the purchase price.
Combine that with the current First-Time Home Buyer Mortgage Rate Discount and buyers are getting good deals.
So, if you're out looking for homes this weekend or getting started after Thanksgiving, it's a smart time to update your pre-approval and maximize your price.
Go out and find that perfect home. It's waiting for you.
Happy Homebuying!
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Dan Green
NMLS #423065
See today's mortgage rates here
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HOMEBUYER.COM STATISTIC OF THE DAY
Source: Federal Housing Administration
FHA FICO Score Distribution for FY2023:
Data based on all FHA mortgages funded in fiscal year 2023 except streamline refinance loans which do not require a credit score.
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SHORTS FROM OUR YOUTUBE
Today's story: The FHA may lower its mortgage insurance premiums for 2024 home buyers.
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Every business day, we make a 60-second video for our customers, highlighting the latest and most important stories in mortgage and real estate.
Subscribe to our YouTube channel for this and more.
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MORTGAGE RATE
CALENDAR
Upcoming events that may change the direction of mortgage rates
November 21, 2023: Existing Home Sales
November 22, 2023: Jobless Claims
November 22, 2023: Durable Goods
November 23, 2023: Markets closed for Thanksgiving
November 24, 2023: Markets close early
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FIRST-TIME HOME BUYER PROGRAMS
Status of select first-time home buyer bills in
Congress
The Downpayment Toward Equity Act
A cash grant up to $25,000 for first-time, first-generation home buyers.
- Last Action in Congress: June 21, 2023
- Status: Not yet passed
- Alternative Mortgages: Conventional 100, 100% USDA
The DASH Act
A $15,000 first-time home buyer tax credit.
- Last Action in Congress: March 7, 2023
- Status: Not yet passed
- Alternative Mortgages: HomeReady, HomePossible
The HELPER Act
A 100% mortgage for teachers & first responders.
- Last Action in Congress: May 10, 2023
- Status: Not yet passed
- Alternative Mortgages: Conventional 100, VA Mortgage
The LIFT Act
A
mortgage that builds home equity faster.
- Last Action in Congress: June 22, 2023
- Status: Not yet passed
- Alternative Mortgages: None
The Middle Class Mortgage Insurance Premium Act
A bill to make mortgage insurance tax deductions permanent for homeowners earning less than $100,000/$200,000.
- Last Action in Congress: June 13, 2023
- Status: Not yet passed
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