IN THIS ISSUE |
This one did not go to 11
A cash grant program picks up steam
More mortgage money available
How long your mortgage should last
A Beckham mortgage meme
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Read Time: 4 Minutes
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This Streak Goes To 11 Stopped At 10 |
January 7, 2024
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Hello Home Buyer.
Mortgage rates ended their win streak. What a run!
After 10 weeks of drops, government group Freddie Mac reports that mortgage rates finally moved higher last week, climbing the smallest amount possible - 1 basis point, or 0.01 percentage points. The (ever so tiny) uptick ends the biggest mortgage rate bull run in 15 years.
As compared to the start of The Streak, 10 weeks ago:
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🏡 30-year rates are down 1.17 percentage points, on average
🏡 15-year rates are down 1.13 percentage points, on average
🏡 Home buyers have 16% more purchasing power
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Plus, home sellers are listing more homes for sale.
According to Altos Research, 5 percent more homes are newly-listed compared to last year which gives buyers more homes to choose
from. First-time buyers who didn't buy a home the last time their leases came due are getting a second chance now.
It's an excellent time to be a first-time buyer.
What's Your Biggest Question?
If there's one question about owning a home in the next 12 months, what would it be? Hit reply and let me know.
Happy Homebuying!
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Dan Green
NMLS #423065
See today's mortgage rates here
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KNOW YOUR NUMBERS |
$36,226 |
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The increase in home purchasing power since November 1, 2023 for the typical U.S. home buyer.
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MORTGAGE RATE ROLLER COASTER |
We built a mortgage rate roller coaster for fun. The track follows the exact path of mortgage rates since 2012. If you are prone to motion sickness or experience discomfort while watching similar content, stop the video immediately.
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MORTGAGE SMART IN 60 SECONDS |
$25,000 Cash Grant Program Adds 5 Co-Sponsors
The Downpayment Toward Equity Act, which gives a $25,000 cash grant to eligible first-time home buyers, added 5 new co-sponsors last week, raising its total to 35 co-sponsors.
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WORD OF THE WEEK |
LOAN TERM |
A mortgage loan term is the period, expressed in months or years, over which a home buyer must pay back their original principal balance plus interest.
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🤨 QUIZ TIME
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What are discount points?
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A. An argument to get discounted rates from a lender
B. A mortgage coupon code for discounted closing costs
C. A fee for a mortgage company's services
D. An upfront fee in exchange for a discounted mortgage rate
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Which answer do you think is correct?
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