Average rates on a 30-year fixed mortgage hit 5% for the first time since 2011, with the exception of two days in 2018. Assuming that expected rates stay this high, it will be the first time since 2013 that we’ve seen 5% interest rates. For context, rates this time last year were 3.38%. So, what do rising rates mean for homebuyers? As Mortgage Rates Rise, So Do Borrowing Costs The general rule of thumb is that for every 1% interest rate hike, …
Tag: interest rates
It was a long time coming, but mortgage rates are definitely on the rise. Blame inflation, international developments, or elected officials, but facts are facts — interest rates have continued their slow but steady ascent into 2022. Rates hit 4% this week, which is an increase of over 26% in the past six weeks. Now, you might think that soaring interest rates will have a cooling effect on the market. It makes sense — higher mortgage rates means a higher …
Recession. Natural Disaster. Pandemic. These are experiences that put people to the test, and we all handle them in different ways. Some of us squirrel away every penny. And some of us… buy property! If you’re eyeballing the historically low interest rates and have enormous faith in your real estate agent, here are eight tips for buying a house during times of crisis. Spoiler — these insider secrets come from our very own Leonard Steinberg at Compass, who has put …
COVID-19 is a pretty serious curve ball to just about everyone. For prospective homeowners in particular, it complicates every step of the home buying process. That includes the finance side of things. If you’re getting a loan or refinancing during the pandemic, here are four things to understand right out of the gate. Great Rates, Complex Process Yes, interest rates are at historic lows. In fact, last week they just hit a new all-time low. Unfortunately, securing a loan at these …
In 2014, the San Francisco skyline will adapt to the high demands for housing. As the country’s top-ranked market construction pipeline, San Francisco has approved the addition of 43, 850 new residential units, many following the trend of micro-housing. For an expanded view, roughly only 35,000 units have been constructed in the city by the bay over the past 14 years. Supporting a thriving bay area economy, positioned by an increase in equity capital and a hot job market, San …
Social Profiles