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  • Mortgage Interest Rates hit new highs

    Mortgage Rate Projection for 2023

    Mortgage rates started ticking up from historic lows in the second half of 2021 and increased over three percentage points in 2022.

    But many forecasts expect rates to begin to fall this year. In their latest forecast, Fannie Mae researchers predicted that 30-year fixed rates will trend down throughout 2023 and 2024.

    But whether mortgage rates will drop in 2023 hinges on if the Federal Reserve can get inflation under control.

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    In the last 12 months, the Consumer Price Index rose by 3.7%. Inflation has slowed significantly since it peaked a year ago, but we still need to see a bit more slowing before the Fed will consider cutting rates.

    For homeowners looking to leverage their home’s value to cover a big purchase — such as a home renovation — a home equity line of credit (HELOC) may be a good option while we wait for mortgage rates to ease. Check out some of our best HELOC lenders to start your search for the right loan for you.

    A HELOC is a line of credit that lets you borrow against the equity in your home. It works similarly to a credit card in that you borrow what you need rather than getting the full amount you’re borrowing in a lump sum. It also lets you tap into the money you have in your home without replacing your entire mortgage, like you’d do with a cash-out refinance.

    Source: https://www.businessinsider.com

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  • Mortgage Rates Jump Higher – Lenders increased cost

     

    By: Matthew Graham

    Mortgage rates are noticeably higher to start the new week for most lenders although some lenders increased their costs nearly as much on Friday.

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    Between the two business days (banks were closed on Monday), the average lender is up between 0.125% and 0.25% from Thursday afternoon.

    Rates are sometimes pushed higher by big, obvious events and economic reports.  Other times, the motivations are more subtle, elusive, and even non-existent.  Today’s motivations were definitely not obvious at first glance.  Even now, it’s sort of like finding forensic evidence to piece together a mysterious crime.  We have a few good leads, but nothing conclusive and satisfying.

    The best leads have to do with arcane bond market happenings such as corporate bond issuance (big corporations issuing bonds which sap some of the buying demand from other bonds, thus pushing rates higher across the board) among other things.  Tomorrow should be different as there is important economic data due out at 10am ET.

    Source: Mortgage News Daily

     

     

     

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