With interest rates still around 4% now is a great time to look back at where rates have been over the last 40 years. Rates are projected to go up a full percentage point by this time next year according to Freddie Mac. The impact your interest rate makes on your monthly mortgage cost is significant! Lock in a low rate now while you can!
Freddie Mac: Equity Matters (a Lot!) | Keeping Current Matters According to a Merrill Lynch survey, over 80% of the people in this country believe that homeownership is still “an important part of the American Dream”. There are many financial and non-financial reasons people feel this way. One of the biggest reasons is because it helps build family wealth. Last week, Freddie Mac posted about the power of home equity. They explained: “In the simplest terms, equity is the difference between how much your home is worth and how much you owe on your mortgage. You build equity by paying down your mortgage over time and through your home’s appreciation. In a nutshell, your money … Continue reading
Home Sales Will Remain Hot This Summer | Keeping Current Matters People always talk about the “spring buying season” when they talk real estate. However, this year it appears as though the summer real estate market will be just as hot. The most recent Foot Traffic Report released by the National Association of Realtors (NAR) revealed that there are more buyers out looking at homes right now than at any other time in the last two years including the past two springs (in orange below). Foot Traffic | Keeping Current Matters The Foot Traffic Report is compiled from data on the number of properties shown by Realtors. NAR further explains: “Foot traffic has a strong … Continue reading
Stop Paying Your Landlord’s Mortgage | Keeping Current Matters There are some people that have not purchased a home because they are uncomfortable taking on the obligation of a mortgage. Everyone should realize that, unless you are living with your parents rent free, you are paying a mortgage – either your mortgage or your landlord’s. As The Joint Center for Housing Studies at Harvard University explains: “Households must consume housing whether they own or rent. Not even accounting for more favorable tax treatment of owning, homeowners pay debt service to pay down their own principal while households that rent pay down the principal of a landlord plus a rate of return. That’s yet another reason … Continue reading