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Everyone is talking about home prices and the affordable housing crisis. A lot of people are wondering, or even think home prices are going to crash, mostly thanks to reporting from the media. But where are home prices headed for the end of 2023 and beyond? First, let's look at where home prices are at the moment and how we got here. The rate of increase in home values has been massive during the last...
Lenders have guidelines regarding max DTI to approve a loan. Many lendaers allow for DTI ratios up to 50%. Still, loans with higher DTI ratios typically have worse terms. Higher DTI may require a higher down payment to meet loan approval criteria....
U.S. mortgage rates are inching closer to 8%, a two-decade high, making homeownership increasingly out of reach for many Americans. The Federal Reserve's aggressive tightening campaign against inflation is causing upward pressure on market rates, making existing home sales slump further and potential first-time borrowers hesitant. Lawrence Yun, chief economist at the National Association of...
According to Bankrate and Freddie Mac, the current average interest rate for a 30-year-fixed mortgage is 7.58%, which is the highest it has been in over 20 years. Experts are now predicting that this could go up to 8%, if the economy continues to show signs of strength and the Federal Reserve raises interest rates again. If this happens, the housing market could go back into a deep...
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