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If you've been watching mortgage rates over the last few weeks, you've probably noticed they moved up pretty significantly. According to Freddie Mac, the average 30-year fixed mortgage rate reached 6.95% last week, up from about 6.65% just four weeks ago. So, what happened? A combination of stronger-than-expected employment numbers, higher inflation and rising energy prices caused investors to become more concerned that inflation isn't cooling quickly enough. Then last week,

If you were watching mortgage rates last week, you probably noticed they moved in the wrong direction, and pretty quickly. After a stretch of relatively stable rates, the market took a hit from a combination of stronger economic data and higher inflation. The jobs report came in much stronger than expected, showing that the economy and labor market are still holding up well. Normally that's good news, but strong economic data can actually be bad for mortgage rates because it

Mortgage Update: Rates, Jobs & a Big Fannie Mae Change We got some important mortgage news over the last week. First, the August jobs report came in much stronger than expected. The economy added 162,000 jobs, compared with expectations of roughly 56,000. Normally, a strong jobs report is good news. For mortgage rates, though, it can have the opposite effect. A stronger economy gives the Federal Reserve less reason to lower rates and can keep inflation concerns alive. Treasur

Mortgage rates have improved slightly over the last couple of weeks, with the average 30-year fixed rate around 6.65%, according to Freddie Mac. That's some welcome relief, but we're definitely not in a clear downward trend yet. This week could tell us a lot more. On Wednesday, we'll get the latest PCE inflation report, which is one of the Federal Reserve's favorite measures of inflation. Then on Friday, Fed Chair Kevin Warsh speaks at the annual Jackson Hole conference. Both

Monday Morning Mortgage Update: We got some encouraging economic news last week. Inflation continued to cool in July, with both consumer and producer inflation coming in better than expected. At the same time, retail sales declined, and the latest jobs report showed some weakness in the labor market. Why does that matter for mortgage rates? Generally, mortgage rates like to see two things: lower inflation and a slowing economy. We're finally starting to see signs of both. Tha

Mortgage Market Update: Why This Week Matters Last week's jobs report came in weaker than expected, which is generally good news for mortgage rates. A slowing job market can ease inflation pressure and increase the chances of lower rates over time. That said, we're not out of the woods yet. This week's Consumer Price Index (CPI) report will likely be the biggest driver of mortgage rates. If inflation comes in lower than expected, we could see some improvement in pricing. If i

A lot of buyers don’t realize this…
Not all “gift money” is treated the same when you’re buying a home. This chart breaks down who can give gift funds depending on the loan type. Family is usually fine. Fiancés, partners, sometimes okay. Friends… it gets tricky depending on the program. But here’s the part that actually matters 👇 The easiest way to handle gift funds is NOT having the money go to you first. Have the family member send the funds directly to the title company.

Few moments in a real estate transaction create more anxiety than a low appraisal. You’re under contract, everything feels like it’s moving forward, and then the appraisal report comes in below the agreed-upon purchase price. It can feel like a major setback. In reality, it’s a moment that requires a strategy shift, not panic. What a Low Appraisal Actually Means An appraisal is the lender’s way of confirming the value of the home. If the appraised value comes in lower than th

A lot of buyers are told their pre-approval is “good for 60 to 90 days.” While that’s not entirely wrong, it’s also not the full picture. A pre-approval doesn’t really expire in the way people think. What actually expires are the documents used to support it. What’s Really Going On A pre-approval is based on a snapshot of your financial situation at a specific point in time. That includes your income, assets, credit, and employment. Over time, those pieces need to be updated.