Tag Archives: #Mortgagerates

Why the Major Port Strike Could Be a Great Sign for Homebuyers

03 Thursday Oct 2024

Posted by in Home Ownership, Port Strike

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The recent major port strike might seem like bad news for the economy, but it could actually be a great sign for homebuyers. Especially those waiting for lower mortgage rates. While we may see delays in new construction materials like windows, cabinets, and flooring, much like during the COVID-19 pandemic. The economic impact could lead to a drop in mortgage rates. Presenting—an opportunity for buyers sitting on the sidelines to enter the market at just the right time.

The real estate market is no stranger to economic shifts. If you’re planning to purchase a new construction home, there’s a potential challenge on the horizon. The recent major port strike could have far-reaching implications. It may mirror some disruptions we saw during the COVID-19 pandemic. Shipping containers sat undelivered, causing a significant shortage of building materials.

If you’re buying a new construction home. Prepare for potential delays in the availability of essential materials like windows, cabinets, and flooring. Builders rely heavily on imported goods. Any significant disruption in port operations could lead to setbacks in getting these key items. Slowing down the completion of your new home.

Mortgage Rate Implications

One potential silver lining for homebuyers is the effect this could have on the economy. A major disruption like this could lead to an economic slowdown, which often causes mortgage rates to decline. If you have been hesitating to buy, now might be the perfect time. You can take advantage of the market if you were waiting for lower rates.

Lower mortgage rates are a great sign for homebuyers, offering potential savings over the life of your loan. That said, you’ll want to stay informed and prepared, as timing could be crucial.

Call to Action:

Don’t wait! If you’re planning on purchasing a new home, now is the time to act. If you’re eyeing the market for opportunities, now is also the time to act. Stay informed about these market shifts and how they impact your buying process. Whether you’re looking for advice, our team is here to help. If you’re ready to make your move, we will guide you to navigate the market with confidence. Contact the RMF Realty Team today and let’s get started on finding your dream home!

#RealEstateMarket, #HomebuyersTips, #NewConstructionDelays, #MortgageRates, #RMFRealtyTeam, #PortStrikeImpact,

Unlocking Homeownership: Increased Conforming Loan Limits

25 Wednesday Sep 2024

Posted by in Columbia housing market, Home buying, Home Ownership

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Increased Conforming Loan Limits

In recent months, there’s been a significant shift in the real estate landscape, particularly with the increase in conforming loan limits. Combined with the recent drop in mortgage rates, this change has the potential to significantly improve home affordability. Let’s explore how these developments can open the door to homeownership for many prospective buyers.

Understanding Conforming Loan Limits

Conforming loan limits are the maximum loan amounts that can be purchased by government-sponsored entities like Fannie Mae and Freddie Mac. These limits are adjusted periodically to reflect changes in the housing market. The increase in these limits means that buyers can now secure larger loans without entering the realm of jumbo loans, which typically come with higher interest rates and stricter qualification criteria.

The Impact of Lower Mortgage Rates

Simultaneously, we have seen a decline in mortgage rates. Lower rates can drastically reduce monthly payments, making homeownership more affordable. When combined with higher conforming loan limits, this creates a powerful opportunity for potential homeowners.

More Opportunities for Homeownership

With the new conforming loan limits, buyers can now access higher loan amounts, making it possible to purchase single-unit properties in competitive markets without the added financial burden of jumbo loans. This is particularly beneficial for first-time buyers or those looking to upgrade their homes.

As a result, we expect to see a surge in home purchases. More buyers can now enter the market with the confidence that they won’t be limited by lower loan amounts or high-interest rates. This can lead to a healthier housing market overall, benefiting sellers and buyers alike.

The Path Forward

For those contemplating the purchase of a home, now might be the ideal time to take action. If you’ve been waiting for the right moment to enter the market, these changes could create the perfect opportunity. Working with a knowledgeable real estate agent can help you navigate this evolving landscape and find the right home for you.

Call to Action: Are you ready to explore your options in this new market? Contact the RMF Realty Team today to learn how these changes can benefit you! Let us help you unlock the door to homeownership.

#HomeAffordability, #ConformingLoanLimits, #MortgageRates, #Homeownership, #RealEstateOpportunities, #RMFRealty, #SCRealestate,

By taking advantage of these changes, you can make your dream of homeownership a reality. Don’t wait—reach out to us today!

Homeownership Rate Remains on the Rise

12 Tuesday Nov 2019

Posted by in Home Ownership, Uncategorized

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Homeownership Rate Remains on the Rise | MyKCM

In the third quarter of 2019, the U.S. homeownership rate rose again, signaling another strong indicator of the current housing market.

The U.S. Census Bureau announced,

“The homeownership rate of 64.8 percent was not statistically different from the rate in the third quarter 2018 (64.4 percent), but was 0.7 percentage points higher than the rate in the second quarter 2019 (64.1 percent).”

Homeownership Rate Remains on the Rise | MyKCMToday there is still a lack of inventory, particularly at the entry and middle-level segments of the market, but that is not stopping buyers from making every effort to pursue homeownership. The many financial and non-financial benefits continue to drive the American Dream and will likely do so for generations to come.

Bottom Line

If you’re thinking of buying a home, let’s get together to make your dream a reality.

If you’re thinking of buying a home, let’s get together to make your dream a reality.

Interest Rates Hit New 12 Month Low!

27 Wednesday Feb 2019

Posted by in Columbia tell me what you think?, Home buying

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Interest Rates Hit New 12 Month Low!

Interest Rates Hit New 12 Month Low! | MyKCM

According to Freddie Mac’s Primary Mortgage Market Survey, interest rates for a 30-year fixed rate mortgage are currently at their lowest for 2019. Rates like these haven’t been seen since February 2018!

Last week’s survey results reported an interest rate of 4.35%. This is a welcome change from the near 5% rates seen in mid-November. At 4.32%, the second week of February 2018 was the last time rates were this low. This can be seen in the chart below.

Interest Rates Hit New 12 Month Low! | MyKCM

Freddie Mac’s Chief Economist, Sam Khater, had this to say:

“Mortgage rates fell for the third consecutive week, continuing the general downward trend that began late last year.

Wages are growing on par with home prices for the first time in years, and with more inventory available, spring home sales should help the market begin to recover from the malaise of the last few months.”

Bottom Line

If you plan on buying a home this spring, meet with a local real estate professional who can help prepare you for today’s market before rates increase!