The real estate market may slow a little, but it is still sizzling, and lower mortgage rates could prompt new buyers to re-enter the market or existing homeowners to stay put and refinance. Here’s what you need to know about mortgages and real estate this week.
1. Mortgage rates are falling again
Fixed mortgage rates for 30 years slipped off this week, averaging just above 3 percent amid economic uncertainty. This is good news for borrowers who will receive a grace period. Most experts still expect rates to rise by the end of the year.
2. Lenders are responsible for stopping the payment of the refinancing fee.
When the Federal Housing Finance Agency announced that its 0.5 percent premium on most mortgage refinances would end on Aug. 1, many banks and other financial institutions were more than happy to pass savings on to their clients and compete better for borrowers. Betting fell as a resultwhich means this is a particularly good time to refinance if you haven’t done so recently.
3. Consolidation of debt through refinancing.
There are many attractive reasons for refinancing your mortgage and several ways to save money on it. Thanks to the previously mentioned low rates, you can probably get a good deal on a new primary loan, but you can also a loop in debt with higher interest rates wrapping it up in a new mortgage. Then your monthly payments will be made by a one-time check or bank transfer, and in the end you will probably pay less too.
4. How to compete in the insane real estate market
It’s still stressful for home buyers and you need to have a clear strategy if you want to win over a salesperson who is likely looking at a lot of offers at the same time. Check these tips how to make your bet visible.
5. What to do if you feel bad about your buyer’s conscience
In this market, home buyers who are not enthusiastic about their purchase can quickly resell at a profit. However, to avoid such regrets, companies like SOLD.com work with buyers and sellers to make sure everyone really gets what they want. Read Bankrate’s conversation with the CEO and co-founder of the company to find out more.