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Lowest Mortgage Rates in History: What It Means for Homeowners and Buyers

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  In July, the average 30-year fixed-rate mortgage fell below 3% for the first time in history. 1 And while many Americans have rushed to take advantage of this unprecedented opportunity, others question the hype. Are today’s rates truly a bargain?   While average mortgage rates have drifted between 4% and 5% in recent years, they haven’t always been so low. Freddie Mac began tracking 30-year mortgage rates in 1971. At that time, the national average was 7.31%. 2 As the rate of inflation started to rise in the mid-1970s, mortgage rates surged. It’s hard to imagine now, but the average U.S. mortgage rate reached a high of 18.63% in 1981. 3   Fortunately for home buyers, inflation normalized by October 1982, which sent mortgage rates on a downward trajectory that would bring them as low as 3.31% in 2012. 3 Since 2012, 30-year fixed rates have risen modestly, with the daily average climbing as high as 4.94% in 2018. 4   So what’s causing today’s rates to sink to unpre...
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The Home Buyer's Guide to Getting Mortgage Ready

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The Home Buyer's Guide to Getting Mortgage Ready   Don’t wait until you’re ready to move to start preparing financially to buy a home.   If you’re like the vast majority of home buyers, you will choose to finance your purchase with a mortgage loan. By preparing in advance, you can avoid the common delays and roadblocks many buyers face when applying for a mortgage.   The requirements to secure a mortgage may seem overwhelming, especially if you’re a first-time buyer. But I’ve outlined three simple steps to get you started on your path to homeownership.   Even if you’re a current homeowner, it’s a good idea to prepare in advance so you don’t encounter any surprises along the way. Lending requirements have become more rigorous recently, and changes to your credit history, debt levels, job type and other factors could impact your chances of approval.   It’s never too early to start preparing to buy a home. Follow these three steps to begin laying the foundation for your...
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Why Real Estate Investing Makes (Dollars and) Sense

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Why Real Estate Investing Makes (Dollars and) Sense     INTRODUCTION   Turn on the television or scroll through Facebook, and chances are you’ll see at least one advertisement for a group or “guru” who promises to teach you how to “get rich quick” through real estate investing. The truth is, much of what they’re selling are high-risk tactics that aren’t a good fit for the average investor. However, there is a way to make steady, predictable, low-risk income through real estate investing. In this blog post, we’ll examine the tried-and-true tactics that can be used to increase your income, pay off debt … even fund your retirement!     WHY INVEST IN REAL ESTATE?   One of the basic principles of real estate investment lies in this fact: everyone needs a place to live. And according to the Bureau of Labor Statistics’ most recent Consumer Expenditures Survey, housing is typically an American’s largest expense. 1   But there are other reasons why real estate...
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