Mortgage rates hit 15-year high

6.7% 30 year rate? That's low! Mortgage rates are only one component to responsibly buying a home. I bought our first home when I was 22 years old, the same month I graduated college. I was making $17,500 a year. I still remember sitting with our mortgage person at the bank asking if they thought rates would ever go lower, he said no. We locked in a 30yr at 7.5% and were happy! Yes, rates went way down after that and have started to come back up this year, but take a step back and make sure your house buying decision is not only predicated on the rate you can get. Here are the things we considered when we bought our first house, they appear to be timeless bits of advice: ? Know your cash flow & budget inside and out ? Factor in costs like mortgage insurance, property taxes, utilities, and maintenance costs ? Just because your approved for mortgage X doesn't mean you should take out the max ? Spend less than you make ? Be OK with your house, especially your first house, not being your dream home - nothing wrong with buying a starter home - our first house was 940 square feet and over 100 years old - BUT WE WERE HAPPY AND LIVING BELOW OUR MEANS Yes, rates are going up. Yes, the prices of homes have climbed quite a bit. But if you are in the home buying market not all is lost with a little smart planning. Heck, if my parents where able to buy a house in the early 80's with a 16% rate mortgage while raising 3 kids on only one income with record inflation, than 6.7% doesn't seem all too bad as long as we are fiscally responsible. What do you think? Any tips for those looking to buy a home? #housingmarket #inflation #mortgage #personalfinance #litrendingtopics

Although mortgage rates more than doubled in 2022, months' supply - - the number of months it would take for the current inventory of homes on the market to sell given the current sales pace - has barely increased. Months' supply remains far below pre-pandemic levels. The combination of higher mortgage rates and record high house prices led a rapid decline in housing affordability and many potential buyers have been sidelined. Yet, housing inventory growth remains anemic. This is because the number of new houses coming on the market has also fallen drastically. Without a large increase in monthly supply, a double-digit price decline like we saw during the Global Financial Crisis remains highly unlikely. #housing #mortgage #mortgagerates #affordablehousing

“I think it’s probably a good time to be a renter."? The average rate on a 30-year fixed mortgage climbed to 6.7%, according to a survey of lenders released Thursday by?Freddie Mac. lt was the highest rate since July 2007 and marked the sixth week in a row of rising rates. This week’s rate was up from 6.29% last week. Moves that large in a single week have occurred only a handful of times since Freddie Mac started tracking them more than 50 years ago. Our story:

. The Wall Street Journal on the US mortgages: "Rates rose to their highest level in more than 15 years, a new post crisis high.... The average rate on a 30-year fixed mortgage climbed to 6.7... lt was the highest rate since July 2007. A year ago, rates were 3.01%." https://lnkd.in/eC3ivbyK #economy #mortgage #mortages

. The Wall Street Journal on the US mortgages: "Rates rose to their highest level in more than 15 years, a new post crisis high.... The average rate on a 30-year fixed mortgage climbed to 6.7... lt was the highest rate since July 2007. A year ago, rates were 3.01%." https://lnkd.in/eC3ivbyK #economy #mortgage #mortages

The housing market is finally leveling out! Whether you are ready to buy a home depends on YOU - always has always will! When I bought my first home the interest rate was over 7%! I worked with my lender to understand my affordability and bought an adorable little house perfect for me and my dog! It was the largest purchase of my life and I was so excited to have something to show for my monthly payments that was ALL MINE! I sold that house 2 years later with equity to use as a down payment for a new bigger home! Check out this article in The Washington Post - there’s a quote by one of our very own Geetesh Kapoor Fairway Independent Mortgage Corporation #myfavoritelender

. The Wall Street Journal on the US mortgages: "Rates rose to their highest level in more than 15 years, a new post crisis high.... The average rate on a 30-year fixed mortgage climbed to 6.7... lt was the highest rate since July 2007. A year ago, rates were 3.01%." https://lnkd.in/eC3ivbyK #economy #mortgage #mortages