Mortgage Market Update - "Just Ask" – Good Questions (recap 2/26 - 3/3)

We have a common saying in our house…Solve your problems with questions, not complaints.? In today's Mortgage Market Updates, I share a variety of real estate trends, mortgage rate data, and housing headlines (some that read more like complaints than stats), and explain why Logan Mohtashami's recent HousingWire Daily podcast rant reminded me that tackling this market is just about asking the right questions.? Enjoy this week's newsletter and you will see what I mean…

• The Greater Boston Area rated the nation's hottest housing market, reports Altos Research.

• 55% of Millennials and 40% of Gen Zers say now is a good time to buy a home, according to BAM Media.

• A BAM Media published survey shows that 40% of potential homebuyers would consider a home purchase feasible if rates were to drop below 6%.? And, another 32% would jump in if rates fell below 5%.
• Rocket Mortgage announces immediate closure of Rocket Pro Originate, a platform serving real estate agents and financial professionals.

• Fannie Mae and Freddie Mac confirm that by Q4 2025 they expect to replace the Classic FICO score with the FICO10T and VantageScore 4.0 credit models.? They believe the new models will increase accuracy in credit risk and benefit buyers by using only two scores, instead of three.

"If you are worried about price and you are not thinking about the payment level…I don't think you should ever own a house." – Logan Mohtashami, a lead analyst for HousingWire and respected expert for his insights on the US economy, housing market, mortgage industry, and real estate trends.

All of those people who ask, "Is it a good time to buy?" "Should I wait for prices or rates to come down?" "How much can I afford?"? YOU ARE ASKING THE WRONG QUESTIONS!!!? It is not about the purchase price or how much you can afford.? Every conversation I have starts with, "How much do you feel comfortable spending?"

Before you roll your eyes thinking that I am trying to "sell" something like too many of my real estate colleagues, I am not telling you that you should buy…I am just suggesting that if you want to buy, you should think about it a little differently!? I always show you how much you can afford, but the $XX Million pre-approval doesn't do you any good if you don't want the $XX Million mortgage payment!? The keys to buying a home in a volatile market place are:

• Know your comfort level.? What monthly payments fit with your desired lifestyle?
• Work backwards.? Don't look at the purchase price.? Start with the monthly payment and out of pocket costs and then build a budget that fits your goals.
• Be disciplined.? A good plan only works if you use it.? Build your homebuying plan and then work within the budget and goals…don't let yourself get sucked into spending beyond your comfort levels.

Don't let the market scare you.? If you are ready to move or buy, just ask the right questions and build the right plan.? If your go to lender doesn't help you follow these steps, please feel welcome to call.? If you are already in good hands…(dang it! I mean great…but) you're still welcome to call with any questions.? Every homebuyer deserves to enjoy buying with confidence, clarity, and collaboration.

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