Aaaand Mortgage Rates Come Back Down
Just as fast as mortgage rates jumped up, they’ve come down, with the 30-year fixed at 6.01%. Again, Federal Reserve Chairman Jerome Powell backed up his Jackson Hole speech in a recent interview reiterating the Fed’s commitment to hammering down inflation.
The market seems to be getting more comfortable with this certainty and has priced in a 75-basis-points increase coming out of the Fed’s meeting later this month. Markets like stability and that might be one reason we’re seeing mortgage rates settle a little lower.
Understanding VA loans
The men and women of the United States armed forces have sacrificed a lot to protect our country, and in turn our country rewards their bravery and service with special VA home loan benefits. These benefits include lower mortgage rates, no down payment options, no private mortgage insurance and more.
If you or someone you know is serving or has served in the military, now’s a great time to look at a VA loan instead of a conventional mortgage. A good lender will walk you through the entire process and coach you on how to make the most of the VA home loan benefits.
How to give your home a ‘Fall Feeling’
There’s more to buying a home than just mortgage rates. There’s also how you ‘feel’ at home once you move in. This fall, bold ‘70s colors, dark wood furniture and vintage vessels are just a few of the interior design trends warming up homes this season.
The great thing about home décor is you can do it a little at a time to keep your budget in check. It’s best to start with a vision and then build towards it one throw rug or coffee table at a time. And if you’re really into pumpkin spice lattes this fall, check out the plush pumpkin pillows and rattan gourds giving living room couches a little extra spice too.
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auto loans and credit cards)
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John Kistner is Guaranteed Rate’s Market Analyst. Market Updates are designed to provide readers with a high-level yet insightful view of how economic news, events and trends affect mortgage rates and the homebuying process.