What could happen in the housing & mortgage industry this week?

Housing & Mortgage Updates | Mortgage Rate News

What’s going on this week in the housing & mortgage industry?

The Federal Reserve meets Tuesday and Wednesday of this week and the markets are on pins and needles. There has been a lot of data as to where inflation is headed and we know the Fed is data-dependent when it comes to setting policy. What has some economists squirming is now the possibility of a 100-basis-points hike in an effort to curb inflation. Last Friday, the 30-year fixed set a 14-year high at 6.35%*. If the Fed were to stick to a 75-basis-points increase, we could see a sigh of relief in mortgage rates and the stock market. Stay tuned… Monday: NAHB home builders’ index Tuesday: Building permits (SAAR) Housing starts (SAAR) Wednesday: Existing home sales (SAAR) Federal Reserve statement Fed Chair Jerome Powell news conference Thursday: Initial jobless claims Continuing jobless claims Leading economic indicators

Condo vs. Homeownership

Even through home prices are starting to edge down, the average American home is still $428,700. One alternative could be buying a condo until home prices and mortgage rates come back down. A recent report showed the average price of a condominium was just $347,512. While you might pay less, you’ll also probably get less square footage and have a little less privacy. Still, millions of Americans own condos as they’re a perfectly acceptable alternative. If you go the condo route, do your homework and have a clear understanding of the differences between condo life and homeownership.

Thinking about solar panels?

Using energy from the sun to power your home is one of the most eco-friendly options you could choose. While years ago it was more of a novelty, today home solar panels are finding their way into the mainstream more and more. Solar panels provide a substantiable form of energy, require very little maintenance and can save you thousands of dollars in the long run. On the other hand, they are quite expensive to install with average costs starting around $18,000. However, if you plan on living in your home for a while, solar panels are a smart investment.

First-time homebuyers guide: part 16

Often the most challenging steps in getting a mortgage for borrowers is understanding closing costs. A good lender should be totally transparent about these costs upfront so there are no surprises. Typically, closing costs average around 2% of the home purchase price but can go as high as 5%. Lenders are required to supply you with a loan estimate three days after receiving your application to give you an idea of what your total loan costs will be. Three days before the scheduled closing, you’ll be provided a Closing Disclosure with the updated figures. These two documents will most likely differ due to any number of variables but the figures shouldn’t be too far apart. As a borrower you should ask as many questions as it takes to understand any differences, especially if they are significant.

in 10 minutes?

The pre-approval process is lightning fast, and can be completed
in under 10 minutes. Grab a few important documents to get started.
  1. Tax Returns
  2. Copies of W-2s (or 1099s for independent contractors,
    freelancers and the self-employed)
  3. A payroll stub
  4. A bank statement
  5. Loan obligation info (student loans,
    auto loans and credit cards)

Applicant subject to credit and underwriting approval. Not all applicants will be approved for financing. Receipt of application does not represent an approval for financing or interest rate guarantee. Restrictions may apply. 

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