The Fed raised interest rates for the 10th time in almost a year
As expected by most experts, the Federal Reserve announced a quarter point rate hike on Wednesday. In the post-announcement press conference, Federal Reserve Chairman Jerome Powell didn’t commit to stopping the rate hikes. However, he did remove language from guidance that indicated that further rates would be expected. Most experts indicated that this could be the end of rate hikes in this cycle, and rate cuts could start to enter the discussion.
The bond market reacted positively and led the national average for a 30-year fixed rate mortgage to close at 6.49%, down 0.09%* for the day.
What does $625K buy in 2023?
A recent article from the New York Times detailed the regional differences in affordability. Setting a $625k budget and shopping in Minneapolis, MN, Newport, RI, and Louisville, KY, the team from the NYT had three very different buying experiences.
$625k bought a four-bedroom bungalow in Minneapolis, a one-bedroom condo in Newport, and a brick townhouse in Louisville. The article really reinforced how much location really does matter, but it also touched on differences in taxes and local fees.
Is there affordable housing relief on the horizon for rural areas?
A bipartisan bill aimed to relieve the affordable housing crunch that several rural areas are seeing has a solid chance of getting passed, according to recent reports.
The bill, co-sponsored by Sen. Tina Smith (D-Minn) and Sen. Mike Rounds (R-S.D.) could expand the availability of housing by updating programs under the U.S. Department of Agriculture’s Rural Housing Service. If passed, the bill includes provisions to update the USDA’s section 515 program, which offers mortgages for rental properties in rural areas.
Did you know that the USDA** also offers mortgage programs for single-family homes in rural areas. Learn more about the available programs and apply today!
* National average rates accurate as of 5/3/23 from MortgageNewsDaily.com and are not advertised rates from Guaranteed Rate.
** Guaranteed Rate has no affiliation with the USDA.
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