Navigating the Current Mortgage Market: What You Need to Know

How have national loan applications trended recently?

National loan applications decreased by 2% from the previous week and are down 14% year-over-year.

What is the impact of high inflation on mortgage rates?

Inflation remains high, leading to expectations of prolonged high rates, including mortgages.

What are the current average rates for those with good credit?

Average rates for those with good credit are around 7.36-7.41%, impacting FHA and VA loans as well.

Why are adjustable rate mortgages gaining popularity?

Interest rates are on the rise, impacting housing affordability and driving demand for adjustable rate mortgages.

What is the likelihood of the federal funds rate remaining at 5.5% in upcoming meetings?

High likelihood (91%) of federal funds rate remaining at 5.5% in upcoming meetings.

What is the highest percentage increase in year-to-date gains since 2021?

Highest percentage increase in year-to-date gains since 2021.

How much could one save by choosing a 5/1 ARM over a 30-year fixed?

Choosing a 5/1 ARM over a 30-year fixed can result in savings of approximately $200 per month.

Are forecasted rate cuts by the FED expected to happen this year?

Forecasted rate cuts by the FED may not happen this year as previously expected.

What is the chance of rates staying the same by year end?

Chance of rates staying the same by year end has significantly increased from 2% to 19%.

How are interest rates impacting housing affordability?

Interest rates are on the rise, impacting housing affordability and driving demand for adjustable rate mortgages.