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Today’s Mortgage Rates | August 26, 2021

Most Homeowners Are Missing Out On Refinancing Opportunities Almost half of US homeowners say that they have not considered refinancing their home this year. This is largely due to a lack of understanding of how the mortgage markets work. 40% of homeowners do not know the interest rate that they are currently paying on…

August 26, 20210Comments

ByLee Okwei

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Today’s Mortgage Rates | August 25, 2021

Cash Investors Competing With New Home Buyers Affordable starter homes are getting harder and harder to find. This is the sector of the market that has the least available inventory and is also seeing the lowest rates of new construction. But even if a new home buyer can find a starter home to bid on,…

August 25, 20210Comments

ByLee Okwei

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Today’s Mortgage Rates | August 24, 2021

New Study Confirms Racial Bias In Mortgage Approval Algorithms A new analysis of data from over 2 million mortgage applications confirm that racial bias is baked in to the approval algorithms. While all minorities are affected, the bias most heavily impacts the black community. According to the study, black people were 80% more likely to…

August 24, 20210Comments

ByLee Okwei

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Today’s Mortgage Rates | August 23, 2021

Rates Rising As Fall Approaches At the beginning of August the real estate market was at an all time sweet point for homeowners. Mortgage rates were at rock bottom levels, housing prices were soaring, and sellers were sifting through multiple competing offers within days of listing their homes. As predicted, rates are rising and…

August 23, 20210Comments

ByLee Okwei

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You Can Afford A Bigger House With An Energy Efficient Mortgage

Part of Biden's dream for America is a large expansion of green and renewable energy infrastructure. One way America can become more energy efficient and independent is by investing in technologies that save electricity. This could be as simple as adding more insulation to houses, installing energy efficient windows, or upgrading appliances. To encourage…

August 20, 20210Comments

ByLee Okwei

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Today’s Mortgage Rates | August 20, 2021

Mortgage Delinquency Numbers Are Falling At the beginning of the pandemic, millions of homeowners fell behind on their payments and enrolled in forbearance programs provided by the government. A year and a half later, most of the people who signed up for forbearance are now up to date on their mortgage. The delinquency rates…

August 19, 20210Comments

ByLee Okwei

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Today’s Mortgage Rates | August 19, 2021

Getting Pre-Approved Is Crucial In Today's Market Its not easy to buy a house in this hot market. Buyers face fast paced bidding wars when they find a property that they are interested in. If you're slow or don't offer enough, you lose the home. While getting pre-approved has always been good practice, in the…

August 19, 20210Comments

ByLee Okwei

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Today’s Mortgage Rates | August 18, 2021

Mortgage Rates Are Rising and Buyers Are Hesitating While rates will remain low for the foreseeable future, the numbers are starting to creep back up from their rock-bottom positions. The rising rates are partnered with lower demand for mortgages over the last week. It is too early to tell whether this is a temporary dip…

August 19, 20210Comments

ByLee Okwei

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Today’s Mortgage Rates | August 17, 2021

Lenders Are Keeping High Standards For Mortgage Approval The 2008 housing crisis was fueled by a surge in risky lending practices throughout the mortgage industry. The current boom may cause a bubble, but it won't be a credit bubble. Only applicants with great credit profiles are currently receiving mortgage approvals. This is the time to…

August 17, 20210Comments

ByLee Okwei

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Today’s Mortgage Rates | August 16, 2021

The Refinancing Window Is Closing Interest rates are creeping up and property values are starting to fall from their peak. Homeowners hoping to capitalize on an equity spike need to get their refinancing deals settled now. If you are considering listing now, put your house on the market today. However, potential buyers may benefit…

August 17, 20210Comments

ByLee Okwei