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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 the wild real estate market is slowing down as fall approaches. This trend is predicted to continue through the end of the year. If you haven’t made a move to refinance or sell yet, this is the time to do it.
30 Year Fixed Mortgage Rate
|Change From Yesterday||+0.051%|
|Change From One Week Ago||+0.033%|
|Change From One Year Ago||-0.092%|
15 Year Fixed Mortgage Rate
|Change From Yesterday||+0.039%|
|Change From One Week Ago||+0.034%|
|Change From One Year Ago||-0.430%|
Today’s Financial Headlines
Delinquency rates have been falling throughout the country, but there are still an estimated 1.6 million mortgages that are currently behind in payments. Certain US Metro areas carry a large share of the remaining delinquent mortgages in the country. Atlanta, GA and its surrounding counties lead the nation in overdue mortgages, with over 42,226 homeowners behind in their payments. Houston, Texas is in second place by a hair, with 40,147 delinquent loans. This article lists the top 30 delinquency hot spots in the US.
The pandemic mortgage forbearance program provided 18 months of relief. The first round of recipients exited the program in July, and hundreds of thousands more homeowners will be exiting forbearance between now and October. Many of them are not ready to resume payments, and face difficult choices regarding their next steps. This comprehensive guide gives a review of the options available to struggling homeowners as they exit the pandemic programs. The guide covers various ways to restructure your mortgage, as well as advice for those considering selling their home.
Florida is currently third in the nation for delinquency recovery. With soaring home prices and lax Covid policies leading to large numbers of deaths and illnesses, it may surprise many that the Sunshine state is experiencing such a strong recovery. However, many fear the trend won’t last, citing the upcoming end of the pandemic mortgage forbearance programs.