It was a week for paradoxes on several fronts, most notably when mortgage rates moved lower just after the Fed floated the idea of an even bigger hike. There’s a popular misconception that the Fed sets mortgage rates, or controls them directly in some way. They don’t. The Fed sets the Fed Funds Rate (FFR)…
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Without a shadow of a doubt, the average lender’s mortgage rates are noticeably higher this week versus last week, with Friday being the worst of the bunch. Despite that fact, there were multiple news stories this week regarding a massive DROP in rates. What’s up with that? Before we continue, you may wonder who you…
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Mortgage rates have been volatile in 2022. Most of that volatility has played out in the form of higher rates. The past 2 weeks have been a notable exception. To understand why this is happening, we first need to consider that higher inflation means higher rates. It was easy to forget that for most of the…
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In 2020 and 2021, housing boomed and rates plummeted at a pace that many considered to be unsustainable. 2022’s role is to take things back in the other direction. In other words, things are “normalizing” after a period of frenzied movement. The normalization process can seem scary in cases where the thing being normalized was exceptionally…
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Your debt-to-income ratio, or DTI, is an important personal finance measure that compares the amount of money you earn to the amount of money that you owe to your creditors. This number comes into play when trying to line up financing to purchase a home because it is used to determine mortgage affordability. Once financing has been…
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Key Concepts Mortgage rates are interest rates on home loans There are really TWO mortgage rates: the interest rate (or “note rate”) applied to your loan amount (or “principal”) and the rate implied by certain upfront costs (the “effective rate”). APR (Annual Percentage Rate) attempts to convey that “effective rate.” Understand the tradeoffs between upfront…
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In a year where mortgage rate volatility has been extreme, this week made everything else look tame by comparison. While it will never show up in weekly survey numbers, the 3-day jump between last Thursday and this Tuesday was one of the biggest on record, taking the average 30yr fixed quote from 5.55% to 6.28%…
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When people want to buy something now, but don’t have (or don’t wish to spend) the cash to buy it outright, they can instead use a loan (aka financing, borrowing, debt). This typically involves an agreement between the consumer and a lender. The lender provides the big chunk of money today (that big amount that…
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2022 has already had its fair share of bad news for mortgage rates, but this week was not to be outdone. It began as just another reasonably bad week with rates moving moderately higher, but still safely under the recent 13 year high seen on the morning of May 9th. But it ended with one of…
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By last Friday, rates had improved so much from recent highs that we were finally able to consider that 2022’s trend had shifted gears from “skyrocketing” to “sideways.” While that possibility can still be entertained, this week’s rates are definitely higher. Here’s how things look when we zoom in to just the past 6 weeks: Context…
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