![]() The larger your down payment, the smaller the size of your loan – and in many cases, the lower your mortgage rate. A larger loan amount doesn’t necessarily mean correspondingly higher mortgage rates.Ī sum of money towards the home’s total purchase price that you pay upfront without any lender funds. Some loan types, like conventional loans, have limits on the loan amount. The total amount of money you’ve borrowed and must repay (with interest) over the course of your loan term. Shorter loan terms tend to have lower mortgage rates and overall costs, but also carry higher monthly payments. The most common terms are 30-year mortgages, followed by 20-year and 15-year mortgages. The amount of time you have to repay the entirety of your loan. Expect to see different mortgage rates based on the loan type you pick. A variety of loan types exist to help serve these needs, each with unique requirements and rate structures. With high rates a reality of the market that’s unlikely to change greatly in the near future, increased inventory could make buying more appealing with more choices and sellers eager to make a deal.ĭifferent borrowers have different needs, and there is no one-size-fits-all loan product. While the outlook for fall remains uncertain, buyers should stay the course, and continue to look for signs of increasing inventory. Summer is typically a prime, competitive homebuying season where inventory would be expected to decrease, but this year bucked the trend. Indicators over the next few months, including inflation data and rate movements from the Fed, could indicate where things head over the next 6-months. These price shifts can be read two ways: big-picture, the small increase as compared to historical averages could indicate a continued year-over-year slowdown in prices, but the monthly jump could suggest that the slowdown is over. Inventory also grew slightly, as more homeowners listed their properties, showing that the buyer/seller standoff may be easing somewhat. ![]() The uptick was lower than averages over the last 25-years. While mortgage rates continue to linger around 7%, where they’ve been for a few months now, home prices actually rose year-over-year in the most recent data from July. ![]()
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