The Drop in Mortgage Rates Brings Good News for Homebuyers

Written by Tampa Bay Mortgage Syndicated User on July 12, 2022. Posted in First Time Home Buyers, For Buyers, Housing Market Updates, Interest Rates, Mortgage Tampa, Move-Up Buyers, Tampa Bay Mortgage, Tampa Mortgage.

Over the past few weeks, the average 30-year fixed mortgage rate from Freddie Mac fell by half a percent. The drop happened over concerns about a potential recession. And since mortgage rates have risen dramatically this year, homebuyers across the country should see this decline as welcome news. Freddie Mac reports that the average 30-year rate was down to 5.30% from 5.81% two weeks prior (see graph below): But why is this recent dip such good news for homebuyers? As Nadia Evangelou, Senior Economist and Director of Forecasting at the National Association of Realtors (NAR), explains: “According...

What Does an Economic Slowdown Mean for the Housing Market?

Written by Tampa Bay Mortgage Syndicated User on July 8, 2022. Posted in For Buyers, Housing Market Updates, Interest Rates, Mortgage Tampa, Tampa Bay Mortgage, Tampa Mortgage.

According to a recent survey, more and more Americans are concerned about a possible recession. Those concerns were validated when the Federal Reserve met and confirmed they were strongly committed to bringing down inflation. And, in order to do so, they’d use their tools and influence to slow down the economy. All of this brings up many fears and questions around how it might affect our lives, our jobs, and business overall. And one concern many Americans have is: how will this affect the housing market? We know how economic slowdowns have impacted home prices in the past, but how could this...