If you are like most Americans, you’ve spent the last few years watching mortgage rates reach historic lows. It is a complex set of factors that impact mortgage rates, and many articles attempt to simplify it.
A recent article on MortgageNewsDaily.com goes into great detail about the various aspects, including graphs that help us visualize what they are saying, It’s a good read if you want to gain a better understanding of the topic.
In an informative article written by Jann Swanson for MortgageNewsDaily.com Fannie May has revised the timeline for its home sales forecast. There are multiple factors stated in the article that is affecting the forecast, including:
There are many factors that affect home buyer and seller sentiment. Confidence, or lack thereof, in the economic future is a key consideration for both. In Fannie Mae’s National Housing Survey (NHS) seller sentiment is 36 point higher than October 2020, with buyer sentiment 60 points lower for the same period, in spite of the fact that interest rates remain low which is an advantage to buyers.
Fannie Mae and Freddie Mac expanded a home refinance program that helps low-to-moderate income households, giving them a better opportunity to refinance now while interest rates are low. The program was launched in June of 2021, but recently the income limit qualifier was increased as well as other modifications to the program to reach more homeowners.
According to multiple industry sources, mortgage rates have reached the highest point in recent months, and may continue to rise. This news may prompt those who have been waiting to refinance or purchase to take action now.
Many people working in the real estate and mortgage industry, as well as those considering buying or selling real estate, are watching the news and reports on expected changes from the Federal Reserve.
CNBC conducted a survey and share the results in this article written by Steve Liesman for CNBC:
The mortgage loan market has had shifts over the past couple months with an up this week, down last week pattern. Within that pattern is statistics that show refinance volume has slowed while first time home buyer applications have increased.