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Category: Rates

Learn more about Memphis real estate.

What Mortgage Rate Do You Need To Move?

March 15, 2024

If you’ve been thinking about buying a home, mortgage rates are probably top of mind for you. They may even be why you’ve put your plans on hold for now. When rates climbed near 8% last year, some buyers found the numbers just didn’t make sense for their budget anymore. That may be the case for you too. Data from Bright MLS shows the top reason buyers delayed their plans to move is due to high mortgage rates. In fact, 72.1% of buyers said they paused their decision to move because of mortgage rates, 34.4% of buyers said inventory, and 17.4% said affordability and home prices were the reason they haven’t purchased a home.     David Childers, CEO at Keeping Current Matters, speaks to this statistic in the recent How’s The Market podcast: “Three quarters of buyers said ‘we’re out’ due to mortgage rates. Here’s what I know going forward. That will change in 2024.” That’s because mortgage rates have come down off their peak last October. And while there’s still day-to-day volatility in rates, the longer-term projections show rates should continue to drop this year, as long as inflation gets under control. Experts even say we could see

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Are More Homeowners Selling as Mortgage Rates Come Down?

January 29, 2024

If you’re looking to buy a home, the recent downward trend in mortgage rates is good news because it helps with affordability. But there’s another way this benefits you – it may inspire more homeowners to put their houses up for sale. The Mortgage Rate Lock-In Effect Over the past year, one factor that’s really limited the options for your move is how few homes were on the market. That’s because many homeowners chose to delay their plans to sell once mortgage rates went up. An article from Freddie Mac explains: “The lack of housing supply was partly driven by the rate lock-in effect. . . . With higher rates, the incentive for existing homeowners to list their property and move to a new house has greatly diminished, leaving them rate locked.” These homeowners decided to stay put and keep their current lower mortgage rate, rather than move and take on a higher one on their next home. Early Signs Show Those Homeowners Are Ready To Move Again According to the latest data from Realtor.com, there were more homeowners putting their houses up for sale, known in the industry as new listings, in December 2023 compared to December 2022 (see

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What Lower Mortgage Rates Mean for Your Purchasing Power

January 10, 2024

If you want to buy a home, it’s important to know how mortgage rates impact what you can afford and how much you’ll pay each month. Fortunately, rates for 30-year fixed mortgages have come down significantly since the end of October and are currently under 7%, according to Freddie Mac (see graph below): This recent trend is great news for buyers. As a recent article from Bankrate says: “The rate cool-off somewhat eases the housing affordability squeeze.” And according to Edward Seiler, AVP of Housing Economics and Executive Director of the Research Institute for Housing America at the Mortgage Bankers Association (MBA): “MBA expects that affordability conditions will continue to improve as mortgage rates decline . . .” Here’s a bit more context on how this could help with your plans to buy a home. How Mortgage Rates Affect Your Search for a Home Understanding the connection between mortgage rates and your monthly home payment is crucial for your plans to become a homeowner. The chart below illustrates how your ability to afford a home changes when mortgage rates shift. Imagine your budget allows for a monthly payment between $2,400 and $2,500. The green part in the chart shows payments

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Expert Quotes on the 2024 Housing Market Forecast

December 20, 2023

If you’re thinking about buying or selling a home soon, you probably want to know what you can expect from the housing market in 2024. In 2023, higher mortgage rates, confusion over home price headlines, and a lack of homes for sale created some challenges for buyers and sellers looking to make a move. But what’s on the horizon for the new year? The good news is, many experts are optimistic we’ve turned a corner and are headed in a positive direction. Mortgage Rates Expected To Ease Recently, mortgage rates have started to come back down. This has offered hope to buyers dealing with affordability challenges. Mark Fleming, Chief Economist at First American, explains how they may continue to drop: “Mortgage rates have already retreated from recent peaks near 8 percent and may fall further . . .” Jessica Lautz, Deputy Chief Economist at the National Association of Realtors (NAR), says: “For home buyers who are taking on a mortgage to purchase a home and have been wary of the autumn rise in mortgage rates, the market is turning more favorable, and there should be optimism entering 2024 for a better market.” The Supply of Homes for Sale May Grow

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Are the Top 3 Housing Market Questions on Your Mind?

December 4, 2023

When it comes to what’s happening in the housing market, there’s a lot of confusion going around right now. You may hear one thing in conversation with your friends, see something totally different on the news, and read something on social media that contradicts both of those thoughts. And, if you’re thinking about making a move, that can leave you with a lot of lingering questions. That’s where a trusted local real estate agent comes in. Here are the top 3 questions people are asking about today’s housing market, and the data to help answer them. 1. What’s Next for Mortgage Rates? Mortgage rates are higher than they’ve been in recent years. And, if you’re looking to buy a home, that impacts how much you can afford. That’s why so many buyers want to know what’s ahead for mortgage rates. The answer to that question is: no one can say for certain, but here’s what we know based on historical trends. There’s a long-standing relationship between mortgage rates and inflation. Basically, when inflation is high, mortgage rates tend to follow suit. Over the past year, inflation was up, so mortgage rates were as well. But inflation is easing now. And

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This information is deemed reliable but not guaranteed. Please contact Meridian Premier Homes to learn more about what properties are for sale and for current real estate information. Equal Housing Opportunity: Equal Opportunity Employer. It is illegal to discriminate against any person because of race, color, religion, sex, handicap, familial status, or national origin.We are committed to making this website compliant with the Americans with Disabilities Act. We wish all of our visitors to be able to easily access our services. Accessibility and usability are not always possible in every area of the website or for those visitors using assistive technologies and devices. If, at any time, you have specific questions or concerns about the accessibility of any particular page, please contact us. Meridian Premier Homes. Privacy Policy.

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