Welcome to the most current Housing Trends eNewsletter. This eNewsletter is specially designed for you, with national and DC Metro housing information that you may find useful whether you’re in the market for a home, thinking about selling your home, or just interested in homeowner issues in general. The Housing Trends eNewsletter contains the latest information from the National Association of REALTORS®, the U.S. Census Bureau and Realtor.org reports, videos, key market indicators and real estate sales statistics, a video message by a nationally recognized economist, maps, mortgage rates and calculators, consumer articles, plus local neighborhood information and more.
If you are interested in determining the value of your home, click here.
Fear and finger-pointing are gumming up the system according to this Washington Post story: Credit scores remain a high hurdle for many mortgage applicants as banks stay gun-shy. Homeownership is now at 64.8 percent, its lowest level since 1995, in part because so many consumers can’t get past lenders’ severe underwriting tests. Lenders are looking for scores no lower that 740 in many instances.
One way to be sure your credit score is high, especially if you are younger, is to be sure your monthly rental payments are included in your score. For many this can make the difference and raise your score to desirable, lendable levels. Talk with me about this. I’d be happy to share insights on how to be sure you have a strong score.
Mortgage rates have remained steady in recent weeks, keeping borrowing costs near 2014 record lows. Freddie Mac reports the following national averages for mortgage rates ending July 31st.
30-year fixed-rate mortgages averaged 4.12%. Last year at this time rates averaged 4.39%.
15-year fixed-rate mortgages averaged 3.12%. Last year at this time rates averaged 4.39%.
