Redfin

JULY 23, 2025

In addition to repaying the principal amount of the loan, the monthly mortgage payment includes additional costs that can vary based on location and mortgage type. In addition to repaying the principal amount of the loan, the monthly mortgage payment includes additional costs that can vary based on location and mortgage type.

Mortgages

Marco Santarelli

MARCH 13, 2025

As of today, March 13, 2025, mortgage rates have increased slightly in response to the latest inflation data, with the 30-year fixed mortgage rate now at 6.34% and the 15-year fixed rate at 5.65%. Inflation Influence : Rates reacted to February's Consumer Price Index (CPI), which shows a year-over-year inflation increase of 2.8%. 20-year fixed 6.11

Mortgages

Marco Santarelli

MARCH 6, 2025

Treasury yields are essentially the return you get on investments in US government debt, and they have a big influence on mortgage rates. However, don't expect a sudden plunge back to those ultra-low pandemic rates we saw a few years ago. It's more nuanced than that, and understanding the details is key to making smart home buying decisions.

Mortgages

Marco Santarelli

DECEMBER 11, 2024

Mortgage rates have climbed today as the market anticipates the report from the Consumer Price Index (CPI) set to be released later today. As of December 11, 2024, the national average for the 30-year fixed mortgage rate is 6.26% , while the 15-year fixed rate has risen to 5.62%.

Mortgages

Marco Santarelli

APRIL 7, 2025

As of April 7, 2025, today's mortgage rates have decreased significantly. According to Zillow, the average 30-year fixed mortgage rate now stands at 6.39% , down by 20 basis points since last week. The 15-year fixed mortgage rate has also fallen, dropping 19 basis points to 5.72%. As of today, the average 30-year fixed-rate mortgage is at 6.39%.

Mortgages

Redfin

JULY 23, 2025

Of course, that number can change based on your credit score, existing debt, and monthly expenses. What is the income needed for a $600k house? Lenders typically suggest that your total monthly housing expenses – mortgage, taxes, insurance, and any HOA fees – stay under 28% to 31% of your gross monthly income.

Debt-to-income ratio

The Mortgage Report

JULY 11, 2025

How Soon Can I Refinance? How Often Can I Refinance? It Is Worth Refinancing For 0.5%? Verify your home buying eligibility. Start here In this article (Skip to…) What is special about Q3’s housing market Is it smart to buy with all the government uncertainty? There’s obviously more inventory now than there has been in the past.

FHA 203k rehab loan

Marco Santarelli

DECEMBER 22, 2024

Mortgage rates are a critical consideration for anyone looking to borrow money for a home. As of December 22, 2024, the average 30-year fixed mortgage rate has increased to 6.67% , marking its highest point since June 2024. The Feds stance on inflation, which remains a concern, dictates its approach to adjusting interest rates.

Mortgages

Marco Santarelli

MARCH 4, 2025

Heres how much income you need now to buy a house for $250,000, $400,000 and $1 million ,” the good news is that things are starting to look a little brighter. According to recent data, to comfortably buy a $250,000 home right now, youd likely need an annual income of around $66,300. “Is it even possible anymore?”

Mortgages

Redfin

MARCH 5, 2025

Review your savings for your down payment , monthly income, and potential loan options to set a realistic price range. Maintaining a low debt-to-income ratio and a strong credit score can also enhance your eligibility for favorable mortgage terms. The 28/36 rule is a common mortgage budgeting guideline.

Debt-to-income ratio

Redfin

JULY 30, 2025

Key takeaways: First-time homebuyer: Anyone who hasn’t owned a primary residence in the past three years Common first-time homebuyer qualifications: Credit score, debt-to-income ratio, down payment, income limits, employment history, purchase limits, homebuyer education Buying your first home? Let’s get started.

Debt-to-income ratio

Marco Santarelli

FEBRUARY 26, 2025

Are you glued to your screen, constantly refreshing to find out today's mortgage rates ? Well, breathe a sigh of relief, because there's a bit of good news! As of February 26, 2025, we've seen a welcome dip in mortgage rates. The average 30-year fixed-rate mortgage is currently sitting at 6.35%. Its not just one rate that matters.

Mortgages

Redfin

MARCH 3, 2025

While principal and interest make up the bulk of your payment, additional expenses like property taxes and homeowners insurance can significantly impact your total monthly cost. Below is a breakdown of the income typically needed to afford a $300,000 home. Gross monthly income Affordable mortgage payment Can afford a $300K home?

Mortgages

Redfin

JULY 14, 2025

What is the income needed for a $200k house? A good rule of thumb is that your total monthly housing costs should not exceed 28% to 31% of your gross monthly income. And if property taxes are higher in your area, you’ll need an even higher income to qualify. That extra cost means you’ll need a higher qualifying income.

Debt-to-income ratio

Marco Santarelli

MARCH 20, 2025

Are you keeping an eye on mortgage rates? As of March 20, 2025, the mortgage market is showing a slight upward tick , with rates inching up for the second consecutive week. Despite this recent bump, it's important to remember that rates are still more favorable compared to where they stood this time last year.

Mortgages

Marco Santarelli

MAY 20, 2025

Molly Boesel, Principal Economist at Cotality, perfectly sums it up: “Uncertainty tied to higher inflation has kept mortgage rates high, which has led to lower affordability of monthly mortgage payments, keeping some potential buyers out of the market.” as per Bankrate data. as per Bankrate data. and 7% for the near future.

Mortgages

Marco Santarelli

MAY 14, 2025

If you're on the hunt for the best mortgage rates, you're probably wondering which states are offering the most attractive deals. A smaller pool of lenders could potentially mean higher rates. Credit Score Averages: States with higher average credit scores may see lower rates overall. Lenders perceive borrowers in these states as less risky.

Mortgages

Marco Santarelli

MAY 5, 2025

For those considering their options, now might be a time to act rather than continue waiting for rates to drop, as significant decreases are not anticipated any time soon. Today's Mortgage Rates – May 5, 2025: Rates Increase by Nine Basis Points Key Takeaways Mortgage rates increased today, May 5, 2025, with key rates rising.

Debt-to-income ratio

Norada Real Estate

MAY 5, 2025

For those considering their options, now might be a time to act rather than continue waiting for rates to drop, as significant decreases are not anticipated any time soon. Today's Mortgage Rates – May 5, 2025: Rates Are Higher Than Last Week Key Takeaways Mortgage rates increased today, May 5, 2025, with key rates rising.

Debt-to-income ratio

Redfin

AUGUST 5, 2025

They usually come in two forms: Standalone construction loan: A short-term loan that finances the building phase; borrowers get a separate mortgage loan once the principal comes due. Your DTI is the relationship between the debt you owe and the income you bring in every month. What is a jumbo construction loan?

Construction

Marco Santarelli

APRIL 5, 2025

Initially, a larger portion of this payment, approximately $1,625 , goes to interest, while only about $271 reduces the principal. Mortgage rates today stand around 6.40% for a 30-year fixed mortgage, indicating a slight decline compared to previous months. Understanding Mortgage Types and Their Rates 1.

Mortgages

Marco Santarelli

MAY 22, 2025

On May 22, 2025, mortgage rates are sharply higher as concerns over national debt impact the bond market. Debt Concerns: National debt concerns are affecting bond yields and influencing higher mortgage rates. Debt Concerns: National debt concerns are affecting bond yields and influencing higher mortgage rates.

Mortgages

Marco Santarelli

MARCH 30, 2025

Focus on Financial Health: Improving your credit score and lowering your debt-to-income ratio are key factors in securing a lower mortgage rate. Current Mortgage Rates on March 30, 2025 For those looking to purchase a home, understanding the current landscape of interest rates is crucial.

Mortgages

Redfin

JULY 30, 2025

You can estimate affordability with your current income and down payment. You can estimate affordability with your current income and down payment. You’ll also want to consider your debt-to-income (DTI) ratio , which is a primary concern for lenders. If you’re wondering what to expect, you’re not alone.

Pre-approval

Redfin

JULY 16, 2025

Your actual income needs may vary based on your debt, credit score, down payment, and local taxes. What is the income needed for a $300k house? Most lenders follow a guideline that your monthly housing expenses should fall between 28% and 31% of your gross monthly income. What if my DTI is 43%?

Debt-to-income ratio

Redfin

JUNE 23, 2025

Your actual income needs may vary based on your debt, credit score, and monthly expenses. What is the income needed for a $400k house? The general guideline is that your total monthly housing costs should not exceed 28% to 31% of your gross monthly income. A higher score typically results in better terms.

Debt-to-income ratio

Marco Santarelli

MAY 2, 2025

If you're in the market for a home, you're probably glued to mortgage rates! As of today, May 2, 2025, the states with the lowest mortgage rates for a 30-year new purchase are New York and Washington. Following closely behind, you'll find relatively low rates in Tennessee, Texas, California, Florida, Michigan, North Carolina, and Pennsylvania.

Mortgages

Marco Santarelli

MARCH 17, 2025

Let's look at an example provided by Zillow: For a $300,000 mortgage at 6.59% with a 30-year term, your monthly payment for principal and interest alone would be around $1,914. Current Mortgage Rates on March 17, 2025 If you're shopping for a mortgage right now, it's crucial to know where interest rates stand.

Mortgages

Marco Santarelli

MARCH 6, 2025

Treasury yields are essentially the return you get on investments in US government debt, and they have a big influence on mortgage rates. However, don't expect a sudden plunge back to those ultra-low pandemic rates we saw a few years ago. It's more nuanced than that, and understanding the details is key to making smart home buying decisions.

Mortgages

Redfin

JULY 17, 2025

The income needed for a $500k mortgage can vary quite a bit depending on your financial picture. If your down payment is smaller or your interest rate is higher, expect both your monthly payment and the income needed to increase. Team up with a co-borrower : Combining incomes with a partner could increase your purchasing power.

Debt-to-income ratio

Norada Real Estate

MAY 22, 2025

On May 22, 2025, mortgage rates are sharply higher as concerns over national debt impact the bond market. Debt Concerns: National debt concerns are affecting bond yields and influencing higher mortgage rates. Debt Concerns: National debt concerns are affecting bond yields and influencing higher mortgage rates.

Mortgages

Marco Santarelli

JUNE 16, 2025

Remember that these are just averages , and the specific rate you'll qualify for will depend on factors like your credit score, down payment, and debt-to-income ratio. Feeling overwhelmed by the housing market? You're not alone! Similarly, the 15-year fixed mortgage rate has also edged higher, reaching 6.02%.

Mortgages

Marco Santarelli

JANUARY 23, 2025

Monthly Payment Calculation: With the current average rate, for every $100,000 borrowed, the monthly principal and interest payment stands at approximately $668.66. As rates decrease, this is an attractive option for those comfortable with higher monthly payments in exchange for quicker debt freedom.

Mortgages

The Close

JULY 1, 2025

FHA mortgage loan Conventional mortgage loan Credit score 500 620 Income required (debt-to-income ratio) 50% 36% to 45% Minimum down payment 3.5% FHA mortgage loan Conventional mortgage loan Credit score 500 620 Income required (debt-to-income ratio) 50% 36% to 45% Minimum down payment 3.5%

FHA loan

Marco Santarelli

JUNE 11, 2025

They might require you to: Pay points upfront (effectively pre-paying interest) Have an exceptionally high credit score Qualify for a smaller-than-typical loan In reality, the rate you actually get will depend on your individual circumstances, including your credit score, income, debt-to-income ratio, and down payment.

Mortgages

Marco Santarelli

JUNE 9, 2025

Income: Lenders want to see that you have a stable income to repay the loan. Debt-to-Income Ratio (DTI): This is the amount of your monthly income that goes toward paying debts. I remember when I bought my first place – all the paperwork, the inspections, and, of course, figuring out the mortgage.

Mortgages

Marco Santarelli

MARCH 25, 2025

Your individual rate will depend on a range of personalized factors, including your credit score, down payment amount, debt-to-income ratio, and the specific terms offered by your lender. It's crucial to understand the factors driving these shifts and what they mean for prospective homeowners and those considering refinancing.

Mortgages