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Mortgage rates decline after Fed pauses hikes once more

Housing Wire

Mortgage rates continued their downward plunge this week as inflation keeps decelerating. The 30-year fixed-rate mortgage averaged 6.63% as of Feb. 1, a decrease from last week’s figure of 6.69%, according to Freddie Mac ’s Primary Mortgage Market Survey released on Thursday.

Mortgages 409
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Why HELOCs are growing more popular

Housing Wire

In 2020 and 2021, many homeowners refinanced, locking in historically low 30-year fixed rate mortgages. HELOCs have continued to set the stage as flexible, helpful products that provide quick access to financing for a multitude of uses including home renovations, debt consolidations or emergency purchases.

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3 ways to help borrowers navigate choices as ‘exotic’ loans make a comeback

Housing Wire

Rates for a 30-year, fixed-rate mortgage are the highest in over 20 years and may stay elevated for some time. In many cases, that product may still be a fixed-rate mortgage. Add context about why you’re asking for specific information at every stage.

Loans 332
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Home equity is the bright gem of the housing market

Housing Wire

A host of nonbanks and traditional depository lenders, such as banks and credit unions, as well as a growing number of fintech firms continue to ramp up efforts and product lines to meet that demand. Toohig added that the interest rate on a HELOC is normally variable, “usually prime, plus 1.5 to 2 points.” billion in 2021 to $9.6

Equity 352
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Why More Homebuyers Now Are Turning to This Much Riskier Type of Mortgage

Realtor.com

And now one of the types of loans that defined that era is staging a comeback. More homebuyers are choosing adjustable-rate mortgages, which offer lower monthly payments initially, to contend with record-high home prices. Sharon Lurye for Realtor.com. Think about your exit strategy. lenders are phasing it out.

Mortgages 121
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Why More Homebuyers Now Are Turning to This Much Riskier Type of Mortgage

Realtor.com

And now one of the types of loans that defined that era is staging a comeback. More homebuyers are choosing adjustable-rate mortgages, which offer lower monthly payments initially, to contend with record-high home prices. Sharon Lurye for Realtor.com. Think about your exit strategy. lenders are phasing it out.

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131 Real Estate Terms & Definitions Your Clients Expect You to Know in 2023

The Close

It’s kind of like a fixed-rate mortgage and an adjustable-rate mortgage had a baby. A convertible ARM is a mortgage with a much lower interest rate at the start of the loan, where the interest rate fluctuates during the life of the loan, usually every six months. Fixed-rate mortgage.