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?

Debt-to-income ratio

Redfin

JULY 30, 2025

If you’re wondering if you’re ready to buy a house , consider these three factors: Financial stability: If you have a low credit score, lots of debt, and not enough funds to cover a down payment and closing costs, you may want to wait to buy a home. Closing costs: Typically 2-5% of the home’s purchase price.

Pre-approval

Marco Santarelli

MAY 5, 2025

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. 30-year fixed-rate mortgage is now 6.70% ; 15-year fixed-rate has reached 5.95%.

Debt-to-income ratio

Norada Real Estate

MAY 5, 2025

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. 30-year fixed-rate mortgage is now 6.70% ; 15-year fixed-rate has reached 5.95%.

Debt-to-income ratio

Redfin

JULY 31, 2025

They cover topics like budgeting, building credit, mortgage options, house hunting, and closing. Along with the expertise you’ll receive, some programs or lenders may offer incentives for completing courses such as lower interest rates and down payment assistance. Check with your state’s housing finance agency for options.

Purchase and sale agreement

Marco Santarelli

MARCH 20, 2025

30-Year Fixed: This remains a popular choice for many homebuyers due to its lower monthly payments , making homeownership more accessible. The Purchase Rate vs. Refinance Rate Dynamic: It's not uncommon for refinance rates to be slightly higher than purchase rates.

Mortgages

Marco Santarelli

JUNE 17, 2025

These rates often come with catches like: Paying points upfront Requiring an exceptionally high credit score Being limited to very small loan amounts Remember, the rate you actually qualify for will depend on your individual circumstances, including your credit score, income, debt-to-income ratio, and the size of your down payment.

Mortgages

Marco Santarelli

MARCH 17, 2025

The rate you personally qualify for can vary based on factors like your credit score, down payment amount, the type of property you're buying, and even where you live. The Popular 30-Year Fixed-Rate Mortgage The 30-year fixed-rate mortgage is still the most common choice for homebuyers, and for good reason.

Mortgages

Marco Santarelli

MAY 18, 2025

Adjustable Mortgage options can be broadly classified into fixed-rate and adjustable-rate mortgages (ARMs). Fixed-Rate Mortgages : The interest rate remains constant throughout the life of the loan, making it easier for borrowers to plan their budgets, as monthly payments remain predictable.

Mortgages

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. These nine states showed average mortgage rates hovering between 6.68% and 6.85%.

Mortgages

Marco Santarelli

JANUARY 23, 2025

Mortgage Refinance Rates Refinancing can be a smart avenue for current homeowners looking to reduce their monthly payments or switch to shorter loan terms. 30-Year Refinance Current Rate: 7.12% Monthly Payment Calculation: At this rate, refinancing would yield payments of about $673.38

Mortgages

Marco Santarelli

MAY 22, 2025

This difference often arises from closing costs associated with refinancing, which can vary significantly among lenders. Homeowners must weigh these considerations when deciding whether to refinance their mortgage, keeping in mind how current interest rates impact the overall financial landscape.

Mortgages

Norada Real Estate

JUNE 6, 2025

These teaser rates are usually based on very specific scenarios or may involve paying points upfront, having a super-high credit score, or applying for a smaller-than-typical loan. How Mortgage Rates are Determined Mortgage rates don't just appear out of thin air.

Mortgages

Marco Santarelli

JUNE 3, 2025

Factors like average credit scores, loan sizes, and foreclosure rates can all affect the rates lenders offer in a particular state. Your Financial Profile: Your credit score, income, debt-to-income ratio, and down payment all play a crucial role in determining the interest rate you'll receive.

Mortgages

Norada Real Estate

MAY 22, 2025

This difference often arises from closing costs associated with refinancing, which can vary significantly among lenders. Homeowners must weigh these considerations when deciding whether to refinance their mortgage, keeping in mind how current interest rates impact the overall financial landscape.

Mortgages

Marco Santarelli

MAY 6, 2025

States With the Lowest Mortgage Rates Today May, 06 2025 National Mortgage Rate Snapshot Before we zoom in on the states with the lowest rates, let's get a national overview. As of today, May 6, 2025, the national average for a 30-year fixed-rate mortgage is 7.00%.

Mortgages

Marco Santarelli

MARCH 6, 2025

Decoding Mortgage Jargon: What Does It All Mean? Let's be real, the mortgage world is full of confusing terms. Let me break down some of the most important ones: Fixed-Rate Mortgage: The interest rate stays the same for the entire loan term. Rate locks typically last for 30 to 60 days. Treasury bonds.

Mortgages

Marco Santarelli

MAY 22, 2025

National Average: The national average for a 30-year fixed-rate mortgage is currently at 7.11%, showing a slight increase due to bond market activity influenced by President Trump's proposed tax bill. These rates are often based on very specific scenarios, like having an excellent credit score or paying points upfront.

Mortgages

Housing Wire

SEPTEMBER 27, 2023

. “The higher interest rate environment had profound effects on the mortgage market in 2022, with borrowers paying much more in monthly payments,” CFPB Director Rohit Chopra said in a statement. “These trends are likely to continue given further increases in interest rates in 2023.” in 2022, up from 8.3%

Debt-to-income ratio

Housing Wire

APRIL 7, 2021

A monthly mortgage, on the other hand, doesn’t usually increase for homeowners with fixed-rate mortgages. Because of this, today’s lenders are more than willing to work with potential first-time homebuyers who have debt, just as long as their debt-to-income ratio (DTI) isn’t too high.

Debt-to-income ratio

Housing Wire

AUGUST 7, 2023

The financial incentives are simply not there for mortgage companies that want to do more minority lending; therefore, it shouldn’t be a surprise that most banks and mortgage lenders do just enough minority lending to stay out of regulatory trouble but secretly have no desire to do much beyond that.

Closing

Housing Wire

DECEMBER 13, 2024

Rising interest rates largely drove consumers into higher monthly mortgage payments, with a conventional conforming 30-year fixed-rate mortgage increasing from $2,045 in December 2022 to $2,295 a year later.

Debt-to-income ratio

Housing Wire

MAY 3, 2023

. “The 2-year and 10-year US Treasury yields are down 2-3 basis points, which could help mortgage rates as the market digests the news and adjusts,” Jack Macdowell, chief investment officer at the Palisades Group , said. However, a higher interest rate environment can provide more opportunity for cash buyers.

Mortgages

Housing Wire

MARCH 10, 2023

Toohig adds that lenders are telling him that their customers “don’t want to do a new 30-year fixed-rate mortgage at 6.25%, and we’d rather do a smaller-balance HELOC [home equity line of credit] instead to improve their property.” And we have more of an asset-based underwriting not focused on debt-to-income ratios.”

Equity

HomeLight

JUNE 22, 2023

Why, maybe it’s even dealing with the anxiety that comes while you’re waiting for closing day to finally come. All of these things are stressful and confusing, but you’d be surprised by how many people struggle with the mortgage process. And they need answers to their mortgage questions. 2,000 / 8,333 ) X 100 = 0.36

Debt-to-income ratio

Realtor.com

FEBRUARY 2, 2022

You need to make sure the person you’re working with is aware of local transfer taxes and closing costs.” Watch your debt-to-income ratio. When you retire, your lack of income may scare some lenders. When you retire, your lack of income may scare some lenders. Crunch the numbers.

Debt-to-income ratio

Marco Santarelli

MARCH 3, 2025

It is also important to know about geopolitical events, which might indirectly influence mortgage rates. Understanding Different Types of Mortgage Rates Let's break down the different types of mortgage rates you'll encounter: Fixed-Rate Mortgage: This is the most common type.

Mortgages

Marco Santarelli

JANUARY 6, 2025

Generally, higher credit scores qualify for lower rates, while lower scores lead to higher rates. Lenders also consider debt-to-income ratios and down payment amounts when setting rates. Generally, fixed-rate mortgages tend to have higher initial rates compared to variable rates.

Mortgages

HomeLight

OCTOBER 15, 2020

Maximum debt-to-income ratio of 43% (this is known as DTI, and it looks at how much debt you pay each month versus how much income you bring in). Minimum down payment amount of 5% (or even as low as 3% for certain programs for low- to middle-income borrowers). Fixed-rate mortgage.

Loans

HomeLight

MARCH 11, 2022

What about closing costs? But as Kevin Vitali , who has 14 years of experience selling Massachusetts real estate, explained, “Many first-time buyers don’t account for their closing costs.”. It’s important to remember closing costs when you purchase your first home. Maximum 38% debt-to-income ratio for most buyers.

Closing costs

Realty Biz

MARCH 15, 2023

Mortgage Rates Interest rates had stayed low for a long time but began rising last year. For a 30-year fixed-rate mortgage, interest rates have averaged between 6% and 7% recently. With higher interest rates, mortgages are more expensive.

Debt-to-income ratio

Realty Biz

JUNE 15, 2022

A fixed-rate mortgage is stable for 15 to 30 years, but rents may increase on average as much as 5% per year. . Money spent on a mortgage each month is building equity in something you’ll eventually own, and is a foundational means to growing wealth. Student Loan Debt Must Be Paid off.

Debt-to-income ratio

Point2Homes

NOVEMBER 8, 2020

As tempting as the current low rates are, it’s best to start off by asking yourself how refinancing your mortgage will benefit you. Are you trying to switch from an adjustable-rate to a fixed-rate mortgage? Perhaps you’re looking for a lower interest rate, or to turn your 30-year loan into a 15-year one.

Debt-to-income ratio

Marco Santarelli

OCTOBER 6, 2024

Market Influences : Various economic factors—including decisions by the Federal Reserve, inflation trends, unemployment rates, and the impact of the upcoming election cycle—will significantly influence these mortgage rate predictions. In such scenarios, lenders may hesitate to lower rates, fearing an insecure market.

Mortgages

Redfin

SEPTEMBER 4, 2024

From application fees to closing costs, this Redfin article will discuss everything you need to know to help make this financial decision. What does it mean to refinance a mortgage? What exactly does it mean to “refinance a mortgage”? Learn more about today’s mortgage rates. the short answer is, “It depends.”

Mortgages

Redfin

JULY 11, 2024

Loan type and terms: Different loan types (fixed, ARM, FHA, VA) and terms come with varying rates. Down payment amount: A larger down payment can lower your rate as it reduces the lender’s risk and the amount you need to borrow. Debt-to-income ratio: Lower ratios typically result in better rates.

Mortgages

Redfin

AUGUST 12, 2024

These loans offer significant advantages, including no down payment, no PMI, and competitive interest rates. Additionally, VA loans have limited closing costs and no prepayment penalties. Higher credit scores typically secure lower interest rates, resulting in lower monthly payments and less paid over the life of the loan.

Loans