Fixed-rate mortgage New Construction Principal 
Marco Santarelli
MAY 22, 2025
If you're holding out for mortgage rates to return to those sweet 3% days, Ramsey suggests it's time to adjust your expectations. The Mortgage Bankers Association indicated that the average 30-year fixed-rate mortgage peaked at around 7.79% in late 2023 and has since settled somewhat, sitting around 6.89% at the start of 2025.
Housing Wire
SEPTEMBER 22, 2022
“Now the Fed has signaled that it will hike rates several more times this year and next year, so mortgage rates have plenty of room to go up even more.”. We do not see new construction returning in a meaningful way any time soon. Kurt Carlton, President of New Western. research and consulting at TransUnion.
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Redfin
JULY 14, 2023
As you make regular mortgage payments, a portion goes towards reducing the principal amount owed, effectively increasing your equity. So, if you’re looking for a new construction or move-in ready home, you won’t necessarily find what you’re looking for in every neighborhood of Birmingham.
Marco Santarelli
JULY 30, 2020
2018’s FRM interest rate increase decreased the principal amount homebuyers can borrow while making the same sustainable mortgage payment. Last week, the average rate on 30-year fixed-rate mortgages dipped below 3% for the first time on record and this week stood at 3.01%, down from 3.75% a year ago, according to Freddie Mac.
Marco Santarelli
FEBRUARY 14, 2025
As of February 14, 2025, mortgage rates have slightly increased. The average rate for a 30-year fixed-rate mortgage is now 6.92%, a small uptick of 0.01% from the previous week. This slight increase in rates is just one aspect of a complex and evolving housing market.
Marco Santarelli
DECEMBER 15, 2024
The Inventory Shortage While lower mortgage rates could make housing more affordable, inventory remains a significant roadblock. Many homeowners locked in fixed-rate mortgages before 2022 with historically low rates of 34%.
Marco Santarelli
MAY 23, 2025
How Mortgage Interest Rates Work Understanding how mortgage interest rates work is fundamental for anyone considering buying or refinancing a home. Mortgage rates are essentially the costs associated with borrowing money to finance a home, expressed as a percentage. Whats Driving Mortgage Rates Up?
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