Smart homebuyers know that mortgage rates and terms can vary widely among lenders. While your credit score and history will influence what rates and terms you’re offered, there’s a wide range of flexibility, which means shopping around for a pre-approval makes sense. At the same time, it’s important to minimize credit inquiries to protect your credit rating. What is Mortgage Pre-Approval? Mortgage pre-approval is often mistaken for mortgage pre-qualification. Pre-qualification is a process whereby the borrower personally submits their financial information to the lender. Pre-approval is the process whereby the lender does their own vetting regarding the income, debt and … [Read more...]
What’s Ahead For Mortgage Rates This Week – January 10, 2022
Last week’s economic reporting included readings on construction spending and labor sector readings on jobs and unemployment. Weekly reports on mortgage rates and jobless claims were also released. Construction Spending Unchanged, Falls Short of Expectations The Commerce Department reported that construction spending rose by 0.4 percent in November to a seasonally-adjusted annual pace of $1.63 trillion and 9.30 percent year-over-year, Residential construction spending drove spending higher; month-to-month spending rose by 0.90 percent in November and was 16 percent higher year-over-year. Analysts expected overall construction spending to rise by 0.70 percent from October to … [Read more...]
What’s Ahead For Mortgage Rates This Week – December 27, 2021
Last week’s scheduled economic reporting included readings on sales of new and previously-owned homes along with weekly data on mortgage rates and jobless claims. Home Sales Increase in November Sales of new and previously-owned homes rose in November. The Commerce Department reported sales of new homes rose to 744,000 sales on a seasonally-adjusted annual basis. October sales of new homes were revised to a year-over-year reading of 662,000 new homes sold, which was the lowest reading since the worst stage of the pandemic in April 2020. Analysts expected a year-over-year reading of 766,000 new homes sold for November. The median price of new homes sold in October reached a record … [Read more...]
What’s Ahead For Mortgage Rates This Week – December 21, 2021
Last week’s economic reports included readings from the National Association of Home Builders on housing markets and the monthly post-meeting statement from Federal Reserve policymakers. Fed Chair Jerome Powell also gave a press conference. Weekly readings on mortgage rates and jobless claims were also published. Builder Confidence in Housing Markets Rises by One Point in December Homebuilder confidence in current national housing market conditions rose one point to an index reading of 84 in December and met analysts’ expectations. December’s reading was the highest since February. Component readings for the National Association of Home Builders Housing Market Index were … [Read more...]
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