interest rates: Is It Getting More Affordable To Buy a Home? - 04/18/24 08:56 AM
Over the past year or so, a lot of people have been talking about how tough it is to buy a home. And while there’s no arguing affordability is still tight, there are signs it’s starting to get a bit better and may improve even more throughout the year. Elijah de la Campa, Senior Economist at Redfin, says:
“We’re slowly climbing our way out of an affordability hole, but we have a long way to go. Rates have come down from their peak and are expected to fall again by the end of the year, which should make homebuying a little more … (1 comments)

interest rates: Newly Built Homes Could Be a Game Changer This Spring - 04/03/24 10:07 AM
Buying a home this spring? You’re probably navigating today’s affordability challenges and dealing with the limited number of homes for sale. But, what if there was a solution that could help with both?
If you’re having a hard time finding a home you love, and mortgage rates are putting pressure on your budget, it may be time to look at newly built homes. Here’s why.
New Home Construction Is an Inventory Bright SpotWhen looking for a home, you can choose between existing homes (those that are already built and previously owned) and newly constructed ones. While the number of existing homes for sale … (2 comments)

interest rates: What Mortgage Rate Do You Need To Move? - 03/12/24 09:08 AM
If you’ve been thinking about buying a home, mortgage rates are probably top of mind for you. They may even be why you’ve put your plans on hold for now. When rates climbed near 8% last year, some buyers found the numbers  just didn’t make sense for their budget anymore. That may be the case for you too.
Data from Bright MLS shows the top reason buyers delayed their plans to move is due to high mortgage rates (see graph below):
David Childers, CEO at Keeping Current Matters, speaks to this statistic in the recent How’s The Market podcast:
“Three quarters of buyers said … (1 comments)

interest rates: Some Experts Say Mortgage Rates May Fall Below 6% Later This Year - 02/21/24 07:48 AM
There’s a lot of confusion in the market about what’s happening with day-to-day movement in mortgage rates right now, but here’s what you really need to know: compared to the near 8% peak last fall, mortgage rates have trended down overall.
And if you’re looking to buy or sell a home, this is a big deal. While they’re going to continue to bounce around a bit based on various economic drivers (like inflation and reactions to the consumer price index, or CPI), don’t let the short-term volatility distract you. The experts agree the overarching downward trend should continue this year.
While we won’t … (1 comments)

interest rates: What’s Really Happening with Mortgage Rates? - 02/12/24 06:32 AM
Are you feeling a bit unsure about what’s really happening with mortgage rates? That might be because you’ve heard someone say they’re coming down. But then you read somewhere else that they’re up again. And that may leave you scratching your head and wondering what’s true.
The simplest answer is: that what you read or hear will vary based on the time frame they’re looking at. Here’s some information that can help clear up the confusion.
Mortgage Rates Are Volatile by NatureMortgage rates don’t move in a straight line. There are too many factors at play for that to happen. Instead, rates bounce … (0 comments)

interest rates: Why Pre-Approval Is Even More Important This Year - 02/07/24 08:46 AM
On the road to becoming a homeowner? If so, you may have heard the term pre-approval get tossed around. Let’s break down what it is and why it’s important if you’re looking to buy a home in 2024.
What Pre-Approval Is As part of the homebuying process, your lender will look at your finances to figure out what they’re willing to loan you. According to Investopedia, this includes things like your W-2, tax returns, credit score, bank statements, and more.
From there, they’ll give you a pre-approval letter to help you understand how much money you can borrow. Freddie Mac explains it like this:
… (2 comments)

interest rates: 2 of the Factors That Impact Mortgage Rates - 01/30/24 08:12 AM
If you’re looking to buy a home, you’ve probably been paying close attention to mortgage rates. Over the last couple of years, they hit record lows, rose dramatically, and are now dropping back down a bit. Ever wonder why?
The answer is complicated because there’s a lot that can influence mortgage rates. Here are just a few of the most impactful factors at play.
Inflation and the Federal Reserve The Federal Reserve (Fed) doesn’t directly determine mortgage rates. But the Fed does move the Federal Funds Rate up or down in response to what’s happening with inflation, the economy, employment rates, … (2 comments)

interest rates: Why It’s More Affordable To Buy a Home This Year - 01/26/24 06:07 AM
Some Highlights Home affordability depends on three factors: mortgage rates, home prices, and wages. Mortgage rates are down from their recent peak, home prices are expected to rise at a slower pace, and wages are increasing faster than usual. That’s good news if you want to buy a home because it means affordability is getting better.  
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Unit 1030
Lake Mary, FL 32746
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Fax: (407) 205-1951
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The information contained, and the opinions expressed, in this article are not intended to be construed as investment advice. The author does not guarantee or warrant the accuracy or completeness of the information … (3 comments)

interest rates: Are More Homeowners Selling as Mortgage Rates Come Down? - 01/24/24 08:18 AM
If you’re looking to buy a home, the recent downward trend in mortgage rates is good news because it helps with affordability. But there’s another way this benefits you – it may inspire more homeowners to put their houses up for sale.
The Mortgage Rate Lock-In EffectOver the past year, one factor that’s really limited the options for your move is how few homes were on the market. That’s because many homeowners chose to delay their plans to sell once mortgage rates went up. An article from Freddie Mac explains:
“The lack of housing supply was partly driven by the rate lock-in effect. … (1 comments)

interest rates: What Lower Mortgage Rates Mean for Your Purchasing Power - 01/08/24 07:05 AM
If you want to buy a home, it's important to know how mortgage rates impact what you can afford and how much you’ll pay each month. Fortunately, rates for 30-year fixed mortgages have come down significantly since the end of October and are currently under 7%, according to Freddie Mac (see graph below):
This recent trend is great news for buyers. As a recent article from Bankrate says:
“The rate cool-off somewhat eases the housing affordability squeeze.”And according to Edward Seiler, AVP of Housing Economics and Executive Director of the Research Institute for Housing America at the Mortgage Bankers Association (MBA):
“MBA expects that … (1 comments)

interest rates: Why Mortgage Rates Could Continue To Decline - 12/20/23 08:52 AM
When you read about the housing market, you’ll probably come across some information about inflation or recent decisions made by the Federal Reserve (the Fed). But how do those two things impact you and your homebuying plans? Here's what you need to know.
The Federal Funds Rate Hikes Have StalledOne of the Fed’s primary goals is to lower inflation. In order to do that, they started raising the Federal Funds Rate to slow down the economy. Even though this doesn’t directly dictate what happens with mortgage rates, it does have an impact.
Recently inflation has started to cool, a signal those increases worked … (1 comments)

interest rates: Foreclosures and Bankruptcies Won’t Crash the Housing Market - 10/31/23 05:48 AM
If you've been following the news recently, you might have seen articles about an increase in foreclosures and bankruptcies. That could be making you feel uneasy, especially if you're thinking about buying or selling a house.
But the truth is, even though the numbers are going up, the data shows the housing market isn’t headed for a crisis.
Foreclosure Activity Rising, but Less Than Headlines SuggestIn recent years, the number of foreclosures has been very low. That’s because, in 2020 and 2021, the forbearance program and other relief options were put in place to help many homeowners stay in their homes during that … (2 comments)

interest rates: Affordable Homeownership Strategies for Gen Z - 10/26/23 01:35 PM
The idea of owning a home has always been a big part of the American Dream. It's a symbol of stability, independence, and having a place to truly call your own. But for Gen Z, the "Zoomers" born between 1997 and 2012, making that dream a reality can feel like quite the challenge today with higher mortgage rates and rising home prices.
But achieving that goal of owning your first home can still be attainable, even today, with some strategic planning and resourcefulness.
Explore Down Payment Assistance Options With prices rising all around you, it can be hard to save up … (2 comments)

interest rates: Explaining Today’s Low Housing Supply - 09/29/23 07:35 AM
Some Highlights Wondering why the supply of homes for sale is limited today? There are a few factors at play. Lack of building over time, the mortgage rate lock-in effect, and people staying in their houses longer are three of the main reasons why supply is low. But real estate agents know exactly where to look and what to do to make your dream a reality. Let’s connect so you have an expert on your side to help you successfully navigate the market and find your next home.   
Contact us:
PHP Houses
142 W Lakeview Ave
Unit 1030
Lake Mary, FL 32746
Ph: (407) 641-1531
Fax: (407) 205-1951
email: info@phphouses.com
Let’s Connect:
Facebook
Linkedin
Twitter
Instagram
The … (2 comments)

interest rates: Beginning with Pre-Approval - 09/25/23 07:21 AM
If you’re looking to buy a home this fall, there are a few things you need to know. Affordability is tight with today’s mortgage rates and rising home prices. At the same time, there’s a limited number of homes on the market right now and that’s creating some competition among buyers. But, if you’re strategic, there are ways to navigate these waters. The first thing you’ll want to do is get pre-approved for a mortgage. That way you’ll know your numbers and can set yourself up for success from the start of your home search.
What Pre-Approval Does for You To … (2 comments)

interest rates: Why Is Housing Inventory So Low? - 09/14/23 07:02 AM
One question that’s top of mind if you’re thinking about making a move today is: Why is it so hard to find a house to buy? And while it may be tempting to wait it out until you have more options, that’s probably not the best strategy. Here’s why.
There aren’t enough homes available for sale, but that shortage isn’t just a today problem. It’s been a challenge for years. Let’s take a look at some of the long-term and short-term factors that have contributed to this limited supply.
Underbuilding Is a Long-Standing ProblemOne of the big reasons inventory is low is because … (2 comments)

interest rates: How Inflation Affects the Housing Market - 08/31/23 06:56 AM
Have you ever wondered how inflation impacts the housing market? Believe it or not, they’re connected. Whenever there are changes to one, both are affected. Here’s a high-level overview of the connection between the two.
The Relationship Between Housing Inflation and Overall InflationShelter inflation is the measure of price growth specific to housing. It comes from a survey of renters and homeowners that’s done by the Bureau of Labor Statistics (BLS). The survey asks renters how much they’re paying in rent, and homeowners how much they’d rent their homes for, if they weren’t living in them.
Much like overall inflation measures the cost … (1 comments)

interest rates: Why You Don’t Need To Fear the Return of Adjustable-Rate Mortgages - 08/23/23 07:04 AM
If you remember the housing crash back in 2008, you may recall just how popular adjustable-rate mortgages (ARMs) were back then. And after years of being virtually nonexistent, more people are once again using ARMs when buying a home. Let’s break down why that’s happening and why this isn’t cause for concern.
Why ARMs Have Gained Popularity More RecentlyThis graph uses data from the Mortgage Bankers Association (MBA) to show how the percentage of adjustable-rate mortgages has increased over the past few years:
As the graph conveys, after hovering around 3% of all mortgages in 2021, many more homeowners turned to adjustable-rate … (4 comments)

interest rates: People Want Less Expensive Homes – And Builders Are Responding - 08/17/23 06:41 AM
In today’s housing market, there are two main affordability challenges impacting buyers: mortgage rates that are higher than they’ve been the past couple of years, and rising home prices caused by low inventory. To overcome those challenges, many people are working with their agents to find less expensive homes. And with newly built homes making up a historically large percentage of the total available inventory today, that search often includes brand new homes.
People Are Spending Less on Newly Built HomesThe graph below uses the latest information from the Census to show, in June, more of the newly built home sales in … (2 comments)

interest rates: Homebuyers Are Getting Used to the New Normal - 07/22/23 08:26 AM
Before you decide to sell your house, it’s important to know what you can expect in the current housing market. One positive trend right now is homebuyers are adapting to today’s mortgage rates and getting used to them as the new normal.
To better understand what’s been happening with mortgage rates lately, the graph below shows the trend for the 30-year fixed mortgage rate from Freddie Mac since last October. As you can see, rates have been between 6% and 7% pretty consistently for the past nine months:
According to Lawrence Yun, Chief Economist at the National Association of Realtors (NAR), mortgage … (6 comments)