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Mortgage rates dropped significantly last week following the collapse of Silicon Valley Bank. See more mortgage rates on Zillow Real Estate on ZillowMortgage Refinance Rates TodayMortgage type Average rate today This information has been provided by Zillow. See more mortgage rates on Zillow Real Estate on ZillowMortgage CalculatorUse our free mortgage calculator to see how today's mortgage rates will affect your monthly and long-term payments. But whether mortgage rates will drop in 2023 hinges on if the Federal Reserve can get inflation under control. If the Fed acts too aggressively and engineers a recession, mortgage rates could fall further than what current forecasts expect.

The collapse of Silicon Valley Bank sent shockwaves throughout the economy that have pushed mortgage rates down after several weeks of increases. But some investors believe no hike is also a possibility, which could push mortgage rates down even further. But whether mortgage rates will drop in 2023 hinges on if the Federal Reserve can get inflation under control. If the Fed acts too aggressively and engineers a recession, mortgage rates could fall further than what current forecasts expect. This means your entire monthly mortgage payment, including taxes and insurance, shouldn't exceed 28% of your pre-tax monthly income.

☆ Don't bother writing a 'love letter' to home sellers. They're a waste of time and someone could get screwed.
▼ + stars: | 2023-03-18 | by ( Aj Latrace | ) www.businessinsider.com time to read: +10 min

Moved by the note, dubbed a "love letter" in real-estate parlance, Byington decided to sell the house to her. Elizabeth Scire's "Barbie House" love letter to the seller. EtsyLove letters risk discriminationDeeply personal and emotionally written love letters, however, open sellers and their agents up to legal risks. In a 2020 blog post, the National Association of Realtors said love letters would be more accurately described as "liability letters." In September 2021, Oregon became the first state to enact a law that banned the practice of writing or sharing real-estate love letters during the homebuying process.

After five consecutive weeks of increases, mortgage rates finally dropped this week, according to Freddie Mac. See more mortgage rates on Zillow Real Estate on ZillowMortgage CalculatorUse our free mortgage calculator to see how today's mortgage rates will affect your monthly and long-term payments. But whether mortgage rates will drop in 2023 hinges on if the Federal Reserve can get inflation under control. If the Fed acts too aggressively and engineers a recession, mortgage rates could fall further than what current forecasts expect. This means your entire monthly mortgage payment, including taxes and insurance, shouldn't exceed 28% of your pre-tax monthly income.

☆ Mortgage demand rises despite volatile interest rates
▼ + stars: | 2023-03-15 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +2 min

Demand for mortgages increased for the second straight week, despite some volatility in mortgage rates. That was the average, but mortgage rates were largely higher for most of the week before dropping sharply Friday on news of the Silicon Valley Bank failure. Despite rates being higher, mortgage applications to purchase a home rose 7% for the week but were still 38% lower than the same week a year ago. "That always happens when rates surge and it only lasts a few weeks," said John Burns of John Burns Real Estate Consulting, who said he saw an increase in sales of newly built homes in February despite higher rates. Mortgage rates dropped further Monday, according to a separate survey from Mortgage News Daily, but bounced higher again Tuesday after the February consumer price index was released, suggesting that the Federal Reserve may raise interest rates again next week despite recent banking industry turmoil.

☆ A top real estate economist breaks down how the Silicon Valley Bank failure can push more homebuyers into the housing market as mortgage rates fall faster than expected
▼ + stars: | 2023-03-15 | by ( Phil Rosen | ) www.businessinsider.com time to read: +2 min

A senior economist at NAR said the SVB crisis could lead to higher activity in the housing market. Mortgage rates could fall faster than expected, and the Fed looks less hawkish, she said. "The housing sector reacts immediately to changes in mortgage rates. "The housing sector reacts immediately to changes in mortgage rates. If mortgage rates dip to around 6%, then more Americans would be comfortable purchasing a home compared to when it's around 6.7% or higher, Evangelou said.

Mortgage rates have decreased somewhat over the past couple of days and are currently the lowest they've been in over three weeks. See more mortgage rates on Zillow Real Estate on ZillowMortgage Refinance Rates TodayMortgage type Average rate today This information has been provided by Zillow. See more mortgage rates on Zillow Real Estate on ZillowMortgage CalculatorUse our free mortgage calculator to see how today's mortgage rates will affect your monthly and long-term payments. But whether mortgage rates will drop in 2023 hinges on if the Federal Reserve can get inflation under control. If the Fed acts too aggressively and engineers a recession, mortgage rates could fall further than what current forecasts expect.

Mortgage rates increased again last week, and they could continue rising over the next few months. Just keep in mind that HELOC rates are variable, so if rates start to trend up further, yours will likely increase, as well. But whether mortgage rates will drop in 2023 hinges on if the Federal Reserve can get inflation under control. If the Fed acts too aggressively and engineers a recession, mortgage rates could fall further than what current forecasts expect. This means your entire monthly mortgage payment, including taxes and insurance, shouldn't exceed 28% of your pre-tax monthly income.

See more mortgage rates on Zillow Real Estate on ZillowToday's Refinance RatesMortgage type Average rate today This information has been provided by Zillow. See more mortgage rates on Zillow Real Estate on ZillowMortgage CalculatorUse our free mortgage calculator to see how today's mortgage rates will affect your monthly and long-term payments. But whether mortgage rates will drop in 2023 hinges on if the Federal Reserve can get inflation under control. If the Fed acts too aggressively and engineers a recession, mortgage rates could fall further than what current forecasts expect. This means your entire monthly mortgage payment, including taxes and insurance, shouldn't exceed 28% of your pre-tax monthly income.

☆ A 24-year-old Black tattoo artist explains why she and many others are fleeing Austin: 'The soul of the city has changed'
▼ + stars: | 2023-03-12 | by ( Alcynna Lloyd | ) www.businessinsider.com time to read: +5 min

Imani Tatum is leaving Austin after living there for the past three years. "I wanted to create a place where specifically marginalized people could be tattooed, while being safe and enjoying themselves," Tatum told Insider. Tatum said she's done: she's closing Nana's Prayers, packing her bags and heading to a new city in May. But affordable housing remains scarce in the city, and that's driving out many minority residents, like Tatum. While price growth has slowed in Austin, the city's median home price still sits at a staggering $525,000, $140,000 above the US median sale price, according to real estate brokerage Redfin.

☆ A top real estate economist explains why a housing rebound is coming as rising sales and lack of supply look poised to lift home prices
▼ + stars: | 2023-03-11 | by ( Phil Rosen | ) www.businessinsider.com time to read: +3 min

Easing inflation will bring mortgage rates down, and tight supplies will send prices higher. "It seems that home sales activity has bottomed out, and 2023 will be the turning point for the housing market," Evangelou told Insider. That will lead to mortgage rates falling back toward 6% after they topped 7% in October. While higher interest rate expectations are weighing on homebuying activity, Evangelou anticipates the trend to ease in the latter half of this year. Dallas Fed economists said in a recent paper that for the housing market to return to its fundamentals, a 19.5% correction would be necessary.

Mortgage rates increased again this week, marking the fifth consecutive week of increases, according to Freddie Mac. See more mortgage rates on Zillow Real Estate on ZillowMortgage CalculatorUse our free mortgage calculator to see how today's mortgage rates would impact your monthly payments. 30-year Fixed Mortgage RatesThe current average 30-year fixed mortgage rate is 6.73%, according to Freddie Mac. 15-year Fixed Mortgage RatesThe average 15-year fixed mortgage rate is 5.95%, an increase from the prior week, according to Freddie Mac data. Mortgage rates started ticking up from historic lows in the second half of 2021 and increased over three percentage points in 2022.

☆ A housing downturn is causing a reckoning in the once-hot cluster of proptech startups that let homebuyers pay all cash and win bidding wars
▼ + stars: | 2023-03-09 | by ( Alex Nicoll | ) www.businessinsider.com time to read: +9 min

In that market, all-cash offers were king to sellers because they ensured quicker, stress-free closings. According to Redfin, all-cash offers quadrupled the chances that a homebuyer would win a bidding war. Ribbon has since paused its all-cash offering, but some of the other firms that Insider featured last year are still making all-cash offers. FlyhomesFlyhomes is a real-estate brokerage that featured all-cash-offer services for years and distinguished itself in December 2021 with a free all-cash-offer product. "The value to the buyer is different than in a seller's market," Garg said in the email.

Mortgage rates increased rapidly throughout February, though they appear to have calmed somewhat over the past few days. See more mortgage rates on Zillow Real Estate on ZillowMortgage Refinance Rates TodayMortgage type Average rate today This information has been provided by Zillow. See more mortgage rates on Zillow Real Estate on ZillowMortgage CalculatorUse our free mortgage calculator to see how today's mortgage rates will affect your monthly and long-term payments. But whether mortgage rates will drop in 2023 hinges on if the Federal Reserve can get inflation under control. If the Fed acts too aggressively and engineers a recession, mortgage rates could fall further than what current forecasts expect.

☆ Millennials in their 30s are sitting in an economic quagmire that could stick with them through retirement
▼ + stars: | 2023-03-08 | by ( Jason Lalljee | Madison Hoff | ) www.businessinsider.com time to read: +7 min

In the long run, this generation may also be hit by cuts in Social Security benefits. In the longer run, millennials' retirement may also be affected if Social Security benefits are cut. Millennials in their 30s are accruing debt faster than their peersWhile Experian and Credit Karma research show Gen X has the highest average debt, millennials still hold a lot of debt too — and are accumulating it faster than anyone else. Millennials face looming retirement insecurityIf all of that wasn't enough, millennials' retirement situation in the future could be different from Gen X and baby boomers. Additionally, millennials' retirement safety nets are likely to be affected if they can't get full Social Security benefits.

Mortgage rates have be holding relatively steady over the past few days. Just keep in mind that HELOC rates are variable, so if rates start to trend up further, yours will likely increase, as well. But whether mortgage rates will drop in 2023 hinges on if the Federal Reserve can get inflation under control. If the Fed acts too aggressively and engineers a recession, mortgage rates could fall further than what current forecasts expect. This means your entire monthly mortgage payment, including taxes and insurance, shouldn't exceed 28% of your pre-tax monthly income.

On a median-priced home with a 3% down payment and a 6.09% interest rate, a borrower's monthly mortgage payment would equal $2,746. See more mortgage rates on Zillow Real Estate on ZillowMortgage CalculatorUse our free mortgage calculator to see how today's mortgage rates will affect your monthly and long-term payments. But whether mortgage rates will drop in 2023 hinges on if the Federal Reserve can get inflation under control. If the Fed acts too aggressively and engineers a recession, mortgage rates could fall further than what current forecasts expect. This means your entire monthly mortgage payment, including taxes and insurance, shouldn't exceed 28% of your pre-tax monthly income.

"Lower mortgage rates back in January brought buyers back into the market," Sam Khater, Freddie Mac's chief economist, said in a press release. See more mortgage rates on Zillow Real Estate on ZillowMortgage Refinance Rates TodayMortgage type Average rate today This information has been provided by Zillow. See more mortgage rates on Zillow Real Estate on ZillowMortgage CalculatorUse our free mortgage calculator to see how today's interest rates will affect your monthly payments. 30-Year Fixed Mortgage RatesThe current average 30-year fixed mortgage rate is 6.65%, according to Freddie Mac. 15-Year Fixed Mortgage RatesThe average 15-year fixed mortgage rate is 5.59%, an increase from the prior week, according to Freddie Mac data.

☆ Here's how much Americans have in their retirement accounts — and what it means for you
▼ + stars: | 2023-03-03 | by ( Elizabeth Gravier | Jason Stauffer | ) www.cnbc.com time to read: +8 min

Fidelity Investment's latest analysis of its retirement accounts reveals Americans have, on average, six-figure balances in their IRA and 401(k) retirement accounts. As of the fourth quarter of 2022, the average balances in an IRA, 401(k) and 403(b) were (respectively) $104,000, $103,900 and $92,683. Betterment Learn More Minimum deposit and balance Minimum deposit and balance requirements may vary depending on the investment vehicle selected. For example, Betterment doesn't require clients to maintain a minimum investment account balance, but there is a ACH deposit minimum of $10. Wealthfront Learn More Minimum deposit and balance Minimum deposit and balance requirements may vary depending on the investment vehicle selected.

Mortgage rates increased last month and are now the highest they've been since November. See more mortgage rates on Zillow Real Estate on ZillowMortgage Refinance Rates TodayMortgage type Average rate today This information has been provided by Zillow. See more mortgage rates on Zillow Real Estate on ZillowMortgage CalculatorUse our free mortgage calculator to see how today's mortgage rates will affect your monthly and long-term payments. But whether mortgage rates will drop in 2023 hinges on if the Federal Reserve can get inflation under control. If the Fed acts too aggressively and engineers a recession, mortgage rates could fall further than what current forecasts expect.

Employer Assisted Housing ProgramThe Employer Assisted Housing Program is for government employees who want to buy a home or condominium in Washington, DC. Home Purchase Assistance ProgramThe Home Purchase Assistance Program is in coordination with the DC Housing Finance Agency and offers financial assistance to low-to-moderate income first-time homebuyers. DC Housing Finance AgencyThe DC Housing Finance Agency serves Washington, DC homebuyers and homeowners. DC Open DoorsThrough the DC Open Doors program, the DC Housing Finance Agency offers a 0% interest Down Payment Assistance Loan to potential homebuyers. You don't have to be a first-time homebuyer to be a part of the DC Open Doors program.

☆ Mortgage rates rise for the fourth week in a row
▼ + stars: | 2023-03-02 | by ( Anna Bahney | ) edition.cnn.com time to read: +4 min

Washington, DC CNN —Mortgage rates shot up for the fourth consecutive week, as inflation concerns remain. “However, given sustained economic growth and continued inflation, mortgage rates boomeranged and are inching up toward 7%.”The lower rates in January brought buyers back into the market, Khater said. The average mortgage rate is based on mortgage applications that Freddie Mac receives from thousands of lenders across the country. When Treasury yields go up, so do mortgage rates; when they go down, mortgage rates tend to follow. “The recent jump in mortgage rates has led to a retreat in purchase applications, with activity down for three straight weeks,” said Bob Broeksmit, MBA’s CEO.

☆ Mortgage demand from homebuyers drops to a 28-year low
▼ + stars: | 2023-03-01 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +1 min

Mortgage rates moved higher again last week, pushing buyers back to the sidelines just as the spring housing market is supposed to be heating up. Mortgage applications to purchase a home dropped 6% last week compared with the previous week, according to the Mortgage Bankers Association's seasonally adjusted index. Volume was 44% lower than the same week one year ago, and is now sitting at a 28-year low. Mortgage rates have moved 50 basis points higher in just the past month. Lower rates to start the year caused a brief surge in homebuying, but mortgage demand from homebuyers this month would seem to indicate a very slow spring is ahead.

Individuals who receive monthly SSI benefits are subject to income and asset resources set by the Social Security Administration. Those receiving SSI may worry that buying a house will make them ineligible for benefits, since SSI limits how much recipients can have in assets. So, SSI recipients can buy a house on SSI without losing their benefits. SSI benefits are capped at $914 per month for an individual and $1,371 for married couples who both receive SSI. Mortgages, programs, and other resources that can help SSI recipients purchase a homePreparing for a home purchase without losing your SSI benefits is typically very challenging.

This is what allowed mortgage rates to drop over the past couple of months. Just keep in mind that HELOC rates are variable, so if rates start to trend up further, yours will likely increase, as well. But whether mortgage rates will drop in 2023 hinges on if the Federal Reserve can get inflation under control. If the Fed acts too aggressively and engineers a recession, mortgage rates could fall further than what current forecasts expect. This means your entire monthly mortgage payment, including taxes and insurance, shouldn't exceed 28% of your pre-tax monthly income.

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