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The average rate for a 30-year, fixed-rate mortgage dropped to 6.35% on August 29 from 6.46% a week ago, the lowest mortgage rates have been in 15 months, according to Freddie Mac. "I bought a house when [the mortgage rate] was 15% and then I refinanced." "No bank is ever going to give you a true no closing cost loan at the lowest possible rate. And buying with the goal of refinancing is always taking a gamble on mortgage rates, which comes with a certain amount of risk. Even though recent declines in mortgage rates may gain steam as the Fed lowers its benchmark rate, lower mortgage rates could also boost homebuying demand, which would push prices higher.

Persons: Freddie Mac, Jacob Channel, Dottie Herman, Douglas Elliman, I've, Melissa Cohn, William Raveis, Banks, Cohn, Keith Gumbinger, Michael Krowe, Krowe Organizations: Brigade, Getty, Federal, LendingTree, Fed, William Raveis Mortgage, HSH.com, Edelman Locations: New York

☆ The decision to sell your home vs. rent it out is 'complicated,' experts say — what to know
▼ + stars: | 2024-05-21 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +1 min

A "For Rent" sign is posted near a home in Houston, Texas, on Feb. 7, 2022. Many Americans are sitting on low-interest-rate mortgages and could face a decision when it's time to move: sell or rent out their existing property. By comparison, the average 30-year fixed-rate mortgage was around 7% in May. That makes qualifying for a second mortgage harder, especially without tapping equity from your original property, Gumbinger said. Plus, if you're using rental income to qualify for the second mortgage, lenders typically only consider 75% of your proceeds, Gumbinger said.

Persons: Keith Gumbinger, Homeownership, Gumbinger, homebuyers Organizations: Federal Housing Finance Agency, Finance, Trump, National Association of Realtors Locations: Houston , Texas

☆ Biden proposes $10,000 tax breaks for first-time homebuyers, 'starter home' sellers
▼ + stars: | 2024-03-08 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +3 min

Cavan Images | Cavan | Getty ImagesPresident Joe Biden has floated plans to address the country's affordable housing issues, including new tax breaks for first-time homebuyers and "starter home" sellers. "If inflation keeps coming down, mortgage rates will come down as well. Interest rates still near 'multidecade highs'With soaring home prices and mortgage interest rates, 2023 was the least affordable year for homebuyers in more than a decade, according to a report from Redfin. "We're close to multidecade highs for mortgage rates," said Keith Gumbinger, vice president of mortgage website HSH. watch nowThere's a 'housing supply crisis'Of course, higher mortgage interest rates are only one piece of the country's affordable housing puzzle.

Persons: Joe Biden, Biden, I'm, Keith Gumbinger, it's, Janneke Ratcliffe Organizations: Getty, White, Chamber, U.S, Capitol, Washington , D.C, homebuyers, Housing Finance, Center, Urban Institute, Urban Locations: Cavan, seller's, Washington ,, Redfin

☆ Buyers need a six-figure income to afford a 'typical' home, report finds. Here's how to reduce the cost
▼ + stars: | 2022-11-18 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +1 min

In October, U.S. buyers needed to earn $107,281 to afford the median monthly mortgage payment of $2,682 for a "typical home," Redfin reported this week. That's 45.6% higher than the $73,668 yearly income needed to cover the median mortgage payment 12 months ago, the report finds. The primary reason is rising mortgage interest rates, said Melissa Cohn, regional vice president at William Raveis Mortgage. "The bottom line is mortgage rates have more than doubled since the beginning of the year," she said. "Home prices have gone up substantially, mortgage rates have more than doubled and that's just crushing affordability," said Keith Gumbinger, vice president of mortgage website HSH.

☆ Homebuyers are making the biggest down payments in these 5 metros. Here’s how much you actually need for a house
▼ + stars: | 2022-10-26 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +2 min

nd3000 | iStock | Getty Images5 metros with the biggest down paymentsIn 2022, these five metros have had the highest down payments based on LendingTree mortgage data from from Jan. 1 through Oct. 10, 2022. A larger down payment means a smaller mortgage, which can "certainly help offset the cost of rising interest rates to a degree," he said. While certain kinds of mortgages allow down payments as low as 3%, you'll have to pay mortgage insurance on loans with less than 20% down, and you may see higher interest rates, Gumbinger said. While smaller down payments mean higher interest rates and mortgage insurance, home buyers may reduce these expenses in the future, she said. When interest rates drop, there may be a chance to refinance, and buyers may remove mortgage insurance once they reach 20% equity in the home, Cohn said.

☆ Citi expands program to help diverse communities reach 'transformational' homeownership milestone. Here's who qualifies
▼ + stars: | 2022-09-09 | by ( Lorie Konish | ) www.cnbc.com time to read: +7 min

Research has found that Black homeownership has declined. If the rate of Black homeownership were the same today as it was in 2000, there would be 770,000 more Black homeowners, according to the Urban Institute. watch nowEven as the U.S. homeownership rate surged to record highs in 2020, Black homeownership was still lower than it was a decade ago, according to the National Association of Realtors. Who qualifies for Citi's lending programCiti's HomeRun community affordable lending program is eligible to low- to moderate-income borrowers based on census data. In order to expand credit access for homeownership, Citi will look at alternative ways of assessing credit readiness, according to Frison.

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