Home Buyers

Bank Failures Lead to Major Decline in Mortgage Rates

Mortgage rates have fallen slightly after two high profile bank failures, including the second largest bank failure in the history of the United States. This drop in mortgage rates is attributed to an increase in consumer fear after these banks failed, with people more concerned about placing their money into large purchases. Economists and consumers alike remain uncertain about the state of the economy, although this could cause mortgage rates to drop further, which could spur growth in the housing market.

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Mortgage Interest Rates Fall as Inflation Lightens

For the first time in several months, mortgage interest rates have begun to decline somewhat, bringing some relief to the real estate market. This drop in interest rates is considered to be a sign of inflation beginning to drop off, which is an overall positive for prospective homeowners. Unfortunately, however, interest rates are still far higher than they were at the beginning of the year, and some home buyers may still be hesitant to put money down on a new house. Continue reading “Mortgage Interest Rates Fall as Inflation Lightens”

Home Purchases Slow As Interest Rates Increase Above Seven Percent

The number of people who are looking to purchase new homes has dropped, as mortgage interest rates have gone over seven percent for the first time in nine years. This increase in interest rates has also left some lenders worried that more borrowers may begin to default on their mortgages, thanks to a cooling economy. Despite these concerns, however, mortgage defaults are only increasing gradually, although some fear that increasing interest rates could have a negative impact on borrowers as time goes on.

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