A reader recently asked, “What mortgage rate can I get with my credit score?”  So I figured I’d try to clear up a somewhat complex question. With mortgage rates no longer at all-time lows (sigh), borrowers looking to refinance a mortgage or purchase a home are facing an uphill battle. Today, it’s much more common… Read More »What Mortgage Rate Can I Get With My Credit Score? The post What Mortgage Rate Can I Get With My Credit Score? appeared first on The Truth About Mortgage ..read more

Mortgage Q&A: “Does the Fed control mortgage rates?” With all the recent hubbub concerning mortgage rates, and the Fed, you might be wondering how it all works. Does the Federal Reserve decide what the interest rate on your 30-year fixed mortgage is going to be? Or is it dictated by the open market, similar to… Read More »Does the Fed Control Mortgage Rates? The post Does the Fed Control Mortgage Rates? appeared first on The Truth About Mortgage ..read more

Well, so much for mortgage rates falling just in time for the spring home buying season. While many expected interest rates to be lower by now, they’ve proven to be pretty sticky at current levels. At last glance, the 30-year fixed is still hovering close to 7%, albeit better than October 2023 when it was… Read More »Fannie Mae and Freddie Mac Expect Mortgage Rates to Be Higher for Longer The post Fannie Mae and Freddie Mac Expect Mortgage Rates to Be Higher for Longer appeared first on The Truth About Mortgage ..read more

Lately, mortgage rates have surged higher, climbing from as low as 2% to over 8% in some cases. Despite this, home builders have been enjoying healthy sales of newly-built homes. And somewhat incredibly, they haven’t had to lower their prices in many markets either. The question is how can they continue to charge full price… Read More »Why Won’t Home Builders Lower Prices If Mortgage Rates Are Way Higher? The post Why Won’t Home Builders Lower Prices If Mortgage Rates Are Way Higher? appeared first on The Truth About Mortgage ..read more

It’s time for another mortgage match-up: “Cash out vs. HELOC vs. home equity loan.” Yes, this is a three-way battle, unlike the typical two-way duels found in my ongoing series. Let’s discuss these options with the help of a real-life story involving a buddy of mine. Now that mortgage rates are closer to 7% than… Read More »Cash Out vs. HELOC vs. Home Equity Loan: Which Is the Best Option Right Now and Why? The post Cash Out vs. HELOC vs. Home Equity Loan: Which Is the Best Option Right Now and Why? appeared first on The Truth About Mortgage ..read more

These days, the world is full of misinformation. You can thank the Internet for that, which has led to an explosion in content, both good and bad. Social media isn’t much help either, with everyone looking to go viral regardless of what they say is actually true. Let’s put some common mortgage myths to bed… Read More »10 Big Mortgage Myths Proved Wrong, Once and For All The post 10 Big Mortgage Myths Proved Wrong, Once and For All appeared first on The Truth About Mortgage ..read more

The latest mortgage Q&A: “Do mortgage rates change daily?” It’s that time again folks, where I answer your burning mortgage questions. Mortgage rates are hot news right now, what with them attempting to recover after hitting near-21st century highs in October. After the 30-year fixed surpassed 8%, it has since come down to below 7%,… Read More »Do Mortgage Rates Change Daily? The post Do Mortgage Rates Change Daily? appeared first on The Truth About Mortgage ..read more

Mortgage Q&A: “Are mortgage points worth it?” When taking out a mortgage, whether for a new home purchase or to refinance an existing loan, one decision you’ll have to make is if it’s worth paying mortgage points to obtain an even lower interest rate. Before we get into that, it’s important to note that the… Read More »Are Mortgage Points Worth the Cost? The post Are Mortgage Points Worth the Cost? appeared first on The Truth About Mortgage ..read more

Let’s talk about HELOC rates. If you’ve got a home equity line of credit (HELOC), you’ve likely seen your interest rate rise significantly over the past year and change. The reason being is HELOCs are tied to the prime rate, which moves in lockstep with the fed funds rate. Since early 2022, the Federal Reserve… Read More »HELOC Rates Expected to Fall 1.5% By December 2024 The post HELOC Rates Expected to Fall 1.5% By December 2024 appeared first on The Truth About Mortgage ..read more

You’ve heard the news – mortgage rates surged from below 3% to more than 8% in less than two years before retreating somewhat. And they don’t appear to be heading back to those record lows anytime soon, despite some mild improvements as of late. While that’s still up for debate, the trend is clearly NOT… Read More »10 Simple Ways You Can Save Money on Your Next Mortgage The post 10 Simple Ways You Can Save Money on Your Next Mortgage appeared first on The Truth About Mortgage ..read more