By now you’ve heard the news. President Biden dropped out of the 2024 presidential race and paved the way for current VP Kamala Harris to run in his place. That was big news that shook up the election overnight, and now there is a renewed focus on Harris, including her financial disclosures. The WSJ ran… Read More »Presidential Candidate Kamala Harris Has a 7-Year Adjustable-Rate Mortgage The post Presidential Candidate Kamala Harris Has a 7-Year Adjustable-Rate Mortgage appeared first on The Truth About Mortgage ..read more

Want to hear some good news about mortgage rates that involves them being a lot higher than they previously were? Yes, I know that sounds absurd, but hear me out. There are now millions more mortgages that feature rates above 6.5%, and many with rates above 7%. There are also millions less that feature rates… Read More »More Than 4 Million Mortgages Originated Since 2022 Have Rates Above 6.5% The post More Than 4 Million Mortgages Originated Since 2022 Have Rates Above 6.5% appeared first on The Truth About Mortgage ..read more

I spoke to a friend the other day who is selling their home and moving up to a bigger one. Crazy I know! What with home prices where they are the mortgage rates more than double their early 2022 levels. Despite this, they needed more space (and wanted a new locale) and were ready to… Read More »Want to Move But Have a Super Low Mortgage Rate? Here’s What My Friend Is Doing The post Want to Move But Have a Super Low Mortgage Rate? Here’s What My Friend Is Doing appeared first on The Truth About Mortgage ..read more

Mortgage Q&A : “Which mortgage should I pay off first?” Today we’re going to talk about strategy if you hold multiple mortgages and want to reduce your total interest expense. It’s not uncommon to have multiple mortgages, such as a first and second mortgage tied to the same property. Or perhaps a couple mortgages on… Read More »Which Mortgage Should I Pay Off First? The post Which Mortgage Should I Pay Off First? appeared first on The Truth About Mortgage ..read more

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