by Christy Bieber | Updated July 19, 2021 - First published on Jan. 8, 2021
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Rates stayed low, but there's still plenty of news to know about mortgage rates this week.
As the first week of a new year draws to a close, the good news is that mortgage rates stayed relatively stable near record lows.
While rates haven't changed much, that doesn't mean there's nothing going on in the world of mortgages and home buying. In fact, there's plenty of news you need to know if you're shopping for a new house or considering refinancing your current mortgage. Here are some of last week's top stories for the week ending Jan. 8.
Home prices have been driven up by limited supply and high demand as would-be buyers seek to take advantage of record-low mortgage rates. But with mortgage applications for new home purchases falling at the end of 2020, is it possible demand is starting to decline as borrowers grow weary of inflated prices?
Although rates will probably stay low this year, lenders will likely continue to impose strict qualifying requirements that limit the number of people who can take advantage of them. Inventory may also stay low, at least as the year begins.
There are advantages to buying a house in 2021, including the chance to take advantage of low mortgage rates. But an increase in housing prices may mean 2021 actually isn't an optimum time to buy. Find out what factors to consider to help you decide.
Are you getting ready to move into your new house? Make sure you don't forget to take care of these essentials, including setting up trash pickup, registering your kids for school, and getting a list of local service providers.
When you're making a major financial investment in a home, you can't make big errors such as borrowing more than you can afford. Find out the details about four big mistakes you'll want to be sure to avoid.
Hidden roof leaks; concealed basement leaks; and faulty mechanical systems are just three of the major problems you need to watch out for when purchasing a home. Learn about some red flags you absolutely can't overlook.
Becoming a homeowner comes with many advantages including the fact that your ownership will help you to build wealth. Here are the four biggest benefits of owning your own place.
It may be tempting to buy the most expensive home you can afford, but that's a decision that you'll likely come to regret. Don't take a chance of compromising your other financial goals by making yourself house poor.
Whether you're shopping for a new home in 2021, are thinking about refinancing an existing home loan, or are simply interested in the housing market, be sure to check out The Ascent's mortgage coverage each week. We're busy gathering your top mortgage stories so you can stay informed.
Chances are, interest rates won't stay put at multi-decade lows for much longer. That's why taking action today is crucial, whether you're wanting to refinance and cut your mortgage payment or you're ready to pull the trigger on a new home purchase.
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