by Maurie Backman | Sept. 11, 2020
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These are our top mortgage news stories for the week. Check these out if you're thinking of buying or refinancing.
Mortgage rates continued to stay unbelievably low this week, signaling that buyers and refinancers still have a solid opportunity to get in on some great deals. Here are some of our top stories worth reading.
This isn't our first story on mortgage rates hitting historic lows, but once again, rates have dropped beyond our wildest expectations. Take a look at how rates are trending and see what deals you may be in line for.
It's not just new purchase mortgage rates that are hitting rock bottom (in a good way). Refinance rates are also competitive, but many homeowners have yet to jump on them.
Home sales aren't down because people don't want to buy; they're down because there's not enough property to buy. In fact, that lack of inventory is making it difficult for prospective owners to take advantage of today's remarkable mortgage rates.
Yes, new mortgage originations hit a record high in 2020's second quarter. We can thank the low rates we keep talking about for that.
Home prices have risen in 2020. Limited inventory has led to an uptick in buyer demand, and now, even once-affordable areas of the country are starting to get too expensive for a lot of people's budgets.
A lot of people are refinancing these days, and while that's a good way to save money, you'll also need to take some key steps after your new loan is complete. These include canceling your old loan payments, setting up your new payments, and seeing how those new payments impact your budget.
A home equity line of credit, or HELOC, is an affordable way to borrow money in a pinch. But lenders have gotten stricter about approving HELOCs as a result of the pandemic, so even if you have a decent chunk of equity in your home, you may find that borrowing against it is off the table.
Whether you're trying to buy a new home, refinance your mortgage, or simply keep up with housing market news, keep checking out The Ascent's mortgage coverage. We're tackling all things mortgage-related 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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