by Maurie Backman | Updated July 19, 2021 - First published on Sept. 25, 2020
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These are our top mortgage news stories for the week. Whether you're hoping to buy a new home or refinance an existing mortgage, it pays to give them a read.
Mortgage rates held steady this week at record lows, with the 30-year loan still hanging in at under 3%. Here are some big mortgage news items it pays to check out.
Struggling homeowners can put their mortgages into forbearance during the coronavirus crisis, but roughly 1 million who are past due on their payments have yet to take that step. That's a mistake, because right now, forbearance won't result in negative credit report activity, so there's little downside to applying for it.
Home values are rising, which means owners are gaining more equity in their homes. That opens the door to more borrowing options, which could come in handy at a time like this.
Higher home values are good news for sellers. For buyers, not so much. Given the fact that housing inventory is so limited, those wishing to buy right now could face some steep asking prices.
Mortgage rates are already at historic lows. But could they get even better? It's possible, especially if the Federal Reserve keeps interest rates low, the economy stays sluggish, and housing inventory continues to be limited.
Those looking to take out larger mortgages need to be more careful than ever when rate-shopping. Financial institutions get to set their own rules for jumbo loans, which means buyers could get stuck with higher rates than necessary.
If you're looking to refinance your mortgage, your existing lender could be a good place to start. But here's why it might pay to go with a different lender instead.
Whether you're trying to buy a home for the first time, refinance your mortgage, or simply keep tabs on today's wild housing market, keep tuning in to The Ascent's mortgage coverage. We're busy rounding up the information you need to stay informed on all things mortgage-related.
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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