IAMS Wealth Management’s Post

Rents remain high, but not as high as mortgage payments. Home buyers would need 30-year fixed mortgages to fall to about 5.25% before the monthly payment on a $419,000 home would close in on the average U.S. rent of $1,840, per Moody’s Ratings. For many people the magic formula is location-based. Here's how to do the math.

Rents remain high, but not as high as mortgage payments. Home buyers would need 30-year fixed mortgages to fall to about 5.25% before the monthly payment on a $419,000 home would close in on the average U.S. rent of $1,840, per Moody’s Ratings. For many people the magic formula is location-based. Here's how to do the math.

At least we're not dealing with an 18.4% 30-year fixed mortgage rate (like in the '80s...). Although, maybe then home prices would finally come down in a meaningful way...

Many homeowners are sitting on low-interest-rate mortgages and could face the decision of whether to sell or rent out their property when it’s time to move. Roughly 6 in 10 existing fixed-rate U.S. mortgage holders had an interest rate below 4% during the fourth quarter of 2023. By comparison, the average 30-year fixed-rate mortgage was around 7% in May. However, you should weigh affordability, hassle and possible tax breaks before renting out your property.

What's your mortgage rate? More than three-quarters of homeowners — 78.7 percent — have a mortgage rate below 5 percent, while nearly 6 in 10 — 59.4 percent — have a mortgage below 4 percent. Would you give up a 3.5% mortgage for a 6.5% mortgage? This is keeping a lid on the housing market, at least for now. #realestate #mortgage #housing

🚨 Exciting News for Homebuyers and Homeowners! 🚨 Mortgage rates are dropping! 📉 The average rate for a 30-year mortgage just fell to 6.20% from 6.35% last week, the lowest in 19 months! A year ago, rates were at 7.18%. For those looking at 15-year mortgages, the rate dipped to 5.27% from 5.47%. With the Federal Reserve expected to cut interest rates next week, this could be a great opportunity to explore refinancing or purchasing a new home. 🏡💰 Let’s chat about how this can benefit you! 📞📩 #MortgageRates #RealEstate #HomeBuying

🏡 Mortgage Rates Update 🏡 Mortgage Rates Update: Freddie Mac reports that mortgage rates have dipped to a 7.02% average this week, marking the second consecutive week of declines. While the decrease in rates is small, it may provide a bit more wiggle room in the budgets of prospective home buyers. However, despite the easing rates, home buyers haven’t flooded back to the market. Mortgage applications for home purchases fell 2% nationally in the latest week and are down 14% from a year ago. The biggest decline has been seen in Federal Housing Administration loan applications, which tend to be favored by first-time or low-income buyers. 30-year Fixed-rate Mortgages: Averaged 7.02%, dropping from last week’s 7.09% average. A year ago, 30-year rates averaged 6.39%. 15-year Fixed-rate Mortgages: Averaged 6.28%, also falling from last week’s 6.38% average. A year ago, 15-year rates averaged 5.75%. Keep an eye on these rates if you’re in the market for a home! 🏠💰 Find the full article here https://lnkd.in/eafn-BQT #MortgageRates #HomeBuyers #RealEstate

📉 Mortgage Rate Update: 30-Year Fixed Rate Drops to 6.09% For those thinking about buying or building a home, small changes in interest rates can have a big impact on affordability. With the current rate drop, it’s worth exploring how this shift could make homeownership more accessible or allow you to explore additional features in your dream home. At AR Homes, we’re here to guide you through the home-building process and how changes like this might influence your decision. Feel free to reach out with any questions! #MortgageRates #CustomHomes #HomeBuyingTips #BuildingDreams #ARHomes

It's a challenging housing market for home buyers, with home prices at an all-time high and mortgage rates above 7%. Eagle-eyed house hunters may notice a difference when they search mortgage-rate quotes online, depending on the state that they are looking in. There's a good reason for that: Mortgage rates vary by state, and can differ as much as 38 basis points. https://lnkd.in/g3RR44fu #CapitalFundingNW #TheFundingMachine #housing #mortgagerates

Homeowners are holding onto their low-rate mortgages, creating a significant barrier in the housing market. With the average 30-year fixed mortgage rate at 7.17%, compared to the existing 4.0% on most outstanding U.S. mortgages, many are hesitant to sell. This has led to 1.3 million "lost" home sales from Q2 2022 to Q4 2023. Discover how this trend is shaping the market and potential solutions to ease this lock-in effect. If you’re considering a move, let’s connect to explore your options. #RealEstate #MortgageRates #HousingMarket #EconomicTrends