Another win for the consumer!
It's like Deja vu all over again! We've fought off yet another attack from the Goliaths of the mortgage industry, and now we’re standing strong with mortgage rates that are accessible to everyone.
So, what's the latest victory? Now that we have defeated the May 1 attempt to charge homeowners more for high and hard-earned credit scores, we have defeated the August 1 Fannie Mae and Freddie Mac attempt to charge an up-front fee for debt-to-income ratios above 40%. Consistently getting loan approvals for borrowers with ratios greater than 40%, this is just another win in our wheelhouse to keep mortgages interest rates affordable for all!
GREAT NEWS TO SHARE WITH EVERYONE YOU KNOW! Always feel free to contact me with questions or content to share.
What's next for mortgage rates and real estate? (Date posted: 5-12-2023) Do you know what drives mortgage rates? It’s not the Fed…it’s inflation. And inflation has been improving, which has been helping mortgage rates improve. On May 10, we had an encouraging drop in the Consumer Price Index or CPI inflation report. But the good news is expected to continue!
Over the next two months, inflation is expected to improve further, which should help mortgage rates even more. Improving mortgage rates will increase buyer demand in a very tight inventory environment.
Happy summer, we are finally there!
* Specific loan program availability and requirements may vary. Please get in touch with the mortgage advisor for more information.