Luxe Austin Homes - Loan

"6 Different Types of Home Loans: Which One Is Right for You?"

Realtor.com shares, "if you’re a first-time home buyer shopping for a home, odds are you should be shopping for mortgage loans as well—and these days, it’s by no means a one-mortgage-fits-all model. You’ll want to get and understanding of all the basics, with mortgage 101.

Where you live, how long you plan to stay put, and other variables can make certain mortgage loans better suited to a home buyer’s circumstances and loan amount. Choosing wisely between them could save you a bundle on your down payment, fees, and interest.

Many types of house loans exist: conventional loans, FHA loans, VA loans, fixed-rate loans, adjustable-rate mortgages, jumbo loans, and more. Each mortgage loan may require certain down payments or specify standards for loan…

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"A Tale of 2 Housing Markets: Why Some Homes Still Cause Heated Bidding Wars While Others Sit Unsold"

Realtor.com shares, "homebuyers who are closely watching the correction in the real estate market might believe now is a good time to pounce. After all, homes are sitting on the market for longer, those maddening bidding wars have dried up, and wild offers over the asking price are things of the past, right?

Well, not exactly. It all depends on what they’re hoping to purchase.

Those searching for a home are seeing plenty of fixer-uppers, homes lacking curb appeal, and those in less desirable areas sitting on the market for longer and undergoing price reductions. But well-appointed, well-situated turnkey homes are still selling fast, often receiving multiple offers, and even selling over the asking price. It’s as if the housing slowdown hasn’t…

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"2023’s Housing Market Is Looking Up: 3 Things That Should Give Homebuyers Real Hope"

Realtor.com writes, "after suffering all-time lows during the COVID-19 pandemic, the supply of homes for sale has rebounded with a bang.

January marked a whopping 65% more real estate listings than this same month a year earlier, according to a recent inventory report from Realtor.com®.

And while home prices are still up year over year, they’ve declined from the pandemic peak. January’s median home list price clocked in at $400,000—holding steady since December but much lower than June’s record high of $449,000.

In addition to this deluge of homes for sale at more reasonable prices, mortgage rates are also down from their 20-year high, which broke 7% in November. For the week ending Jan. 26, Freddie Mac found that rates for a 30-year…

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"What Is a Loan Modification? Can It Help Homeowners in Trouble?"

Realtor.com writes, "consider a loan modification a lifeline for homeowners in trouble. If you’ve been hit with financial hardships that hamper your ability to pay the mortgage, there are options other than foreclosure or selling your home. One is to get a loan modification, which is basically an agreement with your lender to change the terms of your loan.

Loans can be modified in various ways. For instance, the lender may lower the interest rate; extend the length of the loan; or allow a homeowner to skip payments until he’s found a new job, adding those missed payments to the principal to pay later. The terms all depend on the homeowner’s specific circumstances, but the goal is ultimately the same: to provide financial relief for homeowners who…

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"Mortgage rates drop again, creating opportunity for homebuyers: Freddie Mac"

Fox Business reports, "mortgage rates dropped back down again last week and even though it was slight, the decrease had an impact on homebuyer demand, according to Freddie Mac.

The average rate for a 30-year fixed-rate mortgage fell to 6.33% for the week ending Jan. 12, according to Freddie Mac's Primary Mortgage Market Survey. This was a decrease from the previous week when it averaged 6.48% but remains significantly higher than last year when it was 3.45%.

The average rate for a 15-year mortgage was 5.52% last week, down from 5.73% the week before and up from 2.62% last year.  

Mortgage rates have fluctuated in the 6% to 7% range since September, Freddie Mac's data shows. Even though the changes are incremental from week-to-week, the…

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"Mortgage rates fall for the sixth week in a row"

Yahoo Finance reports, "mortgage rates dropped for the sixth straight week, but housing activity remained muted going into the holidays.

The rate for the average 30-year fixed mortgage slipped to 6.27% from 6.31% the week prior, according to  Freddie Mac . Rates have fallen more than three-quarters of a point since mid-November after the Federal Reserve signaled that it would slow its interest-rate hikes amid cooling inflation.

Still, rates remain 3 percentage points higher than they were at the start of the year, leaving many first-time buyers on the sidelines and sellers — who haven't pulled their listings — more willing to negotiate.

“Heading into the holidays, mortgage rates continued to move down,” said Sam Khater, Freddie Mac’s chief…

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Real estate trend helping soften the blow of rising interest rates

Austin home buyers and sellers are getting creative to lessen the blow of rising interest rates. Realtors report more people are exploring temporary interest rate buydowns.

The temporary rate buydowns happening right now involve sellers taking some of their profit from the sale and putting it toward helping the buyer make payments at a lower interest rate. It's usually a benefit that sellers only agree to for a couple of years, but it is helping homes sell while rates are high.

For the first time in years the Austin Board of Realtors says the area housing market is stabilizing—something that will help some buyers get back in the game.

"They can be a little bit more relaxed. They can actually have a shot at making one of their offers stick.…

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