According to Freddie Mac’s latest Primary Mortgage Market Survey, the 30-year fixed rate mortgage interest rate has jumped up. The last few weeks we’ve seen 3.94% to the current higher rate of 4.03%. Interest rates had been hovering around 3.5% since June, and many are wondering why there has been such a significant increase so quickly.
NOTE: Rob Miller is a lender who cares deeply about his clients and is available when you need him—not when it’s convenient for him! Rob is there for you on weekdays, weeknights and weekends; whenever YOU want to buy a home! He takes great pride in education within his field, and has a special dedication to loan programs for veterans. He shares some great advice on preapproval letters below!
—Randy Lenz, Broker/Owner, NextHome Metro Group
By Rob Miller, MLOP, Providence Home Lending
What is mortgage pre-approval and why is it important?
This is a popular question. The short answer is that pre-approval puts you on the right path to buying your home. Knowing your financial situation and strengths before you go house-hunting and propose offers will get you on your way to success.