Don’t let buying a home intimidate you… get familiar with the lingo used during the home buying process! Your REALTORS® at NextHome Metro Group have compiled a list of some of the most common terms used when buying a home. Be sure to bookmark this handy home buyer’s glossary for future reference!
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.
Why are mortgage rates going up? Basically, the better the economy, the higher interest rates will go.
There has been a lot of talk about the falling homeownership rate in the United States. In December 2004, the percentage of those owning a home reached an all-time high of 69.4%, with the 2015 reported rate at 62.9%. When comparing these 2 figures, there is some room for concern regarding the difference.
The results of the latest Rent vs. Buy Report from Trulia show that home-ownership remains cheaper than renting with a traditional 30-year fixed rate mortgage in the 100 largest metro areas in the United States.
The updated numbers actually show that the range is an average of 17.4% less expensive in Honolulu (HI), all the way up to 53.2% less expensive in Miami & West Palm Beach (FL) and 37.7% nationwide!