The Federal Housing Finance Agency just announced that for 2024 the conforming maximum loan limits have been increased.  Not surprising with home values still on the rise, and typically this happens every yeasr. In most areas, the new conforming loan limit for 2024 will be $766,550.  For what they call “high cost” areas, the loan…

Inflation and economic growth are the two main factors driving mortgage interest rates and their skyrocketing path higher since November 2022.  And the rub……….. the Federal Reserve won’t signal an end to its rate policy of raising rates, or not lowering rates, until it sees lower inflation combined with a much cooler economy. We saw…

Yesterday the average 30 year mortgage interest rate hit a “generational” high.  Most mortgage lenders are quoting the 30 year fixed mortgage interest rate at 7.50% or higher.  This is rate not seen in the last 22 years.  Ouch. The rate is for the “average” borrower, meaning that borrowers with lower credit scores are seeing…

It was no surprise yesterday that the Federal Reserve raised the Fed funds rate 25 basis points.  This is the highest that rates has been in 25 years.   This now puts the prime interest rate at a shocking 8.50%!  What will the Fed do in the future?  Well, they didn’t give us one clue.  They…

As we all know, the mortgage industry is barely surviving right now.  Lenders are very slow, business is hard to find.  A huge part of that is how much higher interest rates are now versus the last couple years.  Right now, 91.8% of U.S. homeowners with a mortgage have an interest rate below 6.0%.  With…

For the last week we have seen nothing but up for Mortgage Interest Rates.  Not good for the housing market, especially as we enter the prime season of homebuying – spring and summer!!!  How high are they going?  Right now most lenders are quoting rates around 6.625% with some lenders as high as 7.0%.  Dang! …