In the ever-changing landscape of real estate finance, understanding the latest mortgage rate trends is crucial for both prospective and current homeowners.
The rates for 30-year fixed, 15-year fixed, 5/1 Adjustable Rate Mortgages (ARMs), and jumbo loans have all moved lower, marking a change from previous weeks. After climbing above 8 percent, mortgage rates have now dipped back into the 7 percent range. This shift is partly attributed to cooling inflation, hinting at potential changes in the Federal Reserve’s approach.
The Federal Reserve’s Stance
The Federal Reserve’s decision to raise its key interest rate in July significantly impacted borrowing costs across various financial products, including mortgages. Despite the recent cooling of inflation, the central bank maintained its stance on another rate hike this month, signaling that higher rates may be the new normal for some time.
The Impact on Homebuying
This fluctuation in mortgage rates coincides with rising home prices, a combination that has significantly affected homebuying activity. Data from Black Knight indicates that over half of the home purchase mortgages originated in July had a monthly payment exceeding $2,000, with 23 percent surpassing $3,000. This affordability squeeze is particularly challenging for first-time homebuyers, many of whom are finding themselves priced out of the market.
As we navigate these turbulent times in the mortgage market, staying informed and seeking expert advice is more important than ever. Please schedule an appointment on our website and we can give you a personalized quote.

Today, we’re dedicating our post to the brave men and women who have served our country. As a veteran, you have access to unique mortgage options tailored to your service and sacrifice. This guide aims to navigate the various loan choices available to you, helping you find the path to homeownership that best suits your needs.

VA Loans – A Prime Option for Veterans

VA loans stand out as one of the most beneficial mortgage options for veterans. Administered by the Department of Veterans Affairs, these loans offer several advantages:

No down payment: Most veterans can purchase a home with no down payment.
No private mortgage insurance (PMI): This can significantly lower your monthly payments.
Competitive interest rates: VA loans typically have lower rates compared to conventional loans.
Flexible credit requirements: These loans are often more accessible to those with less-than-perfect credit scores.
To be eligible, you need to have served a minimum period in the military, National Guard, or Reserves, with specifics depending on when and how long you served. To get started, obtain a Certificate of Eligibility (COE) from the VA, then approach a VA-approved lender for the application process.

Other Mortgage Options for Veterans

While VA loans are a fantastic option, they’re not the only path to homeownership:

Conventional Loans: If you have a strong credit score and can afford a down payment, a conventional loan might offer more flexibility in terms of property types and loan structures.
FHA Loans: Backed by the Federal Housing Administration, these loans are great for veterans with lower credit scores or limited savings for a down payment.
USDA Loans: Ideal for veterans looking to settle in rural areas, offering low-interest rates and no down payment options.
Factors to Consider When Choosing a Loan

Selecting the right mortgage isn’t just about eligibility; it’s about what fits your financial situation and future plans. Here are key factors to consider:

Financial Health: Assess your credit score, income, savings, and debt-to-income ratio.
Future Plans: Are you looking for a forever home, or is this a stepping stone? Your duration of stay can influence the type of loan you choose.
Professional Advice: Consult with a financial advisor or mortgage professional to understand the nuances of each option.
Additional Resources and Assistance for Veterans

Beyond these loan options, numerous programs offer counseling and assistance to veteran homebuyers. Look into state-specific benefits and educational resources provided by the VA to make an informed decision.

Ready to take the next step towards homeownership? Complete our 60 second prequal on our website orschedule an appointment to speak with one of our mortgage experts today.

The housing market is making affordability a big issue for many would be buyers. This can make buying a fixer-upper a lot more tempting. We’ve all seen the home make-over shows with amazing before and afters, but should you do it? Here are a few things to consider: 1. Know Your Limits How much of the work can you do. How much time do you have to put into renovations. Are you prepared to live in a work zone for a while 2. Work Out Costs In Advance Have a contractor walk through the inspection with you and get a written estimate for work he would do. If you are doing the work yourself price the costs of supplies, either way add 15% to the costs because surprises are likely. 3. Check Permitting Costs and Procedures C heck with local officials to see if the work requires a permit and the permit costs. 4. Be Extra Careful with Structural Issues If the house requires structural repairs then double check the work and pricing. Hire a structural engineer to do an inspection and if structural work needs to be done make sure your bid discounts this work 5. Include Inspection Contingencies Make sure you hire professional inspectors and check for hidden issues like mold, piping issues, pest damage etc. And if things come up ask for discounts. And if too many red flags come up or the seller won’t properly discount the costs for repair then you may want walk away and keep looking!