Housing affordability is very challenging right now, when looking at mortgage rates, home prices and income levels.
Good news! A July 9th housing report by Morningstar predicts mortgage rates will average 5% in 2024 and 4% in 2025. “The Fed has engineered a massive increase in interest rates in order to combat high inflation. We expect it to cut the federal funds rate aggressively in the coming years”.
Are you looking to buy a home now?
Solution: Adjustable Rate Mortgage (ARM) loans at 6.25%, 6.298% APR, no points for 5/1 ARM, No PMI
(Loan scenario: $800k price, 10% down, SFD, owner occupied, 740 FICO, no PMI, conv. conf.)
When long-term rates are lower in 2025, refinance to a lower rate.
Morningstar is a highly regarded mutual fund and exchange-traded fund (ETF) rating agency. The agency’s research is used by many big names in the financial sector, including the Financial Industry Regulatory Authority.
To get the best mortgage rates, especially ARM rates, call Dan the Man for Mortgages, 714-310-4162.
Recent review on Google:
“I was in a pickle!! I had a co-signer who backed out just as I had made a bid for my “forever” house. My current Loan Officer could get me into a loan but it was not what I felt comfortable doing. Dan Stone put me in touch with the right lender for my situation. My savings: $2,000 per month in payment, 1.50% in rate, $44,500 in current & future closing costs, no need to refinance anytime soon. I am so happy!! Thank you Dan, for helping through a very stressful situation, your knowledge navigating the mortgage world, and all the additional calming, positive support I needed. I am thrilled to move into my new house!!” – Shannyn P.