Before Applying for a Mortgage, Opt Out First

October 12, 2022 by Leave a Comment

Opt Out of trigger list before you shop for lendersUPDATE December 11, 2025: Since writing this post, this practice is supposed to end sometime in Spring of 2026 – HOWEVER, I still highly recommend taking these steps to protect your credit.

WARNING: Rant ahead!

When you meet with a mortgage professional and allow them to pull your credit so that you can be prequalified for a mortgage to buy or refinance a home, your information is provided to countless other lenders. Before you become furious with your mortgage lender, please know that it’s not their fault! [Read more…]

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Freddie Mac PMMS: Mortgage Rates on the Rise

September 30, 2022 by Leave a Comment

Freddie Mac’s Prime Mortgage Market Survey illustrates how mortgage interest rates have continued to push higher. The graph below is based on an average from last week so the rates are “expired”. This graph is to just give you an idea of how mortgage rates are trending.  NOTE: Please click here for current mortgage rates for your personal scenario.

[Read more…]

Filed Under: Interest Rates Tagged With:

Fannie Mae projects Mortgage Interest Rates around 4.5% in 2023

August 31, 2022 by 4 Comments

Fannie Mae recently released updated projections for interest rates next year. An average of 4.500% for a 30 year fixed would be an improvement from what home buyers and homeowners have experienced since the jump in interest rates that that happened the second quarter of this year. We have to remember that this is just a prediction and many factors influence the direction of mortgage interest rates. [Read more…]

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Fed increases Funds Rates by 0.75 Percentage Points

July 27, 2022 by Leave a Comment

Today, in a move that probably surprised nobody, the FOMC increased the Funds Rate by 0.75 percentage points to 2.500%.

In addition, the Fed reiterated their commitment to reduce their holdings in Treasury/mortgage-backed securities and agency debt.

Mortgage rates reacted favorably as this increase was highly anticipated by the markets.

What will not be reacting so favorably are credit cards, home equity loans and other debts where interest rates are attached to Prime as the Prime Rate follows the Fed Funds rate.

PLEASE pull out your credit card statements, and any other debts to do a “checkup” on what your interest rates are. I’m happy to review your credit cards with you to see if refinancing or a second mortgage makes sense for your financial scenario.

Filed Under: The Fed - FOMC Tagged With: , ,

Holy cats! My credit card interest rates!

July 15, 2022 by Leave a Comment

I decided to take my own advice that I’ve been dishing out about credit cards and debts. Today I reviewed my credit card accounts to see what my current interest rates are. I’m pretty lucky to have great credit and that I’m able to pay off my debts monthly. [Read more…]

Filed Under: Debt Restructuring, heloc, Home Equity Loans & Second Mortgages, second mortgage, The Fed - FOMC, Uncategorized Tagged With: , , , ,

Another reason to pay off your credit card debts

July 11, 2022 by Leave a Comment

Yesterday I read an interesting article in the Seattle Times about how (and why) to pay off your credit card debt as soon as possible. The article warns of a slowing economy and future rate hikes by the Fed, which will translate to higher interest rates on credit card debt. In addition to the higher rates, the slower economy may cause some people to have reduced income which will be more challenging with the high interest rate debt.

The article encourages readers to have an emergency savings fund and to focus on paying off credit card debt. [Read more…]

Filed Under: Credit Scores and Reporting, Debt Restructuring, heloc, Home Equity Loans & Second Mortgages, Uncategorized Tagged With: ,

Home Equity Loans and Home Equity Lines of Credit

July 7, 2022 by Leave a Comment

If you have been wanting to spruce up your kitchen, bathroom or any part of your home and you don’t want to touch your low interest rate on your existing mortgage, a second mortgage could be an option worth considering. [Read more…]

Filed Under: Debt Restructuring, Home Equity Loans & Second Mortgages, Remodel Tagged With: , , , , ,

Marry the House. Date the Rate.

June 22, 2022 by Leave a Comment

I can’t take credit for the catchy phrase “Marry the house. Date the rate”. It’s being posted by mortgage professionals and real estate agents all over social media. What does this phrase mean? [Read more…]

Filed Under: Interest Rates Tagged With: , ,
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