George Duarte, Author at George L. Duarte

What’s Ahead For Mortgage Rates This Week – January 2, 2023

January 2, 2023 by George Duarte

What's Ahead For Mortgage Rates This Week - January 2, 2023 Last week’s economic reporting included readings on U.S. housing markets, pending home sales, and weekly readings on mortgage rates and jobless claims.

S&P Case Shiller Home Price Indices: Month-to-moth home prices fall in October

U.S. home prices fell in October for the fourth consecutive month. Wavering demand for homes was caused by rising mortgage rates and high home prices in many regional markets. The 20-City home price index showed the top three cities with the highest month-to-month home price declines were Miami. Florida with a -1.0 percent decline, Tampa, Florida where home prices declined by -0,8 percent, and Charlotte, North Carolina where home prices dropped by -0.9 percent month-to-month in October.

Year-over-year home prices rose by 21 percent in Miami, Florida; year-over-year home prices rose by 20.5 percent in Tampa, Florida. Charlotte, North Carolina reported a year-over-year home price gain of 15.0 percent as of October.

The Federal Housing Finance Agency reported that home price growth was flat from September to October as compared to a month-to-month gain of 0.10 percent in September. Analysts said that high home prices and mortgage rates have decreased demand for homes as would-be buyers face affordability issues and strict mortgage credit requirements.

Mortgage Rates Mixed, Jobless Claims Rise

Freddie Mac reported higher fixed mortgage rates last week as the average rate for 30-year fixed-rate mortgages rose by 15 basis points to 6.42 percent. Rates for 15-year fixed-rate mortgages fell by one basis point to an average of 5.68 percent.

New jobless claims rose last week to 225,000 initial claims filed as compared to 216,000 initial claims filed in the previous week. Analysts expected a reading of 223,000 first-time jobless claims filed. Ongoing jobless claims rose last week with 1.71 million continuing jobless claims filed as compared to 1.67 million continuing jobless claims filed in the previous week.

What’s Ahead

This week’s scheduled economic news includes readings on construction spending, minutes of the most recent Federal Open Market Committee meeting, and public and private-sector jobs data. Weekly reports on mortgage rates and jobless claims will also be released.

4 Financial Benefits of Home Ownership

December 30, 2022 by George Duarte

4 Financial Benefits of Home Ownership Home ownership may be one of the most familiar goals of adulthood, but there’s more than one reason why so many people flock towards this type of investment and leave the rental market behind. If you’re trying to decide if you should make the big plunge towards buying, here are some benefits of saving up for a down payment and finding the right place to settle in.

It’s More Economical

Many people eschew home ownership simply because it can be hard to wrangle together the funds for a down payment. However, while a monthly rental is money you’ll never see again, the money you put down on a mortgage is being invested back into your home, making for a solid investment you can capitalize on later.

Instant Tax Deductions

The interest that you pay on your mortgage payment can be one of the most tumultuous aspects of purchasing a home, but you may not know that you actually have the ability to deduct many associated costs on your taxes. From origination fees to property taxes, there are plenty of costs that go along with your home that can be claimed for a refund when tax time comes!

Paying A Lower Price

The real estate market fluctuates every day, but one thing is for the certain: the median price of a home is on the rise. While low inflation rates may not be ideal if you’re selling, they can mean a better deal if you’re delving into the market for the first time. Just remember, it’s important to buy a home you can afford as anything that goes beyond your budget is not a solid investment.

A Built-In Savings Account

It may be important to have liquid assets outside of the equity you have in your home, but many people struggle to pay off their home and save money at the same time. While saving outside of your monthly mortgage payment is still important, putting money down on a home is an act of investing, and it’s one you’ll likely make a solid profit on when you decide to sell.

There can be many financial benefits to renting in the short term, but purchasing a home is a more solid financial decision when it comes right down to it. If you’re considering a home and would like to know more about your options, you may want to contact one of our mortgage professionals for more information.

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