Why Have Interest Rates Jumped To A 7-Year High?

Interest rates for a 30-year fixed rate mortgage have climbed from 3.95% in the first week of January up to 4.61% last week, which marks a 7-year high according to Freddie Mac. The current pace of acceleration has been fueled by many factors.

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Sam Khater, Freddie Mac’s Chief Economist, had this to say:

“Healthy consumer spending and higher commodity prices spooked bond markets and led to higher mortgage rates over the past week.

Not only are buyers facing higher borrowing costs, gas prices are currently at four-year highs just as we enter the important peak home sales season.”

But what do gas prices have to do with interest rates?

Investopedia explains the relationship like this:

“The price…

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The Huge Risk Home Buyers Take When They Waive Inspections

When you're trying to make your offer as attractive as possible, skipping the inspection may seem like a good idea. Here's why it's not.

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If you’re buying a home in a competitive market and your offers keep getting beat out, you may be tempted to resort to desperate measures. In addition to offering more than the asking price or a quick closing, some buyers agree to waive inspections.

This is never a good idea. The home may look OK to the naked eye, but it’s what’s beyond the surface, or items that you can’t identify as problematic, that cause the biggest issues.

For example, the typical buyer won’t be able to spot asbestos, nor will they see evidence of termite infestation or a leak inside the HVAC system.

…

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How to Get A Mortgage

You may be just a loan away from your dream home. You just need to learn how to get a mortgage first.

There’s a little more to getting a mortgage than waltzing into your favorite bank and asking for one. After all, your financial life will be much of what helps lenders decide to offer you a loan, not your personality. And unless you have enough cash to buy a whole house, you’re going to need a home loan. Knowing how to get a mortgage long before you attempt to will help your odds of success.

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What Is a Mortgage?

A mortgage is a loan from a bank or mortgage lender to help finance the purchase of a home without paying the entire value of the property up front. Given the high costs of buying a home, almost every…

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What You Need to Know About Buying a House in Summer 2018

By Patrick Dunn  - Zillow

The sun is high and hot—and so is the competition for buying a home.

Thinking about buying a home this summer? The sunniest time of year is great for exploring new neighborhoods and visualizing future patio parties during viewings. But before you start any serious shopping, it’s important to understand what the housing market is like for buyers right now, and what you can do to end up with the best home—and the best price—for you.

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The housing market should be just as strong this summer as it’s been all spring. Existing home sales and list prices have risen this year, and starter home inventory has plummeted by 14 percent. But there are perks to house hunting right now, too. Here…

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8 Ways to Incorporate Your Passions Into Your Home Decor

BY MORIAH SIMMONS - Courtesy of Zillow

Surrounding yourself with reminders of your hobbies and interests makes any space more meaningful.

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Your home reflects who you are, and you’re way more than a selection of tasteful paint and furniture. Why not celebrate your passions by incorporating them into your decorating? When your talents, skills, and hobbies are on display as a natural part of your decor, you feel more inspired and more at home.

You don’t have to re-make your life to incorporate your passions into your home decorating. In many cases, just a small change of storage or placement will make all the difference — and you may even save money because you’re using items you already own.

If something makes you…

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Should You Buy or Rent a House?

Your decision to buy or rent a home should be based on your financial well-being, not the housing market.

The scenario: Your landlord keeps hiking up your rent, and you’re tired of reworking your budget to accommodate the other areas of your life—or worse, searching for a new rental. You want to invest in a house, but you’re not sure if now is the right time, so you start asking yourself the question: Should I buy a house?

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Deciding if you should rent or buy can be determined in part by your commitment to an area—you could have legitimate concerns about job relocation or you may wonder if the space you can afford now will be flexible enough that you won’t grow out of it just a few years down the road. And on…

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Is It Better to Get a Brand New House?

If you're debating between buying a previously owned home or new construction, it helps to know the benefits of buying a newly built house.

Not sure what type of home is right for you? Here are some key benefits to buying a brand new home.

If you’re shopping for a home, choosing between new construction and pre-owned homes can be an overwhelming decision. For many prospective buyers, new construction is an opportunity to see their dream home come to life while possibly saving money on the costs involved with buying an existing home.

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Existing or older homes have the advantage of architectural charm and sizable lots, and are generally located in more established neighborhoods. However, older homes, and…

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