Mortgage Affordability: Home-buyers in Suburban Metros Spread Thin
By Liz Dominguez
Amid market challenges like rising interest rates and inventory shortages lies another top concern for today's homebuyer: affordability. Location can have a significant impact on budgeting and how much buyers are able to afford. A recent analysis by Zillow considers financial constraints related to mortgage payments across urban, suburban and rural areas of the U.S.
Whether you’re buying or selling a home, getting an accurate appraisal is crucial. In today’s market, lots of factors can contribute to an appraisal coming in too low, including a lack of recent comparable home sales in the area and using appraisers from out of town.
After an April run-up, mortgage rates have slowed, with the average 30-year, fixed rate at 4.55 percent this week, down from 4.58 percent the prior week, according to Freddie Mac's recently released Primary Mortgage Market Survey® (PMMS®). The average 15-year, fixed rate, however, was at 4.03 percent, up from 4.02 percent the prior week—but the average five-year, Treasury-indexed hybrid adjustable rate was 3.69 percent, a tumble from 3.74 percent the prior week.
Mortgage rates again moved up this week, continuing an uptrend, with the average 30-year, fixed rate at 4.43 percent, according to Freddie Mac's recently released Primary Mortgage Market Survey® (PMMS®). The average 30-year, fixed rate was 4.40 percent the week prior. The average 15-year, fixed rate this week is 3.90 percent, while the average five year, Treasury-indexed hybrid adjustable rate is 3.62 percent.
Mortgage rates are moved, primarily, by 10-year Treasury yields.
5 Questions to Ask Before Requesting that Credit Line Increase
When you see that tempting “request a credit-line increase” message on your credit card statement, it can be very tempting to take advantage of the offer. Before you apply for an increase, however, creditcards.com recommends asking yourself these five questions:
Why do I need a credit-line increase? Do you need an increase to help you finance a large purchase, like a trip or a new fridge, that you’ll be paying off the following month? Or are you spending more than you make and running out of credit? If it’s the latter, an increase is not a smart move and will only land you further in debt.
Most people don’t think too much about their FICO scores until they want to get a loan. But no matter the type of loan you want – mortgage, new car, or whatever – the higher your FICO score, the more likely you’ll be approved.
Understanding the five factors that make up your scores can be the first step toward improving them. Financial experts at the Motley Fool break down where your scores come from and suggest a few ways to improve them:
A land survey, sometimes called a title survey, provides a geographical description of real property. Performed by a professional surveyor, a complete survey documents the property’s boundaries, easements, and improvements. To be acceptable for a title insurer, the survey must be done to minimum standards set forth by ALTA/NSPS in 2016.
Improving your credit score can sometimes be a lengthy project. But, consumer advisor Brian Acton tells Yahoo Finance, if you are planning to apply for a mortgage or other major loan, there are five strategies you can use that can help bump up your credit score in as little as 30 days:
Become an authorized user – You can piggyback off someone else’s good credit by having them add you as an authorized user to an account they’ve had for some time. As an authorized user, you can benefit from this responsibly managed account once it is added to your credit profile. (Understand, however, that if you use the account irresponsibly, both your credit scores will suffer.)
Rising Home Prices Spur Increase in FHA Loan Limits
Federal Housing Administration (FHA) loan limits will rise in most areas in 2017, applicable to cases assigned on or after Jan. 1, 2017, FHA recently announced. The increase, motivated by rising home prices, comes after the announcement that maximum conforming loan limits for mortgages acquired by Fannie Mae and Freddie Mac would also rise next year.