Four Ways Your Home Equity Can Work for YouYou may have heard homeowners today have a lot of equity built up. But what does that really mean? Let’s break it down.Because your equity isn&rsquo
Dated: February 10 2025
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Facts: The average 30-year fixed mortgage rate from Freddie Mac is flat at 6.95% vs 6.96% last week. At 6.95%, with 20% down, a monthly mortgage payment is $2,120 on a home with a price of $400,000. With 10% down, the typical payment would be $2,385.
Positive: There is no expectation that mortgage rates will change in the coming months. Home buyers who are shopping should know that rates are expected to stay between 6-7%. As there is no expectation of change, stability in mortgage rates provides reassurance.
Negative: Mortgage applications retreated this week, the Federal Reserve held Fed Funds rates steady as expected, and inflation ticked up. Currently, the Fed is taking a wait-and-see approach to consumer inflation. Regardless of officials, consumers know inflation hurts their bottom line and ability to save for a downpayment.
Dr. Jessica Lautz is the Deputy Chief Economist and Vice President of Research at the National Association of REALTORS®.
I was born in KY, Go Wildcats, but I have spent most of my life here in Lincoln County. I found my passion for carpentry early on in my life and it continues today. I have worked as a master carpenter....
Four Ways Your Home Equity Can Work for YouYou may have heard homeowners today have a lot of equity built up. But what does that really mean? Let’s break it down.Because your equity isn&rsquo
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Facts: The average 30-year fixed mortgage rate from Freddie Mac is flat at 6.95% vs 6.96% last week. At 6.95%, with 20% down, a monthly mortgage payment is $2,120 on a home with a price of $400