Mortgage Rates

Will The Mortgage Rates Go Down in 2023?

Will the mortgage rates go down, go up, or remain the same in 2023? Every potential homebuyer probably wants to know the answer to this question. Current Mortgage Rates The latest primary mortgage market survey (PMMS), released by Freddie Mac, showed that mortgage rates went up and 30 Year Fixed mortgage rates averaged 6.12%. The 15 Year Fixed mortgage rates averaged 5.25%. Note that these rates are for conforming mortgages with loan amount limits of $726,200. High Balance loans (loan amounts higher than base conforming limits) typically have higher interest rates. What is…
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2023 FHA LOAN LIMITS FOR MARYLAND (MD)

2023 FHA Loan Limits For Maryland is $472,030 and goes up to $1,089,300 for high-cost counties for one-unit properties. 2023 FHA Loan Limits For MD for 2-unit properties is $604,400 and goes up to $1,394,775 for high-cost counties. 2023 FHA Mortgage Loan Limits for Allegany County 1  Unit – $472,030 2 Unit – $604,400 3 Unit – $730,525 4 Unit – $907,900 2023 FHA Mortgage Loan Limits for Anne Arundel County 1 Unit – $632,500 2 Unit – $809,700 3 Unit – $978,750 4 Unit – $1,216,350 2023 FHA Mortgage Loan Limits for…
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2023 CONFORMING LOAN LIMITS FOR IDAHO (ID)

2023  Conforming Limit Idaho is $726,200 and goes up to $1,089,300 for high-cost counties for one-unit properties. 2023 Conforming Limit Idaho for 2-unit properties is $929,850  and goes up to $1,394,775 for high-cost counties. 2023 Conforming Loan Limits for Ada County  1  Unit – $726,200 2 Unit – $929,850 3 Unit – $1,123,900 4 Unit – $1,396,800 2023 Conforming Loan Limits for Adams County 1  Unit – $726,200 2 Unit – $929,850 3 Unit – $1,123,900 4 Unit – $1,396,800 2023 Conforming Loan Limits for Bannock County 1  Unit – $726,200 2 Unit…
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2023 CONFORMING LOAN LIMITS FOR GEORGIA (GA)

2023 Conforming Limit Georgia counties is $726,200 and for 2-unit properties is $929,850 See below the list of all 2023 Conforming Limit Georgia counties for 1, 2, 3, and 4 Unit properties. 2023 Conforming Loan Limits for Appling County  1  Unit – $726,200 2 Unit – $929,850 3 Unit – $1,123,900 4 Unit – $1,396,800 2023 Conforming Loan Limits for Atkinson County 1  Unit – $726,200 2 Unit – $929,850 3 Unit – $1,123,900 4 Unit – $1,396,800 2023 Conforming Loan Limits for Bacon County 1  Unit – $726,200 2 Unit – $929,850…
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2023 CONFORMING LOAN LIMITS FOR ARIZONA (AZ)

2023 Conforming Limit Arizona counties For 1-unit property is $726,200 and for 2-unit properties is $929,850 See below the list of all 2023 Conforming Limit Arizona counties for 1, 2, 3, and 4 Unit properties. 2023 Conforming Loan Limits for Apache County 1  Unit – $726,200 2 Unit – $929,850 3 Unit – $1,123,900 4 Unit – $1,396,800 2023 Conforming Loan Limits for Cochise County 1  Unit – $726,200 2 Unit – $929,850 3 Unit – $1,123,900 4 Unit – $1,396,800 2023 Conforming Loan Limits for Coconino County 1  Unit – $726,200 2…
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2023 CONFORMING LOAN LIMITS FOR COLORADO (CO)

2023 Conforming Limit Colorado is $726,200 and goes up to $1,075,250 for high-cost counties for one-unit properties. 2023 Conforming Limit Colorado for 2-unit properties is $929,850 and goes up to $1,376,550 for high-cost counties. 2023 Conforming Loan Limits for Adams County 1  Unit – $787,750 2 Unit – $1,008,450 3 Unit – $1,219,000 4 Unit – $1,514,950 2023 Conforming Loan Limits for Alamosa County 1  Unit – $726,200 2 Unit – $929,850 3 Unit – $1,123,900 4 Unit – $1,396,800 2023 Conforming Loan Limits for Arapahoe County 1  Unit – $787,750 2 Unit –…
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6% is Old News. What is Today’s Mortgage Rate?

Since mortgage rates change frequently, sometimes, multiple times a day, it's difficult to figure out - "What is today's mortgage rate?" On Thursday, media - big and small, online and offline, old and new had one common mortgage news - "Mortgage Rates rise above 6% for the first time since 2008." But that was old news The media is always behind on "What is today's mortgage rate" news: The media usually picks up the news from Freddie Mac's Primary Mortgage Market Survey (PMMS) every Thursday when the weekly survey results are published (see…
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High-Balance and 2nd Home Loans to Become More Expensive

Both Fannie Mae are Freddie Mac, the two agencies that purchase conforming loans, are going to charge additional fees thus making 2nd (vacation) homes and high-balance loans more expensive. What is a 2nd home and High-Balance Loans? Sometimes my borrowers confuse 2nd home as the home they buy after they have purchased their first home. That's not the case.  A 2nd home is defined as a vacation home; a home that's not rented out and is also not your primary residence. High-balance loans are loans with loan amounts higher than the basic conforming…
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Mortgage Rates Rise more than 0.5%; at the Highest Levels in 2 Years Now

Fed's announcement last week sent the mortgage rates soaring to the highest levels in 2 years. Fed now sees itself hiking rates and reducing bond purchases faster than what the market anticipated earlier pushing the treasury yields and taking the mortgage rates along with it. According to Freddie Mac's latest Primary Mortgage Market Survey, 30 Year Fixed mortgage rates now average 3.55% with 0.7% of the loan amount as fees/points.  See the screenshot below: As a reference point, on the November 10th Primary Mortgage Market Survey, Freddie Mac Reported 30 Year Fixed average…
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How Mortgage Interest Works

Knowing how mortgage interest works is pretty important when you buy a house. Your mortgage rate is one of the main things that determine how much you’ll be paying every month towards the home.    So how exactly does it work? Let’s take a look.    How Mortgage Interest Works - The Basics As you probably already know, very few people pay with cash when buying a home. A mortgage just makes sense because it lets you borrow money at relatively low-interest rates.    The interest rate is there so the bank can…
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