In the mortgage and real estate sectors, interest rates are still quite low and the competition for the limited housing supply is cooling down somewhat. Here’s what else you need to know.
1. Farewell to the FHFA mortgage refinancing fee
The Federal Housing Finance Agency announced on Friday that it had End of the 0.5 percent fee August 1st for most mortgage refinancing. The announcement gives a boost to consumers who are likely to benefit from lower interest rates as they renovate their mortgages. The fee applies to loans of $ 125,000 or more.
2. Mortgage rates are falling again
The average interest rate on a 30-year fixed-rate mortgage fell this week to 3.11 percent, the lowest level since February. Much of the decline is due to perception that inflation risk has decreased and signals from the Fed that it will continue to support markets for the time being. With most experts still predicting an upward trend towards long-term hold positions, now is a good time to consider refinancing if you haven’t already.
3. Are shipping containers the next trend in entry-level homes?
When wood prices soared last year, construction companies looked for alternative materials for their projects. excess Freight container are an option that is becoming more and more popular, even if regulatory hurdles and a low level of buying interest present interested builders with major challenges.
4. What to do if a house is renovated without permission
It’s pretty common for homeowners to try and get updates for their home under the radar and avoid the cost of obtaining permits, but that decision can turn into one expensive when they are ready to sell. Real estate agents say that illicit labor can make selling a home difficult, but as long as buyers and sellers are aware of the situation, it is a problem that can be overcome.
5. Understand mortgage financial statements disclosure
When you want to take out a mortgage, your lender must have a document called a. submit Disclosurewhich lists all the terms of your loan including all related costs. It is important for borrowers to understand what they are signing up for when agreeing to a mortgage.