What Home Buyers Should Know About Mortgage Rates

Are you looking to buy a house this year? If so, you might be in luck. According to recent estimates, mortgage rates will continue to fall. This is great news for potential home buyers in the Spokane area who are looking for a good deal on their next house. Let's explore why mortgage rates could go down this year.   Slowing Economy Could Lead to Lower Mortgage Rates The biggest factor driving down mortgage rates is the economy. The U.S. economy has been slowing for the past few years, and it is expected to continue to do so into 2023. When the economy slows, it often leads to lower interest rates on mortgages as lenders become more willing to lend money at lower rates in order to stimulate the economy. This means that if you're looking for a good deal on your next home purchase, now may be the perfect time to look into buying one in Spokane before prices start rising again later this year.   Rates Typically Decrease During a Recession Another reason why mortgage rates could go down this year is because recessions tend to lead to lower interest rates overall—not just on mortgages but also on other types of loans and investments as well. This means that if there is an economic downturn this year, it could lead to even lower mortgage rates than we have seen over the past few years, which would be great news for potential buyers who want to get a good deal on their next house purchase.   In conclusion, mortgage rates are expected to drop even further in 2023 due to a slowing economy and potential recessionary conditions ahead of us this year. This could be great news for potential home buyers who are looking for a good deal on their next house purchase in Spokane County or anywhere else in the country. Be sure to keep an eye out for any changes in mortgage rates over the coming months so that you can take advantage of any new opportunities that may come up!

View more

Think Twice Before Waiting for 3% Mortgage Rates

Low mortgage rates were one of the big stories of 2021. But now that we’re in a new year, those rates are on the rise. If you’re thinking about buying a home in Spokane, don’t wait for 3% mortgage rates to come around again. Here's why.   Inflationary Pressures Easing Today, the rate of inflation is starting to drop. And as a result, mortgage rates have dipped below last year’s peak. Sam Khater, Chief Economist at Freddie Mac, shares: “While mortgage market activity has significantly shrunk over the last year, inflationary pressures are easing and should lead to lower mortgage rates in 2023.” That’s potentially great news if you’re a buyer aiming to jump back into the housing market.   Don't Bank On Record Lows Again While this opens up a window of opportunity for you, remember: you shouldn’t expect rates to drop back down to record lows like we saw in 2021. Experts agree that’s not the range buyers should bank on. Rather than waiting and hoping for rock-bottom prices, it pays off more in the long run to take advantage of today's low but still manageable interest rates. Plus, with so many homes available right now, there's no need to wait and hope for further savings when looking at your options today could get you more bang for your buck tomorrow!   Buying Now Could Benefit You Big Time The bottom line is this: waiting around won't get you anywhere when it comes to buying a home in Spokane today. Instead of procrastinating and hoping for near-zero interest rates like we experienced last year - which experts say won't happen again anytime soon - it's best to start looking now and take advantage of what's available today! With housing inventory levels being higher than normal right now due to pandemic-related delays and fewer people entering the market over the past year or so, there are plenty of great deals out there that could benefit you big time if you take action now!   Home buyers in Spokane should think twice before waiting for 3% mortgage rates again – they may never come back! To maximize your savings and get more house for your money while also taking advantage of current low-but-still-manageable interest rates, don't wait any longer; start searching now! Take action today by beginning your house hunt instead of procrastinating – it could be worth thousands!

View more

A Guide for Single Homebuyers in Spokane

Purchasing a home is a big decision and an even bigger investment. The process of buying a home can be intimidating, especially if you are doing it alone. But don’t worry! With the right resources and information, single homebuyers in Spokane can make their dreams of owning a house come true. Let’s explore some tips that will help you navigate the process so you can find the right place to call your own.   Know Your Credit Score Your credit score is one of the most important factors in determining whether or not you will be approved for a mortgage loan. It is essential to know what your credit score is before applying for a loan so that you can make any necessary adjustments to ensure that you qualify for the best rate and terms possible. There are plenty of online resources available to help you review and improve your score if needed.   Explore Down Payment Options Having money saved up for a down payment is essential when purchasing a home, but many single homebuyers may not have access to large amounts of cash upfront. Fortunately, there are several options available that make it easier to cover the cost of your down payment, such as grants, loans, or assistance programs offered by local government agencies or nonprofit organizations. Do some research and explore what options are available to help make your dream more achievable.   Think About Your Future Home and Your Needs When searching for the perfect property, think about what type of lifestyle you want to live in terms of location, size, amenities, etc. It is also important to consider how much time and money you are willing (or able) to invest in renovations or repairs if necessary. Make sure to weigh all these factors when deciding which property is best suited for your needs—and budget!   Purchasing a home as a single person does not need to be daunting or overwhelming; with careful planning and research, it can be an exciting experience! Keeping these tips in mind will allow you to better understand the complexities involved in buying a house on your own so that you can confidently move forward with your purchase knowing that this opportunity could turn into an amazing investment over time. Good luck!

View more