2022 Mortgage Rates

Hello everybody! It has been a while since I have done a blog but I would like to reach out to you about the current real estate market and mortgage rates. So, as of July 29, 2022, mortgage rates got as low as 5.12% for the “ideal” buyer. Who is the “ideal” borrower? A borrower who has 20%+ down, 750+ credit score, LOW debt-to-income ratio, 2+ years at current job. But overall rates are lower this week for everyone. Do not wait to see what to see if rates drop further, IF they do, you can ALWAYS refinance. We have had the MOST price drops since mid 2019. Sellers are willing to work with buyers now. Take advantage. Do not wait. Take. Advantage. ASAP.

 

Prices will not “crash”. Prices will soften as they already have, but there is no so called crash. Why would there be a crash? Why? Reach out to me and tell me why you think a crash will happen? Borrowing money has been as hard as its ever been. Whomever gets a loan right now deserves it and can afford to pay it.