At the end of July, Chairman Jerome Powell announced a cut in interest rates for the first time in over a decade. The Federal Reserve made a cut of 0.25 percent or 25 basis points – the first such move since the December 2008 financial crisis.
Mortgage rates in the USA are currently at a low and it’s having a great impact on our housing markets. On June 13th Freddie Mac reported that the average interest rate
New reporting found that 1 in 3 people who plan on purchasing a home in the next three years think the outdated requirement of needing 20% down to purchase a home is still true. This misconception has kept an astonishing 70% of those potential homebuyers from even trying to purchase a home.
The average credit score of American’s is now 700, this is the highest level since the Great Recession. That means if your score is above 700, you are doing better than 50% of the population. This number has a direct impact on what it will cost you to buy a home.