With mortgage rates in flux, it remains a good time to refinance, but the housing market is a more mixed bag for would-be buyers. Here’s what you need to know about the current climate when it comes to real estate and mortgages.
1. Mortgage rates bumped up this week
After weeks of trending down, mortgage rates bounced 11 basis points to 3.11 percent in Bankrate’s latest survey. Although that’s still quite favorable for most refinancers, it underscores the uncertainty in the market.
2. Another mortgage interest reprieve may loom on the horizon
A plurality of experts in Bankrate’s weekly rate poll expect mortgage interest will taper off in the week ahead, but as usual, hedging abounds. The overarching advice remains: if a refinancing deal or new loan terms make sense for you and your wallet now, don’t wait to see what the market will do.
3. To buy or not to buy? That is the question
I just couldn’t bring myself to not use the cliché. Whether to rent your home or buy is a major decision, and it’s not always clear-cut. Bankrate spoke to a personal finance expert who focuses on advice for younger people to learn about what to consider when it comes to renting versus owning.
4. An iBuyer renaissance
Bucking predictions that they wouldn’t work in a hot seller’s market, iBuyers are gaining traction by slashing fees and making competitive offers. Selling to an iBuyer isn’t right for everyone, but it can make the process more streamlined if you decide it makes sense for you.
5. Why cash buyers should still consider a mortgage
Although buying a home outright with cash can make your offer more competitive in this intense seller’s market, the tactic can also make it more difficult for you to tap into your home equity down the road. Even for some who can afford to buy a home without borrowing, it still makes sense in the long run to finance the deal.