Mortgage and real estate news this week: Tumbling mortgage rates; financial advice for current and aspiring homeowners

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The escalating war in Ukraine has rattled the real estate market, and you may want to know how experts are weighing in. Meanwhile, build up your knowledge of topics like acceleration clauses and home equity with the latest stories.
1. Rates fell — but they’re likely to go back up
As the market reacted to the Russia-Ukraine conflict, mortgage rates tumbled from 4.09 percent to 3.97 percent, according to Bankrate’s weekly survey of large lenders. While rates may stay low in the short term due to market uncertainty, experts predict that rates will rise again as the shock fades.
2. Refinance rate outlook
Refinance rates for 30-year, 15-year and 10-year mortgages rose over the past week. Experts predict that rates will continue to increase since the Fed is moving to contain inflation. Regardless, you can save thousands of dollars on your refinance if you shop around and compare multiple offers.
3. How to cash equity out of your home
As U.S. homes gain equity at an accelerating pace, you can take advantage of your home’s value through home equity loans, home equity lines of credit or cash-out refinance. Tapping home equity allows you to access large amounts of money with significantly lower interest rates than comparable sources, such as personal loans or credit cards.
4. Building a new home with a VA construction loan
VA loans can be used to build or renovate a home. These loans have many advantages over conventional loans, including lower interest rates, better terms, and no down payment requirements. That said, you should be prepared for a lot of paperwork if you’re eligible to take advantage of this competitive financing option.
5. What is an acceleration clause?
Nearly every mortgage contract contains an acceleration clause, which requires you to pay the outstanding balance of your loan in full along with any accumulated interest since your last payment. The clause protects the lender from default, and can be triggered under circumstances such as missing multiple payments.
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