Navigating Home Buying With Elevated Mortgage Rates: 10 Mistakes To Avoid

Homebuyers face a unique set of challenges in today’s real estate market, characterized by elevated mortgage rates and fluctuating conditions. While the temptation to time the market or solely focus on mortgage payments looms, falling into these traps can lead to costly mistakes. 

Let’s look at the ten most common pitfalls and how to steer clear of them.

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Demystifying Home Loans: The Scoop On Conventional And Non-Conforming Loans

When it comes to buying a home, understanding your mortgage options can feel like learning a new language. Let's break down the essentials of "conventional" and "non-conforming" loans and see how they fit into your home-buying plan.


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Navigating The Mortgage Rate Dilemma: Should You Wait Or Buy Now?

Many potential homebuyers find themselves facing a common conundrum: should they wait for mortgage rates to drop, or take the plunge and buy now? While it may seem prudent to hold off on a purchase in hopes of securing a lower rate, there are several compelling reasons why waiting may not be the wisest strategy if you're ready to buy a home.

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Economic Data Update:

New Home Sales, which measures signed contracts on new homes, rose 8.8% in March, which was stronger than estimates. There was a negative revision to last month, so when factoring that in, sales were really up about 5%...which is still great. There were 477,000 new homes for sale at the end of March, which was up from 465,000 in February. At the current pace of sales, there is an 8.3 month’s supply, which is up down from 8.8. However, only 89,000 are completed, and when looking at the pace of sales vs homes that are completed (available supply), there is only a 1.53 months’ supply, down from 1.62 in February. The median home price was reported at $430,700, which is up almost 6% from the previous report. The median home price is down 2% from last year, but that’s due to the mix of sales. The media this morning tried to say that the median home price is down because builders are reducing pricing – This is untrue as the median home price rose month over month and is only down year over year due to the mix of sales. According to the NAHB 24% of builders cut home prices in March, which is down from 36% in December and 30% this time last year. We also got the data for April, which is trending lower to 22%. There is also some level of incentive, but this shows less price reductions are the trend and regaining pricing power.

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Some of the information contained herein is provided by MBS Highway. This is not a guarantee of financing, or a firm offer of credit. All loans are subject to credit, underwriting and property approval guidelines. Not all programs are available in all areas. Rates and terms are subject to change without notice.  Martin Goulet, Real Estate Broker – CA Bureau of Real Estate Licensed by the California Bureau of Real Estate. Broker License #01854568, NMLS #1495717 dba Goulet Martin B, dba Mojave River Mortgage NMLS #1884727| Mojave River Mortgage is not endorsed by, nor acting on behalf of or at the direction of, the U.S. Department of Housing and Urban Development, Federal Housing Administration or the Federal Government.