Jeff Farnham of JTS & Co.
Mortgage Professionals discusses how homeownership rates are at their highest since 2008, with the fastest growth in those under 35.
New home sales are the highest in thirteen years.
... no script e good morning, i'm jeff farnham ?
Interest rates rose slightly from a couple of weeks ago.
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However, a report from the commerce department states that the homeownership rate has risen to approximately 67.9% ?
This is an increase from first quarter's rate of 65.3% ?
This record increase sets the homeownership rate to its highest since the third quarter of 2008.
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Although the homeownership rate increased among all americans, those under 35 had the highest increase at 40.6% as of june, new home sales have risen to the highest level in 13 years.
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Due to the lower rates, refinance applications increased 121% higher than a year ago.
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Even the smallest of rate change is encouraging borrowers to fill out an application for hopes of gaining lower rate benefits.
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Lowering your interest rate is a popular reason to refinance your home, but there are other reasons to consider a refinance.
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Shorten the term of your loan or get out of mortgage insurance are other reasons to think about.
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Some also consider a cash out refinance when they want to consolidate debt or do home renovations.
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If you want to see if a refinance is in your best interest, give one of our loan advisors a call at 662.329.9090 ?
We'll weigh all your options and help you determine what is the best path for you.
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Homebuyers are still recovering from this past spring's lost time due to covid-19 ?
However, there is a new desire to obtain a single- family home for a more private space due to the pandemic.
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We may see a shift in the market due to the slight rise in fha 30-year fixed rate mortgage loans.
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According to the national association of realtors, fha borrowers made up 35% of june sales.
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Fha loans are popular with first- time homebuyers because they usually offer a lower down payment.
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Although, large down payments are thought of as a thing of the past no matter the loan type you qualify for.
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Va and usda loans offer 0% down, while conventional loans are as little as 5% down.
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If you are in the market to purchase or refinance a home, give jts & co.
A call to see what you qualify for.
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We are a local, trusted and experienced and take pride in helping families become homeowners.
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Jts & co.
Strives to tailor your mortgage to fit your financial needs and goals.
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Visit our website or text jts to 33655 for our prequal application.
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After you submit your application, one of our loan advisors will review your information and get back to you as soon as possible.
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At jts & co.
We understand there is more to getting a mortgage than just pushing a button.
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Give us a call to discuss your situation today!
Thank you for joining me today, be sure to tune in next week!
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Tyler Farnham of JTS & Co. Mortgage Professionals explains how this year's pandemic has led to a housing demand for suburban..
