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Mortgage rates are on the rise this year, but they’re still incredibly low compared to the historic average. However, anytime there’s a change in the mortgage rate, it affects what you can afford to borrow when you’re buying a home. As Sam Khater, Chief Economist at Freddie Macshares:

When buying a home, it’s important to determine a monthly budget so you can plan for and understand what you can afford. However, when you need to stick to your budget, even a small increase in the mortgage rate can make a big difference.


If, for example, you’re getting ready to buy a home and know your budget allows for a monthly payment of $1200-1250 (marked in gray on the table above), every time the mortgage rate increases, the loan amount has to decrease to keep your monthly cost in range. This means you may have to look for lower-priced homes as mortgage rates go up if you want to be able to maintain your budget. ...

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Kevin Budde of Monarch Coast Financial shares his recent "Real Estate Talking Points" where he gives weekly market updates on the latest real estate headline news. 


This week Kevin's key points are: 


  • In Orange County, existing single family home sales were up 7.3% from February 2020 and the median home price was existing $995,000.

  • Redfin reported home sales prices in February rose more than they have during any month since July 2013

  • Mortgage bankers association estimated 2.6 million U.S. homeowners are in forbearance

  • 30-year fixed rate mortgages averaged 3.09%

  • 15-year fixed rate mortgages averaged 2.40%

 

Kevin A. Budde

President

CA DRE 00831552 
NMLS 325450


949-784-0397 Office
949-422-2075 Mobile

kbudde@monarchcoastfinancial.com

www.monarchcoastfinancial.com 

20151 SW Birch St., Ste. 230, Newport Beach, CA 92660




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Some Highlights

  • Today’s home price appreciation is driving equity higher throughout the country.
  • If your needs are changing and you’re ready for a new home, your equity may be a great asset to power your next move.
  • Now is a great time to put your equity toward a down payment on the home of your dreams.
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