Hope Leitner, Realtor®, CRS

  Mortgage rates   have hit their lowest point in over a year and a half. And that’s big news if you’ve been sitting on the homebuying sidelines waiting for this moment. Even a small decline in rates could help you get a better monthly payment than you would expect on your next home. And the drop that’s happened recently isn’t small. As Sam Khater, Chief Economist at  Freddie Mac ,  says : “Mortgage rates have fallen more than half a percent . . . and are at their lowest level since February 2023.” But if you want to see it to really believe it, here’s how the math shakes out. Take a closer look at the impact on your monthly payment. The chart below shows what a  monthly payment  (principal and interest) would look like on a $400K home loan if you purchased a house back in April (this year’s mortgage rate high), versus what it could look like if you buy a home now ( see below ): Going from  7.5%  just a few months ago to the low 6s has a big impac...

  Since the supply of   homes for sale   is growing and   mortgage rates   are coming down, you may be thinking it’s finally   your moment   to jump into the market. To make sure you’re ready, you need to get pre-approved for a mortgage. That’s when a lender looks at your finances, including things like your W-2, tax returns,  credit score , and bank statements, to figure out what they’re willing to loan you. After that process, you’ll get a pre-approval letter to show what you can borrow. Here are two reasons why this is essential in today’s market. Pre-Approval Helps You Know Your Numbers While  home affordability  is finally starting to show signs of improving, it’s still tight. So, it’s a good idea to talk to a lender about your loan options and how today’s changing  mortgage rates  will impact your monthly payment. The pre-approval process is the perfect time for that. In addition to determining the maximum amount you can ...

The market is always changing. I'm here to help you make sense of everything that's happening in the real estate world. A doom and gloom attitude to all the changes will only ensure you'll miss out on new opportunities when it comes to homeownership and real estate investing. You can have what you want. Now.    January - Ponder this, "January is the month for dreaming." — Jean Hersey. I happen to agree - more than making resolutions, January is for imagining the year’s possibilities. I’m working on imagining a great year for us all!    As always, I am here for you, your family, and friends.   Your Forever Agent,    Hope Leitner, CRS, CalDRE #01874321 Hope Opens Doors   Berkshire Hathaway HomeServices, California Properties Christie D. Horn and Associates 3790 Via de la Valle, Suite 201, Del Mar, CA 92014 Cell: (858) 382-3763 Website: HopeLeitner.com Email Hope     FINANCE, HOMEBUYERS, TRENDS   Will Mortgage Interest Rates Go Lower in 2024? ...