Applying for a mortgage (and shopping for the best interest rate) can be a complicated process, whether you’re a first-time homebuyer or a seasoned pro. Your debt-to-income ratio (DTI) is one factor lenders consider when deciding whether to approve you for a mortgage, and what rate to offer you if your application is approved. Put
Lower mortgage rates should ameliorate our housing situation, in theory. But where mortgage rates are at the moment, and where they’re expected to go in the next year or so, isn’t enough for that to happen, according to Capital Economics. Anxiety about a potential recession and sluggish economic data are leading to expectations about lowered
The wind continues to blow in the wrong direction for mortgage borrowers. — Greg McBride, Bankrate Chief Financial Analyst As homebuyers grapple with record prices this spring, mortgage rates have also crept up. On a 30-year fixed loan, the average rate was 7.39 percent as of May 1, according to Bankrate’s survey of large lenders,