What the New Federal Reserve Interest Rates Mean for the Housing Market

Last December, the Federal Reserve raised interest rates for the first time in nearly a decade. While the Fed’s actions impact short-term rates, if you are in the market for a home, you may be wondering about the impact on mortgage rates, inventory and affordability.

You may be surprised (and pleased) to learn that the answer is: not much. The impact on home prices is expected to be very minimal, and interest rates are still much lower than average rates in past decades — which could make 2016 a good year for buying. In fact, a nominal rate increase translates to a very manageable cost. For example, an increase of 25 basis points on a 30-year fixed-rate mortgage loan of $250,000 raises the monthly mortgage payment by only $35.

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Face Your Mortgage Issues Directly and Realistically

Nobody likes to take a call from the collections department. It doesn’t matter if the call is about a credit card, a utility bill, a bounced check or anything else that may be delinquent. Avoiding the issue may seem like a good strategy to those who really hate conflict, but it is usually the worst thing you can do. This is especially true when it comes to a mortgage.

Read more…Face Your Mortgage Issues Directly and Realistically