US 30-year fixed mortgage rate recent drop

As of December 1, 2022, Mortgage rates fell for a third straight week, notching their biggest three-week decline in 14 years.  Over the last month, that rate has dropped from 7.16% to 6.4%, according to the Mortgage Bankers Association. Federal Reserve has been raising federal fund target rates. Should the mortgage rate continue to increase too?Continue reading “US 30-year fixed mortgage rate recent drop”

The impact of mortgage trigger rate

It is so curious that US and Canadian mortgage market are so different. The 30-year fixed mortgage rate rarely exists in Canada. In Canada, the fixed mortgage rates expire after the term ends. The term can vary from 1 year to 10 years. The new mortgage rate will depend on interest rate environment when theContinue reading “The impact of mortgage trigger rate”

Be careful of what you wish for

I recalled this story of a single mother on her quest for home ownership. During pandemic, her landlord wanted to sell the house she was renting because the housing market was red hot. She can’t find a place with the similar rent and space. Therefore, she considered buying a place. However, her credit score wasContinue reading “Be careful of what you wish for”