Let’s sit back and take a look at what happened in 2023 in the Phoenix real estate market. There was a lot going on! Prices bottomed out at the beginning of 2023. Speculation on what the Federal Reserve was going to do was a daily discussion. Pundits were obliged to opine on what this would do to inflation and interest rates. Like I said, what a year!! And the big question, what did all of this do to prices and home sales. Buck up because that’s exactly what we’re going to discuss.
Remove Private Mortgage Insurance As Soon As Possible
Private Mortgage Insurance (PMI) is required on a conventional loan when the down payment is less than 20% It will be removed once the equity on the home reaches 22% based on the original value. However, there are different ways to eliminate PMI sooner rather than waiting for the equity to build up based on the original price or value. Keep reading to find out ways to remove PMI without refinancing soon that you thought was possible.
Where will home loan rates go during 2010 and why? Rates are going to be higher in 2010. There will be more supply coming to the market in the first quarter, while the Fed’s purchase of mortgage backed securities will be winding down. They pledged over a year ago to purchase $1.3 Trillion which has kept rates low with demand high. In fact rates are about 1% lower than they would be if they weren’t participating in the purchasing program.