Mortgage News – First Time Home Buyer

First-Time Homebuyers Get a Break With Lower Mortgage Rates

(TNS)—Economic gurus got one part of the mortgage forecast for 2019 correct. We’re certainly seeing a volatile year for rates.

What they didn’t see coming: Mortgage rates tumbled in March, the biggest one-week fall in a decade. Now—instead of seeing mortgage rates edge closer to 5.25 percent, as some had predicted we’d see in 2019—we’re looking at an average 30-year rate near 4 percent.

The rate drop comes just in time for the spring home-buying season and will make monthly payments less expensive.

“This drop in rates is going to give the housing market a boost,” says Bill Banfield, executive vice president of Capital Markets for Quicken Loans. “It could help to make people come back into the market and consider buying a home.”

Mortgage rates have fallen by a full percentage point since late 2018. Going back four months or so, most forecasts weren’t expecting mortgage rates to drop as low as 4 percent for borrowers, Banfield says.

“This is a surprise to a lot of people,” Banfield says.

The average 30-year rate was 4.1 percent as of late March, the lowest rate since Jan. 2018, according to Bankrate.com data. But rates started to rebound a bit upward in early April. The average 30-year rate went back to 4.29 percent as of April 3, according to Bankrate.com.

By contrast, the average mortgage rate was 5.1 percent as recently as mid-November, which was a seven-year high, according to Bankrate.com. The average was hovering around 4.75 percent as 2018 drew to a close.

We’re talking about some real money here for homebuyers. Take a $200,000 mortgage. The mortgage payment for principal and interest would drop by about $120 a month if your rate is 4.1 percent instead of 5.1 percent on a 30-year mortgage, according to Greg McBride, chief financial analyst for Bankrate.com. For the mortgage alone, the payment would be about $966 month at the 4.1 percent rate. It’s sort of like getting more than one month free each year.

For a homebuyer who was priced out of the market last spring, the lower rates could help get them back in the game.

Being able to lock in a 30-year fixed rate near, or even below, 4 percent helps put some “wind in the sails of home buyers from an affordability standpoint,” McBride says.

The 30-year fixed rate mortgage remains the dominant loan for middle-class borrowers, particularly first-time home buyers.

This excerpt from :  RIS Media.com      TO READ MORE CLICK HERE 

Stacy Schnell Real

 

Coolest smart furniture to own in 2019

Get ready for smart tables, shower heads and even toilets

With smartphones and virtual voice assistants already in common usage, the next frontier is smart furniture — chairs, tables and even toilets in which certain features can be set off by a smartphone or voice.

While talking shower heads and couches may seem futuristic, the trend is already in full swing. People bought more than 80 million smart home devices in 2016 while  Zion Market Research predicts that the global smart home market will reach $53.45 billion by 2022.

Smart furniture can range from the practical to the ridiculous. To help you learn what home buyers will be looking for, Inman News has curated a list of the best, newest and, in some cases, weirdest smart furniture items you can get in 2019.

table

The Charging Table

Instead of digging around for a charger and a cable, you can just put your smartphone on the FurniQi Side Table ($199) to do the job. The bamboo table looks just like any other other piece of furniture — except for the small circle in the middle acts as a charging dock for all your devices.

This excerpt from Inman News. Please click here to read more.