Many prospective homebuyers and current homeowners alike are keeping a close eye on mortgage rates during the new year. Understanding where mortgage rates are headed can play a pivotal role in financial planning, whether you're looking to buy your first home or refinance an existing mortgage.
When it comes to buying a home, one of the most critical decisions you’ll make is selecting the right mortgage. Like homes themselves, mortgages come in many sizes and types. Two of the most common options are fixed-rate and adjustable-rate mortgages (ARMs).
With borrowing rates at their lowest in years, now is the perfect time to consider a Home Equity Line of Credit (HELOC) to finance your home improvement projects. Whether you're preparing your home for holiday gatherings or tackling upgrades before the cold sets in, a HELOC allows you to take advantage of reduced interest rates—with the potential for even more rate cuts on the horizon.
The average age to buy a first home is now the oldest ever on record at 36 years old.1 Diminished buying power, student loan debt, and competition from corporate investors—among other factors—have caused many young buyers to delay homebuying or consider it out of the question entirely.