June is National Homeownership Month—a time to celebrate the value of homeownership to families and communities. Affording a new home has become more difficult for four basic reasons: higher mortgage rates, higher home prices, lower inventory and lagging wage growth.
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The double whammy of higher home prices and rising mortgage rates have a lot of Americans reevaluating the mortgage they can afford and how much a mortgage lender will lend. There are several ways individuals can calculate the monthly mortgage amount affordable for them.
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With mortgage rates nearly 100 bps lower today than in the first quarter of 2019, many of your clients may be considering refinancing their current mortgage. If they haven’t already discussed refinancing, it may be a good idea for you to start that conversation.
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