In the wake of this month’s sudden banking crisis, mortgage rates have fallen. In other news, learn about the ongoing cooldown of the housing market, and Rocket debuts a rewards card for future homebuyers.
Mortgage rates and the banking crisis
Following the sudden banking crisis that roiled markets, mortgage rates tumbled this week. However, rates could resume rising as a consequence of the Fed’s aggressive moves to control inflation.
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Home prices continue to accelerate
Home price growth declined for the seventh month in a row in January, especially in expensive West Coast markets like Seattle and San Francisco. Higher mortgage rates have played a role in the slowdown.
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Rocket’s new home ownership credit card
The Rocket Visa Signature Card offers a generous 5 percent back on all purchases – with the catch that the rewards are worth full value only if you ultimately get your home loan from Rocket Mortgage. That can discourage you from shopping around for a mortgage, a practice that can save you thousands of dollars over the life of your loan.
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Mortgage down payment assistance options
Even if you can’t fork over a 20 percent down payment upfront, you can still buy a home. Many state, county and city government programs offer down payment assistance in the form of loans, grants or matched savings.
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How much house can you afford on $125,000 a year?
If you make $125,000 a year, your salary can go a long way, but you’ll still need to think carefully about how much house you can afford. Factor in considerations like the cost of living in your desired area as well as your existing debt burden.
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