What Does APR Stand For? An annual percentage rate (APR) is a standardized way of expressing the interest rate on a loan. It is a metric that is used to compare different loans and help consumers understand the true cost of borrowing money. The APR takes into account not only the interest rate on a […]
At some point in their lives, many veterans consider using a VA loan to buy a home. But what is a VA loan? How does it work? Who qualifies for one? And what are the requirements? We’re here to answer all those questions and more in this comprehensive guide to VA loans. What Is a […]
If you’re planning to buy a home, it’s critical to understand the relationship between mortgage rates and your purchasing power. Purchasing power is the amount of home you can afford to buy that’s within your financial reach. Mortgage rates directly impact the monthly payment you’ll have on the home you purchase. So, when rates rise, so […]
If you’re thinking about buying or selling a home, you’ll want to keep a pulse on what’s happening with mortgage rates. Rates have been climbing in recent months, especially since January of this year. And just a few weeks ago, the 30-year fixed mortgage rate from Freddie Mac approached 4% for the first time since […]
Based on the Primary Mortgage Market Survey from Freddie Mac, the average 30-year fixed-rate mortgage has increased by 1.2% (3.22% to 4.42%) since January of this year. The rate jumped by more than a quarter of a point from just a week ago. Here’s a visual to show how mortgage rate movement throughout 2021 was […]