Hey, did you hear the latest? More people are applying for home loan because mortgage rates have gone down. This could mean a bustling spring for buying homes, even though the folks at the Federal Reserve might wait a bit before they lower rates again.

Why More People Are Applying Now

Last week, a bunch of people decided it was a good time to apply for a mortgage to buy or refinance their homes. The Mortgage Bankers Association (MBA) noticed a 9% increase in these applications from the week before. Although this sounds awesome, it’s still 20% lower than last year. People wanting to refinance their homes jumped up 11%, which is also higher than last year.

What This Means for Buying Homes

Even though not as many people are buying homes compared to last year, the number of people refinancing their homes is going up. This gives us a hint that if mortgage rates keep dropping, we might see more people getting into new homes or refinancing their current ones in the next few months.

But, Will Mortgage Rates Keep Going Down?

That’s the big question! A recent report showed that people are spending more money shopping, which could mean the Federal Reserve might wait a little longer before making loans cheaper by lowering rates.

What’s Happening with Mortgage Rates?

Mortgage rates have been doing a little dance lately. The rate for a 30-year fixed mortgage was around 6.60%, not much higher than its lowest in December. Here’s a quick look at the rates for different kinds of loans:

• Regular 30-year mortgages are at about 6.75%.
• Bigger loans (jumbos) are around 6.86%.
• FHA loans are a bit lower at 6.46%.
• Shorter 15-year loans are at 6.24%.
• Adjustable-rate mortgages are at 6.14%.

So, What’s Next?

It’s all about keeping an eye on those rates and the market. If rates keep going down, it’s a great time for you to think about buying a home or refinancing your current one. And remember, I’m here to help you figure this all out. If you’re thinking about refinancing your home, especially during Chapter 13 bankruptcy, give me a call at 562-762-7511 or visit my website. Don’t let bankruptcy slow down your home goals. Let’s work together towards a brighter future for your home and finances!