Pat-Sten Bjernefalt Realtors
Pat:     (619) 244-6363
Sten:  (619) 244-6960

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Millennials are Sick of Mom's Basement

9/21/2015

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The Census Bureau reports that just 36% of Americans under age 35 own a home.

In 2007, that figure was 42 percent.


Some young people enjoy renting ... but my guess is that 9 out of 10 would prefer to own. Tight lending standards have made it tough to get around heavy student debts and light savings.

But Fannie Mae and Freddie Mac have announced programs that would allow first-time buyers to get good home loans with down payments of just 3 percent, instead of 5 percent.

That lower down payment will allow many creditworthy but cash-strapped young buyers to qualify for mortgages. 

Pat and I always encourage you to call or email us to see if we can help you.


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Good News for Home Buyers and Sellers:  No Rate Hike

9/21/2015

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This week's highly anticipated Fed meeting brought good news for potential home buyers.  Due to the Fed’s concerns over a looming weaker global economy combined with the expectation of higher inflation levels, investors were willing to bite the bullet and accept lower rates for maybe another few months.

Caution is in order.  The Fed cannot keep rates artificially low forever.  We're looking at current rates at and below 4% that could easily jump to 5 or 6%.  A rate jump of 1% raises the monthly payment on a $500,000 loan (30 year fixed) by about $300/mo.  That's $300 every month that would go to your mortgage company instead of staying in your pocket. 
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