Posts with tag 'At Home'
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2
Lowest Mortgage Rates in History!
It's been all over the news, if you can filter through the negativity, and even if you completely ignore the news, you probably know someone who has been affected by this:In July, the average 30-year fixed-rate mortgage fell below 3% for the first time in history.1 And while many Americans have rushed to take advantage of this unprecedented opportunity, others question the hype.
Are today's rates truly a bargain? While average mortgage rates have drifted between 4% and 5% in recent years, they haven't always been so low. Freddie Mac began tracking 30-year mortgage rates in 1971. At that time, the national average was 7.31%.2 As the rate of inflation started to rise in the mid-1970s, mortgage rates surged. It's hard to imagine now, but the average U.S. mortgage rate reached a high of 18.63% in 1981.3 Fortunately for home buyers, inflation normalized by October 1982, which sent mortgage rates on a downward trajectory that would bring them as low as 3.31% in 2012.3 Since 2012, 30-year fixed rates have risen modestly, with the daily average climbing as high as 4.94% in 2018.4
So what's causing today's rates to sink to unprecedented lows? Economic uncertainty.
Mortgage rates generally follow bond yields, because the majority of U.S. mortgages are packaged together and sold as bonds. As the coronavirus pandemic continues to dampen the economy and inject volatility into the stock market, a growing number of investors are shifting their money into low-risk bonds. Increased demand has driven bond yields—and mortgage rates—down.5
However, according to National Association of Realtors Chief Economist Lawrence Yun, "the number one driver of low mortgage rates is the accommodating Federal Reserve stance to keep interest rates low and to buy up mortgage-backed securities." According to Yun, "we will see mortgage rates stay near this level for the next 18 months because of the significance of the Fed's stance."6
HOW DO LOW MORTGAGE RATES BENEFIT CURRENT HOMEOWNERS?
Low mortgage rates increase buyer demand, which is good news for sellers. But what if you don't have any plans to sell your home? Can current homeowners benefit from falling mortgage rates? Yes, they can!
A growing number of homeowners are capitalizing on today's rock-bottom rates by refinancing their existing mortgages. In fact, refinance applications have surged over the past few months—and for a good reason.7 Reduced interest rates can save homeowners a bundle on both monthly payments and total payments over the lifetime of a mortgage.
The chart below illustrates the potential savings when you decrease your mortgage rate by just one percentage point. When it comes to refinancing, the bigger the spread, the greater the savings.
Estimated Monthly Payment On a 30-Year Fixed-Rate Mortgage
| Loan Amount | 4.0% | 3.0% | Monthly Savings | Savings over 30 Years |
| $100,000 | $477 | $422 | $55 | $20,093 |
| $200,000 | $955 | $843 | $112 | $40,184 |
| $300,000 | $1432 | $1265 | $167 | $60,277 |
| $400,000 | $1910 | $1686 | $224 | $80,368 |
| $500,000 | $2387 | $2108 | $279 | $100,461 |
Be sure to factor in any prepayment penalties on your current mortgage and closing costs for your new mortgage. For a refinance, expect to pay between 2% to 5% of your loan amount.8 You can divide your closing costs by your monthly savings to find out how long it will take to recoup your investment, or use an online refinance calculator. For a more precise calculation of your potential savings, we'd be happy to connect you with a mortgage professional in our network who can help you decide if refinancing is a good option for you.
HOW DO LOW MORTGAGE RATES BENEFIT HOME BUYERS?
We've already shown how low rates can save you money on your mortgage payments. But they can also give a boost to your budget by increasing your purchasing power. For example, imagine you have a budget of $1,500 to put toward your monthly mortgage payment. If you take out a 30-year mortgage at 5.0%, you can afford a loan of $279,000.
Now let's assume the mortgage rate falls to 4.0%. At that rate, you can afford to borrow $314,000 while still keeping the same $1,500 monthly payment. That's a budget increase of $35,000!
If the rate falls even further to 3.0%, you can afford to borrow $355,000 and still pay the same $1,500 each month. That's $76,000 over your original budget! All because the interest rate fell by two percentage points. If you've been priced out of the market before, today's low rates may put you in a better position to afford your dream home.
On the other hand, rising mortgages rates will erode your purchasing power. Wait to buy, and you may have to settle for a smaller home in a less-desirable neighborhood. So if you're planning to move, don't miss out on the phenomenal discount you can get with today's historically-low rates.
HOW LOW COULD MORTGAGE RATES GO?
No one can say with certainty how low mortgage rates will fall or when they will rise again. A lot will depend on the trajectory of the pandemic and subsequent economic impact.
Forecasters at Freddie Mac and the Mortgage Bankers Association predict 30-year mortgage rates will average 3.2% and 3.5% respectively in 2021.9,10 However, economists at Fannie Mae expect them to dip even lower to an average of 2.8% next year.11
Still, many experts agree that those who wait to take advantage of these unprecedented rates could miss out on the deal of a lifetime. "With rates now at all-time historic lows, it's hard to imagine that people may be holding out for something even better," warns Paul Buege, president and COO of Inlanta Mortgage.12 Positive news about a vaccine or a faster-than-expected economic recovery could send rates back up to pre-pandemic levels.
HOW CAN I SECURE THE BEST AVAILABLE MORTGAGE RATE?
While the average 30-year mortgage rate is hovering around 3%, you can do a quick search online and find advertised rates that are even lower. But these ultra-low mortgages are typically reserved for only prime borrowers. So what steps can you take to secure the lowest possible rate?
- Consider a 15-Year Mortgage Term
Lock in an even lower rate by opting for a 15-year mortgage. If you can afford the higher monthly payment, a shorter mortgage term can save you a bundle in interest, and you'll pay off your home in half the time.13
- Give Your Credit Score a Boost
The economic downturn has made lenders more cautious. These days, you'll probably need a credit score of at least 740 to secure their lowest rates.14 While there's no fast fix for bad credit, you can take steps to help your score before you apply for a loan:15
- Dispute inaccuracies on your credit report.
- Pay your bills on time, and catch up on any missed payments.
- Hold off on applying for new credit.
- Pay off debt, and keep balances low on your credit cards.
- Don't close unused credit cards (unless they're charging you an annual fee).
- Make a Large Down Payment
The more equity you have in a home, the less likely you are to default on your mortgage. That's why lenders offer better rates to borrowers who make a sizable down payment. Plus, if you put down at least 20%, you can avoid paying for private mortgage insurance.
- Pay for Points
Discount points are fees paid to the mortgage company in exchange for a lower interest rate. At a cost of 1% of the loan amount, they aren't cheap. But the investment can pay off over the long-term in interest savings.
- Shop Around
Rates, terms, and fees can vary widely amongst mortgage providers, so do your homework. Contact several lenders to find out which one is willing to offer you the best overall deal. But be sure to complete the process within 45 days—or else the credit inquiries by multiple mortgage companies could have a negative impact on your credit score.16
READY TO TAKE ADVANTAGE OF THE LOWEST MORTGAGE RATES IN HISTORY?
Mortgage rates have never been this low. Don't miss out on your chance to lock in a great rate on a new home or refi for your existing mortgage. Either way, I can help. I'd be happy to connect you with the most trusted mortgage professionals in my network. And if you're ready to start shopping for a new home, I'm an Accredited Buyers Representative and I'd love to assist you with your search - all at no cost to you! Contact me today to schedule a free consultation.
The above references an opinion and is for informational purposes only. It is not intended to be financial advice. Consult a financial professional for advice regarding your individual needs.
Sources:
- CNN Business -
https://www.cnn.com/2020/07/16/success/30-year-mortgage-rates-record-low/index.html - Freddie Mac -
http://www.freddiemac.com/pmms/pmms30.html) - Value Penguin -
https://www.valuepenguin.com/mortgages/historical-mortgage-rates - Federal Reserve Bank of St. Louis -
https://fred.stlouisfed.org/graph/?g=NUh - Bankrate -
https://www.bankrate.com/mortgages/how-interest-rates-are-set/ - Washington Post -
https://www.washingtonpost.com/business/2020/06/25/mortgage-rate-remains-historic-low/ - Yahoo! Finance -
https://finance.yahoo.com/news/mortgage-refinancing-makes-big-comeback-151500346.html - Bankrate -
https://www.bankrate.com/mortgages/is-no-closing-cost-for-you/ - Freddie Mac June 2020 Quarterly Forecast -
http://www.freddiemac.com/fmac-resources/research/pdf/202006-Forecast.pdf - Mortgage Bankers Association Mortgage Market Forecast July 15, 2020 -
https://www.mba.org/news-research-and-resources/research-and-economics/forecasts-and-commentary - Fannie Mae July 2020 Housing Forecast -
https://www.fanniemae.com/resources/file/research/emma/pdf/Housing_Forecast_071420.pdf - Washington Post -
https://www.washingtonpost.com/business/2020/06/25/mortgage-rate-remains-historic-low/ - Investopedia -
https://www.investopedia.com/articles/personal-finance/042015/comparison-30year-vs-15year-mortgage.asp - Money -
https://money.com/mortgage-rates-below-three-percent/ - Experian -
https://www.experian.com/blogs/ask-experian/credit-education/improving-credit/improve-credit-score/ - Equifax -
https://www.equifax.com/personal/education/credit/report/understanding-hard-inquiries-on-your-credit-report/
1
Add Value to Your Home with These 9 DIY Improvements
I love inexpensive DIY projects! Whether you're prepping your house to go on the market or looking for ways to maximize its long-term appreciation, these nine home improvement projects are great ways to add function, beauty, and real value to your home. The best part is, once you've secured the materials, most of these renovations can be completed over the course of a weekend. And they don't require a lot of specialized skills or experience. So grab your toolbox, then get ready to boost your home's appeal AND investment potential!
- Spruce Up Your Landscaping
Curb appeal counts. It's what draws people who drive by inside and makes them want to see more. Landscaping improvements can increase a home's value by 10-12%.1 But which outdoor features do buyers care about most? According to a survey of Realtors, a healthy lawn is at the top of their list. If your lawn is lacking, overseeding or laying new sod can be a worthwhile investment—with an expected return of 417% and 143% respectively.1
Planting flowers is another great way to enhance your home's curb appeal. And if you choose a perennial variety, your blooms should return year after year. For an even longer-term impact, consider planting a tree. According to the Council of Tree and Landscape Appraisers, a mature tree can add up to $10,000 to the value of your home.2 Trees add character, beauty, and help with utility bills when strategically planted. I always highlight the features of the yard in my listings, because it is, in fact, living space.
- Clean The Exterior
When it comes to making your house shine, a sparkling facade can be just as important as a clean interior. A rented pressure washer from your local home improvement store can help you remove built-up dirt and grime from your home's exterior, walkway, and driveway. Just be sure to read the instructions carefully—and only use it on surfaces that can withstand the intensity. When in doubt, a scrub brush and bucket of sudsy water will often do the trick, especially on vinyl siding.
- Add A Fresh Coat Of Paint
New paint can have a big impact on both the appearance and value of a property. In fact, it's one of the most effective ways to revitalize a home's exterior, update its interior, and make it appear larger and brighter. The best part? Painting is relatively easy and inexpensive!
To get the maximum return at resale, stick with a modern but neutral color palette that will appeal to a broad range of buyers. According to a recent survey of home design experts, cool neutrals are a safe bet when it comes to interior paint. And respondents chose white and gray as the best exterior paint colors to use when selling a home.3 However, it's important to consider a property's architecture, existing fixtures, and neighborhood design preferences, as well. You also don't want to look like a carbon copy of your neighbors.
- Install Smart Home Technology
In a recent survey, 78% of real estate professionals said their buyer clients were willing to pay more for a home with smart technology features.4 The most requested smart devices? Thermostats (77%), smoke detectors (75%), home security cameras (66%), and locks (63%).5
The good news is, many of these gadgets are fairly easy to install. And some of them, including smart thermostats and light bulbs, will pay for themselves over time by making your home more energy efficient. In fact, many manufacturers report that smart thermostats can cut back on heating and cooling costs by 10-20%.6
If you already own a smart speaker, like Amazon Alexa or Google Home, choose devices that will pair with your existing technology. This will enable you to create a truly integrated (and in many cases voice-activated) smart home experience.
- Modernize Your Window Treatments
Smart—or motorized—blinds are also growing in popularity, and several manufacturers make models you can order and install on your own. But they're not the only way to modernize your window treatments.
If you have old aluminum blinds, consider replacing them with plantation shutters, which are energy efficient, durable, and have strong buyer appeal.7 Roman and roller shades are another stylish alternative, and they come in a variety of colors and fabrics, which you can personalize to meet your design and privacy preferences. Cellular shades are a timeless choice, offering clean lines and excellent insulation.
Fortunately, upgrading your blinds has gotten easier and less expensive in recent years. There are a number of retailers that specialize in affordable window coverings that are simple to measure and hang yourself.
- Replace Outdated Fixtures
Drastically transform the look and feel of your home by swapping out dingy and dated fixtures for contemporary alternatives. Start by assessing your current light fixtures, faucets, cabinet hardware, door knobs, and even switch plates. Then prioritize replacing those that are particularly outdated or in highly-visible areas, such as your entryway or kitchen.
Even if your home is fairly new, consider trading your builder-grade fixtures for higher-end options to give it a more upscale appearance. And forget the old rule about sticking to one metal tone throughout your property. According to designers, mixing metal finishes can add interest and character to a space.8 Right now, however, brass faucets and cabinet handles tend to give a retro 90s feel, which isn't appealing to many home buyers. Rubbed bronze, copper, black, or brushed nickel are better choices.
For more designer insights and decor trends, contact me for a free copy of my recent report: "Top 5 Home Design Trends for a New Decade."
- Upgrade Your Bathroom Mirror
A minor bathroom remodel offers one of the best returns on investment, with a $1.71 increase in home value for every $1 you spend.9 We've already explored several improvements you can make to your bathroom: new paint, fixtures, and hardware. Now complete the look by upgrading your vanity's mirror.
Before you purchase a new mirror, examine your existing one to see how it is attached to the wall. Some vanity mirrors are glued to the wall and difficult to remove without shattering the glass or damaging the sheetrock behind it.10
If you prefer to keep your existing mirror, you can paint the frame—or add one if it's currently frameless. There are several online retailers that will send you the frame components cut to your specifications, which you can assemble and mount yourself. Much like a work of art, your vanity mirror serves as a focal point for your bathroom, so let your creativity shine through!
- Shampoo Your Carpet
Carpet is notorious for trapping dust, dirt, and allergens. It's one of the reasons that most buyers prefer hard surface flooring.11But if you love your carpet, or you're not ready to invest in an alternative, make an effort to keep it clean and odor-free.
To properly maintain your carpet, you should vacuum it weekly. Experts also recommend a deep shampoo at least every two years.12 Fortunately, this is a cheap and easy DIY project you can knock out in about 20 minutes per room. According to Consumer Reports, you can rent a machine and purchase cleaning fluid and supplies for around $90. With an average return on your investment of 169%, it's well worth the effort and expense.13
- Customize Your Closet
Real estate professionals estimate that a closet remodel can add $2500 to a home's selling price. And while a professional renovation can cost upwards of $6000, there are many high-quality DIY closet systems you can customize and install yourself.14
Experts recommend taking a thorough inventory of your wardrobe and accessories before you get started. Make sure frequently-worn pieces are easy to reach, and store seasonal and seldom-used items on high shelves. Place shoe racks near the closet entrance so they are easy to access.15 A little planning can go a long way toward building a closet that you (and your future buyers!) will love. When it comes time to stage it for photos and showings, you'll want to make sure it is organized and not too full, to maximize the impact and appeal.
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GET A COMPLIMENTARY ANALYSIS OF YOUR PROJECT
We've been talking averages. But the truth is, the actual impact of a home improvement project will vary depending on your particular home and neighborhood. Before you get started, contact me to schedule a free consultation. I can help you determine which upgrades will offer the greatest return on your effort and investment. |
Sources:
- HomeLight -
https://www.homelight.com/blog/improve-curb-appeal-landscaping/ - National Association of Realtors -
https://www.realtor.com/advice/home-improvement/landscape-renovations-that-pay-off/ - Fixr -
https://www.fixr.com/blog/2020/01/14/paint-color-trends-in-2020/ - T3 Sixty -
https://blog.coldwellbanker.com/wp-content/uploads/2018/01/CES2018-Smart-Homes-An-Emerging-Real-Estate-Opportunity.pdf - Consumer Reports -
https://www.consumerreports.org/smart-home/smart-home-tech-upgrades-to-help-sell-your-house/ - American Council for Energy Efficient Economy
https://www.aceee.org/sites/default/files/publications/researchreports/a1801.pdf - Forbes - https://www.forbes.com/sites/trulia/2016/07/05/10-upgrades-under-1000-that-increase-home-values-2/#47b0d3162e60
- Insider -
https://www.insider.com/home-design-rules-you-should-be-breaking-2020-1 - Zillow -
https://www.zillow.com/sellers-guide/roi-for-bathroom-remodel/ - Lowes -
https://www.lowes.com/n/how-to/remove-a-bathroom-mirror - HomeLight -
https://www.homelight.com/blog/what-flooring-increases-home-value/ - Angie's List -
https://www.angieslist.com/articles/how-often-should-i-clean-my-carpets.htm - HomeLight -
https://www.homelight.com/blog/projects-that-increase-home-value/ - National Association of Realtors - https://www.nar.realtor/research-and-statistics/research-reports/remodeling-impact
- EasyClosets - https://www.easyclosets.com/tips-ideas/2016/10/02/how-to-plan-your-walk-in-closet/
28
We've Accepted an Offer! What Happens Next?
You worked for weeks getting your home show-ready: organizing, cleaning, and finishing up those half-started projects. The sign went up, the people came through, and you accepted an offer. Maybe this all happened faster than you anticipated; some homes go under contract in just a few days, and the speed of the process can leave you feeling overwhelmed. Here are some of the most common questions that I'm asked by sellers:
1. What do I need to do now?
The home inspections are the first order of business. Bu...
3
Is Now a Good Time to Buy or Sell Real Estate?
Traditionally, spring is one of the busiest times of the year for real estate. However, the coronavirus outbreak—and subsequent stay-at-home orders—led many buyers and sellers to put their moving plans on hold. Across the country in April, new listings fell nearly 45%, and sales volume fell 15% compared to last year.1
Fortunately, as restrictions have eased, we've seen an uptick in market activity, most notably here in Michigan where real estate had been completely shut down. And economists at Realtor.com expect a rebound in July, August, and September, as fears about the pandemic subside, and buyers return to the market with pent-up demand from a lost spring season.2
4
20 Ways to Save Money and Stretch Your Household Budget
These days, it seems like everyone's looking for ways to cut costs and stretch their income further. Fortunately, there are some simple steps you can take to reduce your household expenses without making radical changes to your standard of living. When combined, these small adjustments can add up to significant savings each month.
Here are 20 things you can start doing today to lower your bills, secure better deals, and begin working toward your financial goals.
- Refinance Your Mortgage - For prime borrowers, mortgage rates are at or near historic lows. Depending on your current mortgage rate and the terms you choose, refinancing could save you a siz...
Disclaimer: All information deemed reliable but not guaranteed. All properties are subject to prior sale, change or withdrawal. Neither listing broker(s) or information provider(s) shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless. Listing(s) information is provided for consumers personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Information on this site was last updated 04/28/2026. The listing information on this page last changed on 04/28/2026. The data relating to real estate for sale on this website comes in part from the Internet Data Exchange program of Delta Media Group MLS (last updated Tue 04/28/2026 5:12:39 AM EST) or MichRic (Michigan Regional Information Center) (last updated Mon 04/27/2026 11:17:29 PM EST) or NIRA MLS (last updated Mon 04/27/2026 11:04:46 PM EST) or IRMLS (last updated Mon 04/27/2026 11:12:01 PM EST). Real estate listings held by brokerage firms other than Cressy & Everett Real Estate may be marked with the Internet Data Exchange logo and detailed information about those properties will include the name of the listing broker(s) when required by the MLS. All rights reserved.
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