Happy Monday! 

We are back with our fourth Monday Market update, and rates have gone up almost a full percentage in the last 4 weeks! Interest rates haven't been like this in over a decade. It is expected that the Fed will increase rates 2 more times before the year is over, in hopes of cooling the market. The average home price has dropped 6%, due to less active buyers. 

Here's what you should do if you're getting ready to buy a home:

• Talk to multiple lenders! It is recommended that you talk to 3 lenders before choosing the one you decide to go with.
• Talk to lenders within a 14-45 day period, and rather than getting multiple credit hits, they'll only hit your report as 1.
• Ask your preferred lender if they offer any down payment assistance programs.
• Look at your finances. If you have a good credit score, you'll get a better rate than if you have a low credit score. Looking for ways to boost your credit score, or saving extra cash to put down could change the terms of your loan for the better.
• Lower your debt-to-income ratio. Try cancelling those extra subscriptions you don't use as much, and cut back on extra expenses.

 

This weeks listing stats:

* This information is from the Lake City Board of Realtors 

 

All info above is deemed reliable but in not guaranteed. 

 

Sources:

The North Florida Board of Realtors

https://www.npr.org/2022/09/21/1124272098/home-prices-see-biggest-drop-in-9-years-thanks-to-higher-mortgage-rates

https://finance.yahoo.com/news/jerome-powell-just-warned-us-163000867.html

https://www.cbsnews.com/news/latest-mortgage-rates-freddie-mac-climb-to-6-29-this-week/

https://www.freddiemac.com/research-and-perspectives

https://www.businessinsider.com/personal-finance/best-mortgage-refinance-rates-today-monday-september-26-2022-9

https://www.nerdwallet.com/mortgages/mortgage-rates?origin_impression_id=4c200116-c502-4fe5-9cd0-117bfa4ed400