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News & Insights | Mortgage News

![Mortgage News: Why Rising Home Values Could Help You Save](https://cdn.builder.io/api/v1/image/assets%2Fea37b90b89334a2ab1714e2159c75418%2F560c388ad2684deba47f7761f6347b92)

<br>

Here’s a look at the latest developments in the refinancing market this week.

## Your home may have gone up in value—and it could help you pay less on your mortgage

![Line Graph Showing U.S. Home Value Growth Year-Over-Year](https://cdn.builder.io/api/v1/image/assets%2Fea37b90b89334a2ab1714e2159c75418%2F883beaaa87264b8ead8d3d417592a220)

<p class="legal">Source: <a href="https://www.zillow.com/research/august-2021-market-report-30110/">Zillow Home Value Index</a></p>
<br>

Market values of homes around the country have risen by a record gain of [17.7% in the last year](https://www.zillow.com/research/august-2021-market-report-30110/ "17.7% in the last year"), and the typical U.S. home was worth [over $5000](https://www.zillow.com/research/august-2021-market-report-30110/ "over $5000") more in August than it was in July. That puts today’s homeowners in a good position to drop their private mortgage insurance (PMI) when they refinance. 

Private mortgage insurance (PMI) is added to your monthly mortgage payment as a buffer for some of the financial risk your lender takes on. If you put less than 20% down on your loan, it gets automatically applied. For conventional loans, PMI gets removed once you’ve gained 20% of your home equity. This happens as you pay off your loan, or when your home goes up in value. 

If you’ve been paying for PMI each month, it’s probably a good time to refinance and see how much your home is worth today. Your appraisal gives you an updated loan-to-value ratio (LTV), which can lower the price of the refinance, qualify you for more favorable terms, and drop PMI from your monthly payment. 

Get the ball rolling on a refinance to [see how much you could save today](http://better.com/start "see how much you could save today"). And for more details, read up on [how private mortgage insurance works](https://better.com/content/what-is-pmi-or-private-mortgage-insurance/ "how private mortgage insurance works"). 

## Mortgage rates jumped—and they’re expected to keep climbing.

After weeks of [hovering near 2020 lows](https://better.com/content/rates-remain-low-but-could-rise-from-here "hovering near 2020 lows"), mortgage rates are back on the rise. The 30-year fixed rate average rose 0.13% last week to [3.01%](http://www.freddiemac.com/pmms/)—its highest level [since July](https://www.cnbc.com/2021/09/29/mortgage-demand-falls-as-rates-rise-to-highest-level-since-july.html). Better Mortgage analysts expect rates to continue inching upward, though they’re not likely to rise beyond 3.25%. The market drove rates up in response to The Federal Reserve’s signals that they’ll [soon be tapering the measures](https://www.marketwatch.com/story/mortgage-rates-jump-above-3-creating-pressure-for-home-buyers-11633011496 "soon be tapering the measures") that have helped keep mortgage rates low since the pandemic began. 

Just a fraction of a percent can make a difference in your monthly payments, so it may be a good idea to move quickly on a new loan before rates can jump further. You could qualify for programs like RefiNow and RefiPossible, which guarantee homeowners drop their monthly payments by at least $50, and are estimated to save $3000 a year. [Check out your rates with Better Mortgage](https://better.com/start "Check out your rates with Better Mortgage") to see where you stand, and learn more about [RefiNow](https://better.com/content/you-could-reduce-your-monthly-costs-with-refinow "RefiNow") and [RefiPossible](https://better.com/content/you-could-save-on-monthly-costs-with-refipossible-tm "RefiPossible").  

![Image of Person in Minimal Setting with Laptop Smiling](https://cdn.builder.io/api/v1/image/assets%2Fea37b90b89334a2ab1714e2159c75418%2F8d38ea7761f74ebfa5e7ffaffd6d0cb6)

#### Considering a home loan?

Get your custom rates in minutes [with Better Mortgage](https://better.com/ "Better Mortgage"). Their team is here to keep you informed and on track from pre-approval to closing. 

<br>

 <div style="text-align: center">  
 <a class="bet-Button bet-Button--xl bet-Button--primary" href="https://better.com/start">See your rates</a>  
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With property values rising, today’s homeowners are in a good position to refinance with new terms that remove private mortgage insurance. 

Why Rising Home Values Could Help You Save

Blog post image for Why rising home values could help you save

Why rising home values could help you save

![Mortgage News: How First-Time Buyers Can Compete As Prices Rise](https://cdn.builder.io/api/v1/image/assets%2Fea37b90b89334a2ab1714e2159c75418%2Fe914f1f489d64d82bb4bf1ecd4d130a7)

<br>

Here’s a look at the latest developments in the mortgage market this week. 

<ul>
<li><strong>First-time buyer? Here’s how to avoid getting priced out.</strong></li>
<li><strong>More homeowners refinance while rates hover at a six-month low</strong></li>
<li><strong>New construction home sales dip as lumber costs rise</strong></li>
<li><strong>What is an escrow account?</strong></li>
</ul>

Anyone searching for a home today is up against rising prices, bidding wars, and intense competition. But the path to homeownership tends to be extra bumpy for first-time buyers, because they enter the market with smaller budgets and no home equity. In July, [37% of first-time buyers](https://www.inman.com/2021/07/16/first-time-buyers-still-eager-despite-snags-on-path-to-homeownership/ "external") said they had to set back their homebuying timeline after losing income during the pandemic. 

Instead of hitting pause on your search, there are some loan options that could help you compete for a home—without putting more money on the table. 

#### Make a lower down payment

It takes a [year longer to save for a 20% down payment](https://www.wkrn.com/news/local-news/reports-first-time-buyers-need-year-longer-to-save-for-20-percent-down-payment-compared-to-5-years-ago/ "external") than it did 5 years ago, which may be why [35% of buyers](https://www.nar.realtor/sites/default/files/documents/2020-downpayment-expectations-and-hurdles-to-homeownership-report-04-16-2020.pdf "external") cite it as their primary roadblock to owning a home. But 20% down isn’t always required—and last year, [roughly two-thirds of first-time buyers](https://www.zillow.com/research/how-long-to-save-a-down-payment-29735/ "external") put down less than that. 

With an [FHA loan](https://better.com/content/what-is-an-fha-loan/), you could put as little as 3.5% down on a home and still lock in competitive rates. These mortgages carry more lenient qualifying guidelines than conventional loans, especially when it comes to savings and credit scores, so it’s worth finding out [if it’s the right option for you](https://better.com/content/fha-loan-requirements/ "external").

#### Improve your debt-to-income ratio

Saving for a home can be tough to balance alongside student loan debt, which accounts for [20% of the decline](https://www.federalreserve.gov/publications/files/consumer-community-context-201901.pdf "external") in homeownership among young adults. But the reality is, lenders don’t look at how much student debt you have in total. They look at how you’re paying it down each month, typically through your debt-to-income (DTI) ratio. Learn [how to assess your DTI](https://better.com/content/what-is-a-good-debt-to-income-ratio/) to see where you stand, and raise your chances of [getting approved for a mortgage with student loans](https://better.com/content/getting-a-mortgage-with-student-loans/). 

#### Get the Better Appraisal Guarantee

Negotiating with a seller doesn’t always mean putting more cash on the table. [Waiving your appraisal contingency](https://better.com/content/appraisal-contingency/) can boost your odds of an accepted offer by 50%.* Normally, you’d risk losing your lender or having to change your loan terms. But with the [Better Appraisal Guarantee](https://welcome.better.com/better-appraisal-guarantee/), you could get the loan terms you locked no matter what the appraisal says.** 

Even with historically low inventory, first-time buyers still have a place in today’s market. And with mortgage rates as low as they are, it’s worth taking a look at what you can afford. [Crunch the numbers with our affordability calculator](https://better.com/content/a-better-home-affordability-calculator/) to see what a new home could look like with your budget. 

## More homeowners refinance while rates hover at a six-month low

Last week, the [30-year fixed rate average ticked up to 2.80%](http://www.freddiemac.com/pmms/ "external"). Even with the increase, the rate is at a 6-month low and still only 0.15% away from an all-time low of 2.65%. [Millions of homeowners](https://time.com/nextadvisor/mortgages/mortgage-news/do-you-qualify-to-save-on-refinance-loan/ "external") stand to save on a refinance, and many are taking note. Refinance applications have [jumped up 9% week-over-week](https://www.cnbc.com/2021/07/28/mortgage-rates-at-six-month-low-and-refinances-shoot-up.html "external") around the country. 

A refinance can lower your mortgage rate and monthly payments, and provide other benefits too. Whether you want a shorter loan term, an influx of cash, or fewer debt payments, getting a new loan can make it happen. [Find out how a refinance could help](https://better.com/content/6-reasons-to-refinance-your-mortgage/) you reach your financial goals, and [check your rates](https://better.com/start) to see how much lower your payments could be. 

## New construction home sales dip as lumber costs rise

Rising home prices are [tamping down the demand](https://better.com/content/how-to-get-an-offer-accepted-in-todays-market/) for new construction homes, and June saw the [lowest number of new home sales](https://www.cnbc.com/2021/07/26/housing-boom-is-over-as-new-home-sales-fall-to-pandemic-low.html "external") since April 2020. The price spike is thanks to a shortage in softwood lumber, which increased in cost by [over 300% during the pandemic](https://www.cnbc.com/2021/07/19/homebuilder-confidence-slips-in-july-as-construction-costs-rise.html "External"). Now it costs roughly 75% more than it did in 2019, but builders have had to raise their prices to keep up. 

It can be tough to bargain down the price of a newly built home. Instead, it may be easier to negotiate with a builder through upgrades to the home itself. Choose materials from their showroom that would add value to the property, like hardwood floors, or marble countertops. If you want to learn what to look out for, avoid, and prepare for in a new home sale, [read our quick and easy Q&A](https://better.com/content/buying-a-new-construction-home/). 

## What is an escrow account? 

Escrow accounts are specifically designed to hold money meant for home costs, whether it’s during the sale itself or throughout the course of a mortgage. They usually come into play after a loan is finalized, but it helps to know what they are beforehand too. [Get to know the ins and outs of escrow accounts](https://better.com/content/what-is-an-escrow-account/)—from what they are, to how they work, to why opening one could help protect your mortgage. 

## Considering a home loan?

Get your custom rates in minutes [with Better](https://better.com/) Mortgage. Their team is here to keep you informed and on track from pre-approval to closing. 

<br>

 <div style="text-align: center">  
 <a class="bet-Button bet-Button--xl bet-Button--primary" href="https://better.com/start">See your rates</a>  
 </div>
<br><br>

<p class="legal">*Results based on a survey of 104 real estate agents in competitive markets. Of those surveyed, more than ~60% responded that waiving the appraisal contingency could increase the likelihood of having a competitive offer accepted by 50% or more. Results may vary and are not intended to represent or guarantee that anyone will achieve the same or similar results.</p>

<p class="legal"><a href="https://welcome.better.com/better-appraisal-guarantee/">**See Better Appraisal Guarantee terms and conditions</a></p>

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First-time homebuyers are getting left behind as home prices skyrocket. Follow these tips to improve your standing, without putting more money down.

How First-Time Buyers Can Compete As Prices Rise

Blog post image for How first-time homebuyers can compete as prices rise

How first-time homebuyers can compete as prices rise

![Mortgage News 5/31/2021: More Homes Are Hitting The Market In June](https://cdn.builder.io/api/v1/image/assets%2Fea37b90b89334a2ab1714e2159c75418%2Fca22a150169e4bfa9fea5355cf206c15)

<br>

Here’s a look at the latest developments in the mortgage market for the week beginning 5/31/21. 

<ul>
<li><strong>With more listings on the way, buyers should prepare to move quickly</strong></li>
<li><strong>Over 2M homeowners could now lower their mortgage payments</strong></li>
<li><strong>More than half of homes are selling above their asking price</strong></li>
<li><strong>What you should know before buying a home</strong></li>
</ul>

## With more listings on the way, buyers should prepare to move quickly

After over a year of [historically low inventory and growing demand](https://better.com/content/buying-a-house-in-2021/), buyers can expect to see a fresh batch of new listings this month. A survey found that [77% of homeowners say](https://www.nationalmortgagenews.com/news/boost-in-housing-inventory-predicted-to-hit-the-market-by-june "external") they’re expecting to list their home in 2021, and of them, [45% plan to by the end of June](https://www.nationalmortgagenews.com/news/boost-in-housing-inventory-predicted-to-hit-the-market-by-june "external"). 

Homeowners cite rising vaccination rates as a reason for their decision. After the pandemic pushed back their plans to sell in 2020, more owners are getting comfortable with the idea today.

The incoming inventory may provide some new selection, but buyers shouldn’t count on competition dying down. With inventory falling short of demand for months, homes are now selling [34 days faster](https://www.realtor.com/research/weekly-housing-trends-view-data-week-may-22-2021/ "external") than last year. 

Since this new crop of listings probably won’t stay on the market long, it can help to move quickly with an online lender. Instead of scheduling appointments and traveling to a brick-and-mortar office, buyers can move through the stages of financing in a matter of clicks. Working with Better Mortgage also means you could close your loan 10 days faster than with a traditional lender—a huge advantage when half of homes are [under contract in less than two weeks](https://press.redfin.com/news-releases/news-release-details/redfin-reports-homes-sell-fastest-pace-record-59-under-contract "external"). Find out how [buying online can help you get ahead](https://better.com/content/buying-a-house-online/) in today’s market. 

## Over 2M homeowners could now lower their mortgage payments

After a temporary jump, the 30-year fixed rate average [dropped to 2.95%](https://www.marketwatch.com/story/mortgage-rates-drop-back-below-3-heres-how-much-americans-have-saved-by-refinancing-11622124321 "external") last week. With it came the news that over 2 million homeowners are eligible to refinance with [a new Fannie Mae program called RefiNow.](https://better.com/content/you-could-reduce-your-monthly-costs-with-refinow/) 

This loan option helps homeowners who may not meet income requirements for traditional refinances to lower their rate by at least half a percent and save up to $3,000 a year in mortgage payments. To put those gains into perspective, homeowners who refinanced last year saved over $2,800 annually. 

To find out if your mortgage qualifies, [see if it’s backed by Fannie Mae](https://www.knowyouroptions.com/ "external"). If so, you can [sign up for the RefiNow waitlist](https://welcome.better.com/fhfa-refi-program/) before it rolls out this Saturday, June 5th. 

## More than half of homes are selling above their asking price

Competition between buyers has grown higher than ever, and bidding wars have gone from frequent to typical. In May, a record [51% of homes listed through online platform Redfin](https://www.redfin.com/news/housing-market-update-home-prices-surge-24-pct/ "external") sold for more than their asking price, up from a quarter of homes a year ago. 

The trend shows no signs of slowing down with home sales expected to bring in [$2.5 trillion](https://www.redfin.com/news/record-home-sales-forecast-2021/ "external") by the end of the year—their highest total since 2013. 

At this point, buyers can [expect bidding wars](https://better.com/content/be-ready-for-bidding-wars-in-todays-market/). Make sure your offer is competitive by getting pre-approved, and negotiating wherever possible. [Read up on how you can sharpen your offer](https://better.com/content/how-to-make-an-offer-on-a-home/) for a higher chance of a winning bid. 

## What you should know before buying a home

Shopping for a home is exciting, and comes with a lot of decisions to navigate. Set yourself up for a smooth home search by reading up on the key first steps, like formalizing your budget, getting pre-approved, and understanding which homes best fit your financial picture. To help guide your path from renter to owner, we’ve put together a checklist of [everything a first-time homebuyer should know](https://better.com/content/first-time-homebuyer-tips/). 

## Considering a home loan?

Get your custom rates in minutes at [Better.com](https://better.com). Our team is here to walk you through your options and help you make an informed decision about which loan is right for you.

<br>

 <div style="text-align: center">  
 <a class="bet-Button bet-Button--xl bet-Button--primary" href="https://better.com/start">See your rates</a>  
 </div>
<br><br>

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Mortgage News: More homeowners are planning to sell within the year, but the market is moving faster than ever. Can buying online help you get ahead of the competition?

More Homes Are Hitting The Market In June

Blog post image for More homes are hitting the market in June

More homes are hitting the market in June

![mortgage news 9/22](https://cdn.builder.io/api/v1/image/assets%2Fea37b90b89334a2ab1714e2159c75418%2F2b3bb0bf4bd24c0b800cbffa33ba0b22)

<br>

Here’s a look at the latest developments in the mortgage market for the week beginning 9/21/20. 

<ul>
<li><strong>Federal Reserve will keep interest rates near zero until 2023</strong></li>
<li><strong>Surging home demand drives homebuilder confidence to all-time high</strong></li>
<li><strong>Digital mortgage platforms found to reduce discrimination in lending</strong></li>
<li><strong>Remote work could add almost 2 million potential buyers to the market</strong></li>
  <li><strong>What to look for when comparing mortgage rates</strong></li>
  <li><strong>Better.com is Linkedin’s No.1 Startup of 2020</strong></li>
</ul>

<h2>Federal Reserve will keep interest rates near zero until 2023</h2>

Last week members of the Federal Reserve Open Market Committee (FOMC) released a new policy statement indicating their willingness to use the many tools at their disposal to support the nation’s [economic recovery](https://www.cbsnews.com/news/federal-reserve-interest-rate-flat-decision-today-2020-09-16/ "external"). Their focus included maintaining their benchmark rate at 0-.25% for at least three years and continuing to buy U.S. Treasury bonds and Mortgage Backed Securities (MBS) — both of which will support low interest rates and spur lending. While the benchmark rate is headline grabbing, it generally doesn’t affect [mortgage rates](https://better.com/content/why-your-mortgage-rate-isnt-really-affected-by-the-feds-rates/). The buying of MBS, however, has the clear goal of attempting to keep mortgage rates low. 

Though the move indicates a need for ongoing economic support, the Federal Reserve believes that the economy will recover much faster than originally anticipated. The nation’s unemployment rate which is now at 8.4% is now expected to drop to 7.6% by the end of year, before ultimately reaching 4% in 2023. 

According to Federal Reserve Chair Jerome H. Powell, the [path to recovery](https://www.federalreserve.gov/newsevents/testimony/powell20200922a.htm "external") relies heavily on effective COVID-19 containment measures and financial support from all levels of government. In the meantime, the Federal Reserve will continue to use all of its resources to boost the economy for the foreseeable future. 

<h2>Surging home demand drives homebuilder confidence to all-time high</h2>

Despite uncertainty in the nation’s economic recovery, the housing market is rebounding and flourishing. The median home price [increased 13%](http://redfin.com/blog/late-summer-housing-demand-strong/ "external") from 2019 to $319,261, while pending home sales were up 27% compared to the same time last year. These indicators point to a great deal of pent-up demand chasing a small amount of inventory. As a result, the National Association of Home Builders (NAHB) and Wells Fargo Housing Market Index (HMI) [rose by five points to 83](https://nahbnow.com/2020/09/builder-confidence-soars-to-an-all-time-high-lumber-risks-remain/ "external"), beating the previous record of 78 reached last month. The index measures builder confidence in the market for newly built single-family homes and sales expectations for the next six months on scale from zero to 100.

While a delay remains between homebuilding and new inventory, home values may continue to [appreciate](https://better.com/content/high-demand-low-supply-for-suburban-homes/), especially in areas outside major metros where [millennials are moving](https://better.com/content/fhfa-extends-foreclosure-suspension/). 

<h2>Digital mortgage platforms found to reduce discrimination in lending</h2>

The traditional mortgage process has always been fraught with hurdles, and for those who don’t fit the stereotypical homeownership mold—white, married, heterosexual—the obstacles have been proven to be far greater. In 2019 alone, prospective African-American and Hispanic homebuyers were denied mortgages at [16% and 11.6%](https://www.nytimes.com/2020/09/18/business/digital-mortgages.html?referringSource=articleShare "external") respectively, compared to only 7% of white Americans. Within the LGBTQ community, one [study](https://www.pnas.org/content/116/19/9293 "external") found that couples were 73% more likely to be denied a mortgage than heterosexual couples with comparable financial credentials. 

There is a clear need to democratize the mortgage industry, and online mortgage lenders are offering a shift in the right direction. By allowing prospective homebuyers to upload their financial information, get a letter of approval, and search for interest rates without an in-person meeting, these digital platforms can effectively bypass human bias. In fact, algorithms were found to discriminate [40% less](http://faculty.haas.berkeley.edu/morse/research/papers/discrim.pdf?_ga=2.161360829.1884437453.1583517590-1779220203.1578413279 "external") on average than in-person lenders. 

Trends like these are one of the reasons that Better Mortgage remains committed to technological innovation and fair lending practices. We have long believed that such measures are a crucial part of our mission to make homeownership accessible for all.

<h2>Remote work could add almost 2 million potential buyers to the market</h2>

Almost 2 million renters may now be able to [become homeowners](https://www.zillow.com/research/telecommute-2-million-buyers-27866/ "external") as more companies introduce work-from-home policies nationwide according to a Zillow analysis. Renter households that have the ability to work remotely, but can’t afford entry-level homes in their current metro areas, could potentially buy starter homes [in less expensive markets](https://better.com/content/remote-workers-flock-to-zoom-towns/). 

For example, almost a quarter million renters in the San Francisco and San Jose metro areas alone would have the means to own homes in other locales if telecommuting was an option. For prospective buyers interested in making a move, Zillow identified Pittsburgh, El Paso, and Rochester as the three most [affordable places](http://zillow.mediaroom.com/2020-09-08-Remote-Work-Could-Open-Homeownership-to-Nearly-Two-Million-Renter-Households "external") to buy a starter home.

<h2>What to look for when comparing mortgage rates</h2>

Rate tables are one of the most important mortgage comparison tools available to borrowers during their search for home financing. Typically found on a lender or mortgage rate comparison website, a rate table provides key information about a lender’s mortgage products, rates, and estimated monthly payments for a home. Our team of experts put together a guide to demystify rate tables and [what to look for when comparing mortgage rates](https://better.com/content/what-to-look-for-when-comparing-mortgage-rates/).

<h2>Better.com is LinkedIn’s No.1 Startup of 2020</h2>

LinkedIn just released its [annual list of 50 Top Startups](https://www.linkedin.com/pulse/linkedin-top-startups-2020-50-us-companies-rise-jessi-hempel/?published=t "external"), and Better.com took first place. Recipients were judged on employee growth, job seeker interest, member engagement with the company and its employees, and ability to attract top talent.

<h2>Considering a home loan?</h2>

Get your custom rates in minutes at [Better.com](https://better.com/). Our team is here to walk you through your options and help you make an informed decision about which loan is right for you.

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