Dr Jan Duffy REALTOR

Mortgage rates have been volatile lately. And if you’re thinking about buying a home, that can make it harder to plan. But there are still things you can do to get the best rate possible in today’s market. It starts with having the right information.

So, what’s causing the bumps in rates? And what can you do about it? Let’s break it down.

Mortgage Rate Volatility Is Normal

Data from Freddie Mac shows the recent volatility. After trending down for well over a year, there was a rise this month (see graph below): 

While it’s easy to be distracted by the changes, here’s what you need to remember.

It’s normal for rates to bounce around a bit here and there. For example, if you look back at the graph, you’ll see that even within the past year there have been times like this when rates inched up. We’re in one of those moments right now and you need to be aware of that.

Especially when there’s economic uncertainty or big global events happening, volatility like this is expected. As Investopedia explains:

“Mortgage rates don’t move in isolation. When global events inject uncertainty into financial markets . . . that can ripple through to borrowing . . . mortgage costs can respond quickly to geopolitical developments. As long as uncertainty remains elevated, rate swings may continue.”

And that’s one of the reasons why trying to time the market isn’t a wise move.

You can’t control what happens with mortgage rates. But there are still things you can do to help you get the best rate possible in today’s market. And here’s where to focus your effort.

Your Credit Score

Your credit score plays a big role in the rate you qualify for. Even a small improvement can make a noticeable difference in your monthly payment. As Bankrate puts it:

“Your credit score is one of the most important factors lenders consider when you apply for a mortgage. Not just to qualify for the loan itself, but for the conditions: Typically, the higher your score, the lower the interest rates and better terms you’ll qualify for.”

So, make sure you do what you can to keep your credit score up. If you’re not sure what your score is or how you can improve it, talk to a trusted loan officer.

Your Loan Type

There are also different types of home loans – and each one can have unique requirements, benefits, and rates for qualified buyers. The Consumer Financial Protection Bureau (CFPB) explains:

“There are several broad categories of mortgage loans, such as conventional, FHA, USDA, and VA loans. Lenders decide which products to offer, and loan types have different eligibility requirements. Rates can be significantly different depending on what loan type you choose.”

That’s why it’s so important to explore your options with a lender. You may even want to talk to multiple lenders to see how the options vary.

Your Loan Term

The length of your loan matters too. Most lenders typically offer 15, 20, or 30-year loans. Freddie Mac offers this advice:

“When choosing the right home loan for you, it’s important to consider the loan term, which is the length of time it will take you to repay your loan before you fully own your home. Your loan term will affect your interest rate, monthly payment, and the total amount of interest you will pay over the life of the loan.”

Again, to figure out what makes the most sense for your budget and long-term goals, have a lender walk you through all your options.

Bottom Line

Thinking about buying right now? The best advice is to accept that you can’t control where rates are going to go from here.

What you can do is work with a trusted lender and take steps that’ll help you get the best rate possible.

So, if you want to move today, talk to an agent and a lender to make it happen. You just need to control the controllables and focus where it counts.

That kitchen you’ve been mentally redesigning…

The bathroom that really needs a refresh…

Or the outdoor space you keep saying you’ll get to someday…

What if you already have what you need to finally make it happen? Because a growing number of homeowners are realizing just that.

Homeowners are expected to spend over $522 billion on home improvements by the end of 2026 – and they’re not draining their savings accounts to get it done. Many are using their home equity.

And if you’ve owned your home for 10+ years, there’s a chance you could use your equity to fund some home upgrades too. Let’s break down what you need to know first.

What Is Equity? And How Does It Help?

Equity is the difference between what your house is worth and what you owe on your mortgage.

And according to Cotality, the average homeowner has about $313,000 worth of equity today. That’s more than enough to finally knock some projects off your list. And more people are realizing they can use that to give their home a little TLC.

Research coming out of Meridian Link says home improvements are the top thing people are using their equity for today.

Top Motivations for Equity-Based Borrowing:

• Funding home improvements (45%)
• Using it to pay down other debts / debt consolidation (16%)
• Investing in other properties (16%)

Maybe it makes sense for you to do the same. But here’s what’s important. Just because you can use your equity doesn’t mean you have to. It also doesn’t mean every project makes sense.

What Projects Are Actually Worth It?

If you’re going to go this route, you’ll want to focus on upgrades that actually pay off. A good renovation should be something that improves the value of your home. Because, even if you’re not planning to sell soon, you want to make sure you’re setting yourself up for success when you do.

And an agent is the best resource as you weigh your options. They know what other homeowners are doing and what buyers in your area like. And that can be really helpful as you narrow down your project list. As the National Association of Realtors (NAR) puts it:

“Being able to help sellers prioritize home improvements and maximize their net on the sale is a key value real estate agents offer.”

Here’s a quick rundown of the projects with the best potential to recoup your costs according to NAR (see graph below). While it’s a good starting point, just remember it can’t match the expertise an agent can provide.

As you can see, there’s a wide range of projects on that list. Yes, some are bigger-ticket items, like kitchens or baths. But others are smaller updates with surprisingly strong ROI.

A new front door is a great project. But it’s not something to use your equity for. But revamping your kitchen? That’s where your equity can come in and lighten the load.

Where To Go from Here

Whether the project you’ve been thinking about is on this list or not, chat with an agent to make sure it’s worth the time, money, and effort before calling in any contractors.

Because the goal isn’t to do everything, it’s to invest where it counts.

And if you want to use your equity to get one of the bigger projects done, meet with a financial advisor too. Because you’ll want to make sure you’ll maintain a good loan-to-value (LTV) threshold even after using your equity. That way you have all the information you need to make your decision.

Bottom Line

Whether you’re selling next year or just giving your house some TLC, the right home improvements today can set you up for success tomorrow. And the best part? Your equity may be the key to making it happen.

What’s one upgrade you’ve been thinking about – and wondering if it’s worth it?

Have a quick conversation with an agent to find out if it’s the right decision for your home.

For the past few years, affordability has been what’s stopped a lot of buyers in their tracks. Maybe it stopped you, too.

At some point you probably did the math, looked at the monthly payment, and decided to pause your search and wait for things to get better. But here’s something you may have missed while you’ve been sitting on the sidelines.

Over the last year, housing affordability has improved in all 50 states. Yes, you read that right. It’s gotten better in every single state.

That’s based on new research coming out of First American. And while housing is still fairly expensive compared to historical standards, the pressure buyers felt over the last few years is finally starting to ease.

Some Areas Are Seeing Bigger Improvements

The first thing you need to know is that this isn’t just happening in one region or in a small handful of cities. The trend is happening almost everywhere.

Sure, individual states, cities, and even neighborhoods are going to vary – sometimes by a lot. But overall, more buyers are able to buy again. And in 48 of the top 50 metros, affordability has improved over the past year.

That same research breaks down which cities are seeing the biggest gains:

Just in case you’re wondering: why these areas? It’s simple. In many cases, it comes down to the number of homes for sale.

When buyers have more choices, it creates a healthier balance in the market and that can help bring affordability back within reach. With homes up for grabs, it opens the door a bit wider for buyers to negotiate with sellers for credits, price cuts, and more. And it gives you more chances to find a house that works for your needs and budget.

It may make more of a difference than you think.

None of this means affordability challenges have completely disappeared. Buying a home is still a big financial decision. But the trend is moving in a direction many buyers have been waiting for.

As Chen Zhao, Head of Economic Research at Redfin, puts it:

“The housing affordability crisis is showing signs of easing . . . opening the door for more Americans to make the jump to homeownership.”

Bottom Line

If you were holding off on buying, this could be exactly the signal you’ve been waiting so long for. To find out how much affordability’s improved in your area, connect with a local real estate agent.

Buying your first home is exciting, but it can also be a little nerve-wrecking because it’s something you’ve never done before. And trying to think of everything you need to do can feel like a lot. But here’s the key.

You don’t have to figure everything out on your own. And you don’t have to do it all at once. Just tackle it one thing at a time.

Here’s a simple list of 3 main things you should focus on to help you get started.

1. Assemble Your Team: Don’t Do This Alone

Buying a home is a team sport. And having the right professionals by your side can make a world of difference. Here’s who you need to find: 

• A local real estate agent is your guide from the first showing to closing day. They’ll make sure you understand all the details along the way, so you feel confident in your decision.
• A trusted lender will walk you through loan options, monthly payments, and what’s realistic for your situation. That information is something you’re going to want early on.

2. Prep Your Finances: Set the Foundation First

This is what determines what you can afford, how competitive you’ll be, and how confident you’ll feel when it’s time to make an offer. Here’s how to get ready: 

• Check your credit score. Your credit score impacts the loan options you’ll qualify for and even the mortgage rate you’ll get. Knowing this number early gives you time to work on raising your score, if you want to.
• Save for your down payment and closing costs. Most buyers focus on the down payment, but closing costs matter too. Having savings set aside for both helps you avoid last-minute stress and surprises.
• Look into assistance programs. Many first-time buyers qualify for programs that’ll give their homebuying savings a boost. This can make buying possible sooner than you expect.
• Talk to a lender about mortgage options. Fixed-rate, adjustable-rate, FHA, VA, and conventional loans all work differently. Understanding the options helps you choose what fits your goals best.
• Get pre-approved. A pre-approval tells you what a lender would be willing to give you for your home loan. This’ll help you figure out your price range and set you up to move fast when the right home comes along.
• Figure out your budget. Your mortgage is just one part of homeownership. Budgeting for your utilities, home insurance, and everyday expenses and maintenance will help make sure your payment feels comfortable, not stressful.

3. Gather Your Documents: Save Time (and Stress)

When you’re officially ready to kick off the buying process, lenders are going to need to verify your income, assets, and financial history. Having these documents ready-to-go upfront can speed up the process and reduce back-and-forth. Here’s what Bankrate says you need to prep:

• W-2s and tax documents (past 2 years). These show income stability and help lenders verify your earnings over time.
• Recent pay stubs (generally the past 1–2 months). Pay stubs confirm your current income and employment status.
• Bank statements (past 2–3 months). These show your savings, spending patterns, and where your down payment funds are coming from.
• Investment account statements (past 2-3 months). If you’re using investments as part of your financial picture, lenders may ask for these as well.
• Copy of your driver’s license. This verifies your identity and is required for loan processing.
• Residential history (past 2 years). Lenders use this to confirm stability and background information.
• Statements for any outstanding debts (past 2 months). Student loans, auto loans, and credit cards affect your debt-to-income ratio, so lenders will want to know about them.
• Proof of supplemental income. Bonuses, commissions, side work, or child support may count toward your income if documented properly.

Note: the exact time frames and list of documents may vary lender to lender. This is just a general rule of thumb to help you get the ball rolling.

Bottom Line

Buying your first home doesn’t mean you have to have everything figured out. It just requires a plan.

If you start with your finances, organize your documents, and surround yourself with the right people, you’ll be in great shape when the time comes to make a move.

And if you want more information on anything in this list or just need help getting started, reach out to an agent.

You may have seen headlines on social saying the number of buyers backing out of their contracts is on the rise – and has recently reached a high not seen since 2017. That can sound intimidating. But it varies a lot by market.

And here’s the key thing to understand if you want to sell. A lot of the time, there’s one common cause. And it’s something you can actually control.

Here’s what you can do to get ahead of the biggest dealbreaker before it ever becomes a problem.

The Top Dealbreaker: Issues That Pop Up During the Inspection

A Redfin survey shows over 70% of recently cancelled contracts happened because of issues during the home inspection (see graph below): 

And that makes sense. Because today’s buyers have something they didn’t have a couple of years ago: options.

Why Fixing Things Before You List Matters More Today

A few years back, when buyers felt rushed or boxed in due to the limited number of homes for sale, they were more willing to overlook issues.

But in today’s market, skipping essential repairs is one of the fastest ways to lose a deal.

Now that there are more homes to choose from, buyers can be more selective. If a house feels risky, outdated, or like it’s hiding expensive surprises, they’re a lot more likely to walk away. So, what do you have to fix? Just ask an agent.

How Your Agent Can Help Give You the Edge

A local agent will be able to walk through your house and offer advice on what to tackle based on your specific home, your market, and what buyers are prioritizing in your area. They’ll also have first-hand knowledge about some of the biggest turnoffs for buyers today. And you can use that expertise to prevent future headaches.

For example, according to Zillow, these are some of the issues buyers will care the most about:

• Roof leaks or damage: sagging, leaking, etc.
• Plumbing problems: standing water, leaks, water damage, etc.
• Electrical concerns: outdated or exposed wiring, missing GFCI outlets, etc.
• HVAC issues: non-functioning units
• Pest or insect damage: termite colonies, etc.
• Hazardous materials: lead, mold, asbestos, etc.
• Safety/code violations: missing smoke detectors, windows stuck closed, etc.
• Structural problems: cracks in the foundation, sagging floors, etc.

Odds are not all of this even applies to your house. Maybe only 1-2 things do. Or maybe none of them do. It just depends. But an agent will have the tools and resources to help you figure it out and stay one step ahead.

The Benefits of a Pre-Listing Inspection

To buyers, these aren’t cosmetic issues. They’re trust issues. And that’s what you need to watch out for today. Once buyers start wondering “what else might be wrong,” it’s hard to recover momentum.

That’s why some agents are even recommending a pre-listing inspection as a sneak peek into what buyers will see on their own inspection. With that insight, you can:

• Fix concerns before you list, or disclose issues upfront
• Avoid having to respond or negotiate under pressure
• Stop scrambling to find contractors with availability before your closing date

But remember, you don’t have to fix everything. You just have to be strategic about what you do tackle, so you and your buyer aren’t caught off guard.

And that’s why you need an agent who can:

• Decide if a pre-listing inspection is worth it where you live
• Recommend a trusted inspector (if you decide to get one)
• Look at the results with you to identify true dealbreakers in your market
• Help you decide what to fix or what to credit
• Make sure you avoid over-spending or under-preparing

Bottom Line

One of the biggest dealbreakers for buyers today is inspection issues – and that’s something you can control. You just need to be proactive about high-impact repairs before you list.

If you want help figuring out where to focus, connect with an agent.