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Schmidt Mortgage Company Blog

Home sales strengthen, rates rise

Stocks Drop, Rates Rise, Home Sales Strengthen Overview: The stock market dropped sharply over the past week. Normally, this would result in investors shifting assets to bonds, and the added demand would push yields lower. However, that was not the case this week, and mortgage rates ended at the highest levels in four years. Several big-picture factors negatively affected mortgage rates over the past week. Investor expectations for future inflation increased. Investors also raised their outlook for the pace of tightening by the Federal Reserve, meaning that they now view four rate hikes this year as more likely. The supply of

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In some metros, home prices have hit new highs

  Across the United States, there are several metros where home prices have never been this high. Roughly half of 105 metro areas studied by ATTOM Data Solutions, a real estate data provider, were above their prerecession home price peaks in the first quarter of this year. “Rising interest rates and recently enacted tax reform that removed some tax incentives for homeownership were not enough to cool off red-hot home price appreciation in many parts of the country, with 30 of the 105 local markets analyzed posting double-digit gains in median home prices in the first quarter,” said Daren Blomquist,

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Tips for Saving Up for a Down Payment on a Home

100 dollar bill

Saving up for a down payment on a home can be a challenge, especially in today’s economic climate where wages aren’t increasing at the same rate as rental prices. However, there are a few saving strategies that can help. In today’s post, we’ll look at a few of those strategies and offer practical tips on how to grow your savings enough to make sizable down payment. How much do I need for a down payment? For most buyers in today’s market, financing the purchase of a home through a mortgage is the only feasible way to obtain homeownership. According to

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Akron

1953 Englewood Ave.
Akron, OH 44312
Phone: (330) 798-4677
Branch Information

Rocky River

20545 Center Ridge Road
Suite 250
Rocky River, OH 44116
Phone: (440) 356-3242
Branch Information

Willoughby

35104 Euclid Ave.
Suite 202
Willoughby, OH 44094
Phone: (440) 953-0447
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