Demystifying Mortgage Rates
The 30-year fixed mortgage, as tracked by Freddie Mac, hit its lowest point ever in 2012. Since then, it has risen fairly steadily. Recently, we’ve seen rates move up to around 4.5%. While still low, by historical standards, rates are definitely trending upwards. When purchasing a home, mortgage rates are a key factor in […]
How will the new tax laws affect you?
1. Mortgage interest deduction (applies to first and second homes) The mortgage interest tax deduction is touted as a way to make homeownership more affordable. It cuts the federal income tax that qualifying homeowners pay by reducing their taxable income by the amount of mortgage interest they pay. Beginning in 2018, the deduction is scaled […]