Townstone Financial

Mortgage Rate Watch: With markets closed yesterday for Junteenth, we’re ending the week with slightly higher mortgage rates vs. Monday/Tuesday. According to First American Data & Analytics’ latest Home Price Index (HPI) report, home price appreciation appears to be “normalizing” nationwide with a few interesting tidbits: 1. Home prices are now 54.6% higher than pre-pandemic levels 2. Homes in the Starter Tier appreciated in price at a much higher rate than those in the Mid-Tier and Luxury-Tier. Lack Of Financial Knowledge Leads Borrowers To Overpay Survey data from the Federal Reserve Bank of Philadelphia revealed that a large fraction of borrowers overpay for their mortgage, varying with borrower types and with market interest rates. Researchers call this “financial sophistication” and say it is the key reason for overpayment. Townstone has been helping people secure mortgages with the lowest rates and costs, combined with the best customer service since 2002. You don’t have to be sophisticated to fill out a