Source: Keeping Current Matters
 
When you’re looking into buying a home, lenders really pay attention to your credit score. In fact, your credit score plays a huge role. Think of it as your financial report card that keeps track of your financial history. Lenders use it as a way of helping them decide if you qualify for a mortgage and which loan option is the best fit for you. Mortgage Report explains:
"Good credit scores communicate to lenders that you have a track record for properly managing your debts. For this reason, the higher your score, the better your chances of qualifying for a mortgage."
Unfortunately, many homebuyers don’t really know what they need for a minimum credit score to buy a home.  A report from Fannie Mae says that only 32% of homebuyers have a pretty good understanding of what they need, meaning that nearly two-thirds of potential homebuyers do not.
So how much should your credit score be?  Here’s a general idea from Exp; ...

Source: Keeping Current Matters
 
Buying a home has been a struggle for a lot of people over the last couple of years. Although affordability is still an issue, there are signs that things are starting to improve and could keep getting better as the year progresses. Lawrence Yun, Chief Economist at the National Association of Realtors (NAR), sums it up:
“Housing affordability is improving ever so modestly, but it is moving in the right direction.”
Let’s dive into the latest data on the three main factors that impact home affordability: mortgage rates, home prices, and wages.
 
1.    Mortgage Rates
Mortgage rates have been a bit up and down this year, fluctuating between the mid-6% to low 7% range. But there’s a silver lining—In the graph below Freddie Mac data shows that since may, rates have been on a downward trend overall:
 
Recently, mortgage rates have improved thanks to favorable economic, employment, and inf; ...

Source: Keeping Current Matters
 
There’s a noteworthy trend happening in the housing market: more and more people are moving to affordable areas, thanks to the flexibility of remote and hybrid work.
 
Why Consider Moving to a More Affordable Area?
With today's higher mortgage rates and rising home prices, many potential homebuyers find it challenging to afford a home. As a result, many of them are moving to areas with more affordable homes and lower costs of living. Orphe Divounguy, Senior Economist at Zillow, says:
 
"Housing affordability has always mattered... and you’re seeing it across the country. Housing affordability is reshaping migration trends."
 
If you're planning to buy a home soon, expanding your search to include more affordable areas could be beneficial. Many homebuyers are doing just that to find homes within their budget. According to Extra Space Storage:
 
"55% of American adults are looking to relocate to a differe; ...

Source: Keeping Current Matters
 
If you own a home, your net worth has probably seen a significant increase over the past 12 months. With home prices climbing, you're building equity more rapidly than you might have realized. Take a closer look:
Equity represents the current market value of your home minus the remaining balance on your mortgage. Over the past year, the demand for homes has been higher than the number of homes for sale which has driven prices up. This rise in home values has directly resulted in increased equity for homeowners.
 
How Much Equity Have You Gained Over the Past Year?
The latest Homeowner Equity Insights from CoreLogic shows that the average homeowner's equity has risen by $28,000 in just the past year.
This figure represents the national average, but if you're curious about what’s going on in your state, check out the map below. It uses CoreLogic data to show how much equity has grown in each state over the past 12 months. You'll . ...

Source:  Keeping Current Matters

Should you buy a home now or is it better to wait?  It’s a common dilemma for many people today.  The right answer depends on your personal situation, but here’s something to think about. If you can afford to buy at today’s interest rates and home prices, it might be better to put your focus on time in the market instead of trying to time the market.  

Why Timing the Market Is Risky
Timing the market may not be the best way to go because things can change unexpectedly. For a good part of this year, forecasts predicted that mortgage rates would drop, but that might take longer than you think. Even though experts still believe that will happen, changes in the market have delayed the timeline – so it may be a while. This has made an impact on homebuyers who’ve been waiting on the sidelines. Here’s what U.S News has to say:

“Those who put off buying a home during the past few ...