Home Loans in Madison & South Central Wisconsin: Buying and Financing your Madison, WI Home

Found 22 blog entries about Mortgages.

Rates for a 30 year mortgage were approaching 8 percent just a few months ago, but now they're much closer to 6.5%. What new possibilities do lower rates create for you? Now is a great time to explore your opportunities with a trusted local lender. Contact your Mad City Dream Homes realtor for a referral to a lender who will help you understand your options and make good financial decisions. We'd love to help. 

New mortgage rates for the new year

 Chart and data are provided courtesy of the Freddie Mac Primary Mortgage Market Survey. 

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The holiday season is one of the better times to be buying a home, and now lower mortgage rates are adding to the holiday the cheer. Rates for a 30-year fixed rate mortgage were recently in the range of 8 percent. Now, a 30-year mortgage is available for around 7 percent. 

Check out the chart and data below from the Freddie Mac Primary Mortgage Market Survey, which is updated each Wednesday.  

What questions do you have about buying or selling Dane County real estate? Call us whenever you need a little guidance and advice. We're here to help! 

current mortgage rates 

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Even if you don't plan to sell until next year, this fall offers an excellent window of opportunity to capture exterior and aerial photos. Plan ahead by gathering some beautiful shots this fall, and next year you'll be glad you did.

taking fall listing photos

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You may have heard that mortgage rates recently jumped above 7 percent, which is more than double the rate from less than 2 years ago. 

mortgage interest rates Aug 2023

And if you're like many other people, today's higher rates may have you thinking about putting your home-buying plans on-hold. And understandably so. 

But it's very possible you could be missing out on a real opportunity by deferring your goals. Because now that rates are higher, you have fewer competing buyers to contend with. And the competition and bidding wars will surely increase once rates fall again. 

So, if you're an aspiring buyer, here are two key questions we have for you: 

If you could find a nice home this year and if you could afford it by living within your means...And if you could picture

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Last year was a roller coaster ride, for sure. But in 2023, rates have fallen more than a full percentage point below the 2022 peak. In fact, as of this writing, a 30 year fixed rate mortgage from UW Credit Union is now available for as low as 5.75%

30 year mortgage rates Feb 2023

How much home can you buy in 2023?

Reach out to our realtor team if you're curious about your purchasing power in today's market. We'll connect you with a local lender who will help you make sense of your current financial position -- and pre-approve you for your mortgage, too. A lender who will give you all the time you need on the phone, and if you wish, even meet with you in person. Now there's a novel concept :)

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The Mortgage Bankers Association conducts a weekly survey designed to capture the demand for mortgages across the country. And according to the latest survey released on November 23rd, mortgage applications (for purchase loans, excluding "refis") decreased 41% compared to the same week in 2021. Note from the chart below, mortgage demand slipped considerably in the months of September and October.

Madison WI Mortgage Applications

How does this trend impact the Madison area real estate market? 

Well, up until just a few weeks ago, inventory was continuing to trend along historically low levels. But now that buyer demand has decreased, we are beginning to see inventory slowly grow again. And as inventory grows, days on market are beginning to slowly increase as some sellers become

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Recently a friend called us and asked for a referral to a trusted lender. Her daughter Emma, a first-time home buyer, was already talking to a mortgage lender. But Emma wasn't getting the time and the information that she needed to better understand the mortgage process.

So we referred Emma and her mom to Karen Wedvick from Wintrust Mortgage. And as it turned out, Karen's approach was exactly what Emma and her mom were looking for. Karen gave Emma a great introduction to the mortgage process and helped Emma map out all of her next steps. 

Emma's story is a common one. With so many lenders to choose from in the Madison area, sometimes it can take a little time to find the right fit. 

At Mad City Dream Homes, we're always available to refer you to

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According to Freddie Mac, interest rates for a 30-year fixed-rate mortgage have more than doubled since the beginning of 2022, and as of this post they are now above 7 percent.

30 year interest rates Oct 2022

Where will mortgage rates go from here?

We certainly can't predict the future, but it's conceivable that rates for a 30-year fixed rate mortgage could approach 8 percent by the end of the year. So, for anyone that absolutely needs to sell right now, these last few weeks of 2022 are especially important, because buyer demand continues to decrease as mortgage rates increase.

We'll have much more to share about the market in the coming weeks and months. In the meantime, please reach out to us anytime you're in need of a real estate conversation. We would love to be a

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As mortgage rates have risen in recent months, many buyers are now turning to the Adjustable Rate Mortgage (or ARM) in order to lock in a low interest rate over a five, seven or ten year period. As many as 40% to 50% of all buyers are now choosing an ARM over a fixed-rate mortgage, based on our recent conversations with local lenders.

adjustable rate mortgage

Why would you choose an adjustable rate mortgage?

An ARM allows you to lock in a lower monthly payment during the initial period of your loan. For example, with a 7-year ARM, during the first 7 years of your loan you would lower your interest rate by a full percentage point compared to the traditional 30-year fixed rate mortgage. After the initial 7 years is up, your rate would adjust subject to market conditions

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While every real estate situation is unique, our team has noticed that sellers often view offers from buyers more favorably if they’re working with a local lender -- especially someone who takes the time to vouch for them. Even if your offer isn’t the highest or it includes financing or has other contingencies, having a local lender as part of the transaction can help distinguish your offer in a competitive market. Online or out-of-state lenders can cause listing agents to worry about appraisers, communication, and accountability. Sellers want a smooth closing, and a local, knowledgeable, and service-minded mortgage lender can help pave that path early on. 

For example, the determining factor in Mad City Dream Homes REALTOR Jake Johnson’s clients

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