🏘️ Are you ready to buy a house?

Saturday,
February 24, 2024

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The week in review

• Wholesale inflation for January rose 0.3% from the month prior, the largest increase since August. Excluding the more volatile prices of food and energy, core inflation rose 0.5%, more than expected. The data added to concerns over stickier inflation, which could delay the Federal Reserve’s decision to lower interest rates, and helped send the U.S. 10-year yield back above 4.3%.

• The 30-year mortgage increased nearly 20 basis points from the previous week to 7.06%, its first time above 7% since early December. Mortgage and refinancing applications both fell about 11%.

• The number of Americans filing for unemployment fell more than expected, hitting its lowest level in five weeks. Continuing claims also fell more than expected.

For more economic news, visit On the Money — SoFi’s one-stop-shop for news, trends, and tips!

Are you ready to buy a house?

It can be tough being a homebuyer these days — especially if it’s your first time.

Buying a home will likely be the biggest purchase you’re ever going to make, so budget is everything. First, determine how much you can afford. That includes accounting for expenses like a down payment, potential closing costs, monthly mortgage payments, insurance and property taxes. Also consider other costs like moving, higher utility costs or furnishing the house.

First-time buyer checklist

Your credit score is ready: Lenders use your credit score to determine your creditworthiness. A higher score may allow you to qualify you for a better interest rate.

You’re ready to put down roots: There are a lot of upfront costs to buying a home, so generally it only makes sense if you plan to stay put for a little while.

Your debt is under control: For most, buying a home means taking on debt. The 28/36 guideline suggests that no more than 28% of your pre-tax monthly income goes to housing costs and no more than 36% on all your debt combined.

This week’s top stories

Which American cities have the most pent-up demand for homebuyers?
The housing market has been challenging for prospective buyers, but hopes are high that things will get a bit better this year. Here are the cities that have the most pent-up demand.
Read more >>

Is the Ozempic craze driving Greek yogurt sales?
In the mood for a snack? We sure are. Sales in the low-sugar yogurt segment surged nearly 18% last year, coinciding with the surging popularity of weight-loss drugs. Are these phenomena related?
Read more >>

Meet the research project that could save America’s housing market
The National Zoning Atlas wants to compile all of America’s zoning rules into one database. Why does this matter? Zoning rules are at the heart of the nation’s housing affordability problem, and getting more transparency might help provide a solution.
Read more >>

Deep dives from SoFi Learn

The costs of homeownership
It’s not just down payments and mortgage costs you should think about if you want to buy a place. Here’s what else to keep in mind.
Read more >>

In the market for a house? Here’s what to ask your realtor
Working with a professional real estate agent can make buying or selling a home easier. Ask these 15 questions when interviewing a realtor.
Read more >>

Get ready for your first home with these tips
Are you planning to put down roots this year? Here are 12 tips for first-time homebuyers.
Read more >>

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