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Don’t let your emotions drive your car-buying decisions

I was in the 6th grade when I first laid eyes on her. She was a 1989 BMW 635i Coupe that did donuts in the school’s parking lot after class thanks to an obnoxious, rich 11th-grader who got the car as a birthday present. I was immediately smitten and promised myself one day I’d be able to buy such a car too.

The new 6 series BMW came out in 2005 and all the memories came rushing back. What cost only $35,000 then now cost $75,000 thanks to inflation and an infinite amount of new features. I don’t know about you, but $75,000 is a big chunk of change and is way beyond my 1/10th rule for car-buying I say everyone must follow.

I figured instead of spending $75,000, why not go back in time and actually buy that 1989 635i Coupe! My brilliant idea led me to Craigslist where I found my true dream car listed in “fantastic condition with only 160,000 miles”! That’s only 8,000 miles a year I rationalized, and off I went to see the seller 45 minutes away.

Have homebuyers adapted to higher interest rates? – Marketplace

Have homebuyers adapted to higher interest rates?  Marketplace

Camden National Bank Mortgage Rates Review: Today’s Best Analysis

Are you looking for a home loan in Maine? Camden National Bank mortgage rates will be among your first options, as the bank is the largest such institution with headquarters in The Pine Tree State. A self-styled community bank with 60 locations spread across Maine, it is also publicly traded on the Nasdaq. The company […]

The post Camden National Bank Mortgage Rates Review: Today’s Best Analysis appeared first on Good Financial Cents®.

What Property Buyers Should Know About Land Loans

The idea of building a dream home on a new plot of land inspires many future homeowners. There’s something exciting about the prospect of finding the right spot to build on and customizing everything in your new home. But while it’s not uncommon for potential home buyers to opt into building a home, the land […]

The post What Property Buyers Should Know About Land Loans appeared first on The Simple Dollar.

APR vs Interest Rate On A Loan: Explore The Differences

What you pay to borrow money goes beyond your interest rate. By knowing what APR on a mortgage means, you can get a better understanding of the total cost of your mortgage.

The post APR vs Interest Rate On A Loan: Explore The Differences first appeared on Total Mortgage.

Mortgage Rates Surging Back Toward 7%

On November 9th, 2022, the average lender was quoting 30yr fixed rates well over 7%.  On day later, that figure dropped to 6.625%.  It was one of the best individual days for rates on record and it was driven by an economic report that showed an unexpectedly large drop in inflation. Inflation and several other key sectors of the economy had pushed the Federal Reserve to hike rates at the fastest pace in decades.  When it looked like the data might provide some relief, rates quickly moderated. Strangely (or so it seemed at the time), the Fed was highly reluctant to read too much into several months of generally more palatable data.  They said it was too soon to draw any conclusions other than “it’s a start.”  With that, markets hesitated to push longer term rates any lower until the data made an even stronger case of that. Unfortunately, the data since then has made a case for rates to turn around and head right back up toward previous highs.  February has been particularly brutal in that regard and today was just the latest example.  In fact, today’s reports aren’t typically regarded as top tier motivations for rate movement, but the market is so defensive to begin with that it doesn’t take much of a bump to create a snowball of momentum. The average 30yr fixed quote for a top tier scenario was around 6.75% on Friday and was up to 6.87% by Tuesday afternoon.  More than a few lenders are already back to 7%.