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Mortgage rates have stabilized around 6.5-6.625% as markets await the September Fed meeting where rate cuts are highly anticipated. Financial experts believe the Federal Reserve has waited too long to implement rate cuts and will need to be aggressive with multiple cuts through year-end to catch up.

• Friendly Reminder - Fed rate cuts don't directly dictate mortgage rates but heavily influence the bond market which affects mortgage pricing

Did You Know...
• Late mortgage payments don't automatically disqualify you from future home purchases
• With 12 months of on-time payments after delinquency, many borrowers regain qualification options
• Even one 30-day or 60-day late payment in the last 12 months doesn't prevent mortgage approval
• "Extenuating circumstances" like job loss can justify past late payments when applying for new mortgages
• Manual underwriting can help borrowers who don't receive automated approval
• Resources exist for homeowners experiencing financial hardship whether they want to move or stay put

If you're experiencing financial hardship or have questions about qualifying for a mortgage despite past payment issues, reach out to us. We can help develop a roadmap to homeownership regardless of your current situation.

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Angie Gerber
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