If you are thinking about building your own home, you might be wondering how construction loans work. There are plenty of options available, but one of the most popular choices is a single-close construction loan.
Interest Rates
Even though interest rates have gone up significantly during the past few months, there are still opportunities for you to find a home at a great price. The high interest rate can be discouraging for some people, but as long as you know how to navigate the market, you can still put yourself in a position to be successful.
Last week's economic reporting included readings on inflation, retail sales, and the Federal Reserve's Federal Open Market Committee meeting. Fed Chair Jerome Powell held his scheduled post-meeting press conference and weekly readings on mortgage rates and jobless claims were also released.
If you want to purchase a house, you will probably have to take out a mortgage. There are only a few people who have enough cash to purchase a house outright, so most will go to the bank for a loan.