Mortgage Rates: How Low Will They Go?
Who is your trusted news source? Uncle Joe? Facebook?? Cable News??? If you listened to any of these 'trusted sources' over the last year you were probably told that because the Federal Reserve was raising interest rates, mortgage rates were going to skyrocket.
"The Sky Is Falling! The Housing Market Will Crash!! The Good Deals Are All GONE!!!
Well, if you listened to any of this fear mongering garbage you were sent down the wrong information highway. The Federal Reserve raising rates 'can' effect mortgage rates but it's not guaranteed or certain. But the reason why this is the case is for another blog, another day. The bottom line today is mortgage rates are falling!
Interest rates for a 30-year fixed rate mortgage have been on the decline since November, hitting lows last seen in January 2018. According to Freddie Mac's latest Primary Mortgage Market Survey, rates came in at 4.12% last week!
This is fantastic news for anyone who is planning on buying a home this spring! Freddie Mac had this to say,
"Mortgage interest rates have been steadily declining since the start of 2019. These lower mortgage interest rates combined with a strong labor market should attract prospective homebuyers this spring and could help the housing sector regain its momentum later in the year".
To put the low rates in perspective, the average for 2018 was 4.6%. The chart below shows the recent drop, and also shows where the experts at Freddie Mac believes rates will be by the end of 2019.
"The Sky Is Falling! The Housing Market Will Crash!! The Good Deals Are All GONE!!!
Well, if you listened to any of this fear mongering garbage you were sent down the wrong information highway. The Federal Reserve raising rates 'can' effect mortgage rates but it's not guaranteed or certain. But the reason why this is the case is for another blog, another day. The bottom line today is mortgage rates are falling!
Interest rates for a 30-year fixed rate mortgage have been on the decline since November, hitting lows last seen in January 2018. According to Freddie Mac's latest Primary Mortgage Market Survey, rates came in at 4.12% last week!
This is fantastic news for anyone who is planning on buying a home this spring! Freddie Mac had this to say,
"Mortgage interest rates have been steadily declining since the start of 2019. These lower mortgage interest rates combined with a strong labor market should attract prospective homebuyers this spring and could help the housing sector regain its momentum later in the year".
To put the low rates in perspective, the average for 2018 was 4.6%. The chart below shows the recent drop, and also shows where the experts at Freddie Mac believes rates will be by the end of 2019.
Bottom Line
Home Sellers
Continued low mortgage rates means the best price possible for your home when you sell. When buyers can borrow more, they can afford more. Simple, right? Your home is worth much more in a low-mortgage environment. This the is time to sell and capture your home value appreciation.
Home Buyers
If you are looking to buy a home this year, you must act now! Get your ducks in a row and take advantage of low rates to buy the best home for your needs.
Scott's Advice
Do not wait!!! Rates have been declining but there are many forces that move mortgage rates up or down. Low rates can help you with what your real estate needs are. But you must start with contacting a trusted real estate professional who can help navigate the waters with you.
Hey, I know a guy!
Scott C. Dickinson is a real estate broker who lives in Vancouver, WA but helps others with their real estate needs all over the U. S. He can be reached by email at ScottYourBroker@gmail.comScottYourBroker@gmail.com or call him at 360-518-7197. Check him out online at linktr.ee/yourbrokerscott .
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