Mythbusters: The Truth About Mortgage Rates
If you’re thinking of buying a new home, buying your first home, or refinancing an existing home, NOW is a GREAT time to get a loan.
Surprised? The Fed has raised rates seven times in 2017 and 2018, and many people predicted it would keep climbing.
But in actuality, rates came DOWN in the first part of 2019. And the Fed has signaled a pause in any more raises. As lower rates filter down to loans and credit cards, homebuyers and homeowners are the ones who will benefit.
Here is a mortgage rate update from our banking partners:
* FHA loan: For a less than $750K Home with a 3.5% down payment: Rates are 4.00%
* For a home less than $500K with 20% down: 4.25%
* For home more than $600K with 20% down: 4.125%
* These rates include a 1% buydown, 30 year fixed and is assuming owner occupied SFR or condo
Yes, it’s true – home costs are still high. But they are trending down as it shifts into a buyer’s market. And the effects will likely remain for a while.
Such an easing is huge as buyers heading into the Spring home buying season.
The moral: things always change and this is why you ALWAYS need to be on top of the market and have relationships with realtors and lenders who will keep you in the loop on all the latest news.
So, what does this mean for you? With home inventory increasing, prices coming down, and interest rates staying steady, now is a GREAT time to buy if you’re ready, willing and able.
If you are READING, WILLING, AND ABLE – Call us today: 310.435.4774
We are here for you!