Real Estate Wednesday! Mortgage rates are doing what?
It’s been an intergalactic planetary week, and just like the Beastie Boys are known to let the beat… MMM drop, so have interest rates. The average rate on these 30-year mortgages has been declining fairly rapidly. It averaged 3.81% on Monday and 3.94% for last week, ended Jan. 2. For the same week a year prior the average was 4.63%.
Yay! Rates are low. But what does it all mean???
Simply put, you get MORE house for LESS money!!!
3.9% Mortgage for a $175,000 home is an estimated $942.36 (including principle, interest & property taxes)
4.9% Mortgage for a $175,000 homes is an estimated $1042.10 (including principle, interest & property taxes)
Wouldn’t you like to save $100 on your mortgage? That’s why hitting these low rates IS so important!
Let us know if we can help you! There are millions of dollars sitting in $0 & low down payment programs. We also have corporate discounts!
Get started here: http://phoenixmetro365.com/buyer-home-programs/
*The coming months could be the last chance for some homeowners to refinance before the Federal Reserve pushes interest rates considerably higher. Consider refinancing if you are able to shave your mortgage rate by at least one percentage point.
Here are some thoughts of Loan Officers across the nation:
“Mortgage rates make another move lower to best levels in quite some time. Anytime rates set new lows, it isn’t a bad idea to consider locking. Many people want to lock at the bottom, but the problem with that approach is you don’t know where the bottom is until it is past. Without a doubt, if you are within 15 days of closing, I would be locking today.” –Victor Burek, Open Mortgage
“Nothing to consider here, if you are within 30 days locking is by far the most intelligent option.” –Constantine Floropoulos, Quontic Bank
“This movement down is moving pretty quickly, probably a little too quick. When this typically happens, it will often be followed by a few brutal days the other way! Just be prepared and don’t be greedy!” –Jason York – VP of VA Operations, Prime Mortgage Lending, Inc
“Our rally continued today, as both government and mortgage bonds posted large gains. We’re now at levels not seen since mid May 2013. After a run like we’ve had the past 7 days, it’s likely we’ll pull back, at least short term, soon. The main market motivation, however (deflation, EU economic distress and QE) remain intact. I can see going either way here….locking at best pricing in 20 months, or holding out for further gains. In any case, borrowers who missed the refi boat in 2013 have been given a new opportunity!” –Ted Rood, Senior Loan Originator