We have finally got some warm weather to compliment the hot real estate market that has been occurring this spring. The question earlier this year was, what are rates going to do and how was that going to influence the housing market???
You will notice from the above graphic, that in May 2018 rates were close to 4.5% and moving up to almost 5% at year-end 2018. January 2019 the rates dropped, and then in March, they really dropped and where they stay today…the low 4’s. The reason this is happening is because, as I wrote in March, the Fed decided to keep rates unchanged for the most part in 2019. The markets reacted favorably to this news, and rates began to settle down. Because there is no talk of future rate hikes, and with uncertainty in the trade and tariff markets, mortgage rates have benefited. And you can too!
Were you trying to buy a house last year but the rates were too high? Did you try to refinance but the cost was too much? With these lower mortgage rates, buying power, refinancing power and equity growth can now be easier to achieve.
Buying and refinancing with lower interest rates allow you to have lower payments, increased equity potential and better overall financial health. Also with higher home prices, existing homes now have more equity. That means lowering or removing PMI, taking cash out for home renovations, debt consolidation or college tuition.
With lower mortgage rates, there is so much you can do. To learn more about what you can do to take advantage of these lower rates, contact me today for a no commitment, hassle-free financial review. You have nothing to lose but money!
Brandon Pratt- NMLS 46922
CrossCountry Mortgage- 180 Main Street, Gloucester, MA
firstname.lastname@example.org * 617.688.6891