If you were a home shopper, or wanted to refinance your home this fall, you were probably in for sticker shock. Not at higher home prices, but higher home-mortgage rates. Mortgage rates through December rose to the upper 4’s and lower 5’s. Combine that with escalating home prices, and some people all of a sudden got priced out of the market.
The good news in 2019 is we may have stabilizing mortgage rates. The Fed announced last month they may be easing the rate hikes they had planned for 2019. In 2018, the Fed had 4 increases to the benchmark lending rate. On January 17, 2019, the Fed said they are going to be more careful of rate hikes in 2019 as to not to interfere with the economic growth the country has been experiencing.
All of this means that consumers, at the moment, have a brief interest rate respite as rates are lower than they’ve been in months. In addition, home equity has never been higher in recent years. These two positive events mean that if you were thinking of buying a home, but was put off in the fall, now is the time to get that preapproval updated and start looking again.
If you were thinking about refinancing, now may be that time to do it. Taxes are going to be due soon, so that paperwork a mortgage person will be asking for should be handy. Christmas bills are rolling in, and we can help consolidate that debt to make your budget friendlier. You can also tap some equity to do some home projects you were thinking about doing. The great thing with lower rates, it may not cost you anything to refinance and even lower your bills.
There is no reason to wait to for higher rates and home prices.
This is the time to get the lowest rates in months. Contact me today for a free consultation to see how you easy it is for you to buy or refinance a home.
Brandon Pratt- CrossCountry Mortgage Gloucester, MA- 180 Main Street, Suite A
firstname.lastname@example.org and or for an easy online application,
Click on www.northshorehomeloans.com and Apply Now.