As we head further into 2019, do you know where mortgage rates are headed? Michael Wieczorek does, and he stopped by recently to give us an update.
Today I am very excited to be joined by Michael Wieczorek of Stone Haven Mortgage to talk about our current mortgage rates, why they’ve dipped a bit, and where we can expect them to go in the future.
Rates were steadily rising in 2018 until they dropped on December 15. Before then, you could get a 30-year mortgage for a 4.63% interest rate. Since then, we’ve seen another steady decline of rates. The Federal Reserve decided to hold off on raising rates, which has caused the market to even out.
This has resulted in a higher purchasing power for buyers out there. A lot of them are using first-time homebuyer programs that allow you to buy a home with just 3.5% down, and will even grant you a break with mortgage insurance. Michael and his team are able to close loans within a few weeks, which will make you a stronger buyer this spring.
With rates low for the time being, it’s great news for anyone who is looking to buy a home. As for anyone who is looking to sell, this affordability increase will bring more and more buyers to the market this spring and summer.
If you have any questions about the mortgage process, interest rates, or anything else related to real estate, don’t hesitate to give me a call or send me an email. I look forward to hearing from you soon.