January 2020 Market Update: low mortgage rates give buyers another chance
Mortgage Rates continue to stay low!
With the strength of the economy, it’s surprising mortgage rates continue to stay low through the end of the year. Interest rates are constantly changing and it’s imperative to look at the economy and housing market context. SnapFi reports the rates on the first week of the month from Freddie Mac. The important thing to keep in mind is that even if the rate climbs slightly month to month we need to look at the big picture. Rates continue to hold steady at the lowest points in the past three years. Now we wonder for how much longer…
According to Freddie Mac as of January 2, 2020:
The combination of improved economic data and market sentiment has led to stability in mortgage rates, which have hovered around 3.7 percent for nearly the last two months. The stability is welcome news after the interest rate turbulence of the last year, which caused a slowdown in the housing market and other interest rate sensitive sectors. The low mortgage rate environment combined with the red-hot labor market is setting the stage for a continued rise in home sales and home prices.
There are many reasons to refi or lock a purchase rate.
- Purchase a home at the lowest interest rate in 3+ years
- Lower your payment and keep more money in your pocket
- Pay off your mortgage earlier
- Consolidate your debt
- Make a remodel your reality
- Pay college tuition
Takes 5 mins, no need to run credit
snapfi, inc. is licensed by the Department of Business Oversight under the California Residential Mortgage Lending Act NMLS #216565. This is not an offer of credit or commitment to lend. Loans are subject to buyer/property qualification. Rates/fees are subject to change without notice. Total Cash Required may include prepaids/impounds, not cash reserves which may be required for some conventional loans. Total Payment may include taxes, insurance & mortgage insurance.
Source: http://www.freddiemac.com/pmms