Mortgage interest rates dropped again in the last two weeks. For more than a year the Central bank has been buying $40B worth of mortgage backed securities each month, which gives the mortgage market cash flow and liquidity and keeps the cost of long term borrowing low. These extremely low interest rates have been like a beacon of light for the First Time Buyer who is competing to find her dream home. Although the Federal Reserve is saying that they will not increase rates until the Job market is stronger, some economists are predicting an interest rate increase by the end of this year. So if you are looking to buy a home or thinking of refinancing this is the best time in history to lock a 30 or 15 year mortgage.
In today’s video I will be sharing with you top Mortgage trends that are happening in the market and some tips on how you can position yourself to be in the best place to buy your first home or refinance your home at a very low rate.
Top 4 Mortgage trends we are seeing:
- Rates Dropped, again!
- Large Mortgage Amounts
- Strict Qualifications
- Big Banks taking a back seat
I hope this is insightful to you. Please comment or message me because I love to hear from you. Until next time…