So, what do you think? Is there ever too much of a good thing? I suppose there could be if you’re talking about margaritas and queso…but maybe not in the case of helpful housing and mortgage market news. Right?!
That’s why, starting today, I’m creating for you a short, weekly market update (you asked for it!). So, if you don’t like missing out on what’s happening I’m offering you a short, sweet update each week that’s easy and fun to read (and will make you sound super-smart at the water cooler). PLUS, I’ll do my best to add something just to make you smile. Okay, now that’s over…let’s get to the good stuff!
Overall, mortgage rates have improved significantly since mid-July and I’ve even begun refinancing families mortgages that bought as little as 6 months ago! If you’re curious what a refinance would do to your mortgage payment, give me a call at 818.307.6072. I’d be happy to talk it over.
And, of course, low rates are great for purchasing investment properties too. Lower rate/payment = greater cash flow!
As for what’s happening right now, in it’s latest survey of average mortgage rates, Freddie Mac reported that mortgage rates dropped significantly last week, by .15 percent for both the average 30-year and 15-year. You can read the full report HERE.
So, that was last week, and this week has been a wild ride of volatility in markets, rates, everything. Rates are still at great levels but have bounced off lows. So, what gives? Well, first there’s not much important economic data being released so markets are reacting heavily to global, geo-political issues like the trade troubles with China and signs of an impending global recession popping up around the world.
Long-term we expect that rates will trend lower, however, it will not likely be a steady ride but have plenty of ups and downs. So stay tuned, we’ll keep you in the loop!