All you need to know about the latest mortgage rate and housing trends
The stock markets are trending toward a little more safety and conservatism since the last Fed Meeting where the Members expressed some concern over the prospect of slowing growth in the economy. Yet, the economy is still cranking out new jobs and demand for housing remains encouraging.
The Silver Lining though is that when the market swings toward safety, it’s great for you and me because mortgage rates go down, which is precisely what we’ve been seeing recently. In fact, according to the latest data from Freddie Mac, average mortgage rates in their survey have seen their “biggest One-Week Drop in a decade!”
What’s this mean for you? Well, if you are a homeowner with a mortgage that you got in the last 2 years, this is PRIME time for you to refinance, lower your mortgage payment, get rid of PMI, or even pay off other higher interest debt. And remember your financial goals for the year? Let’s see if we can help you get there quicker.
And speaking of goals…if your goal is to buy a home this year, let’s get you prequalified or even lock in a rate as soon as possible. We never know when rates are going to reverse based on the latest news headlines. So, I like to recommend clients take advantage of rates while we have them so low, because we don’t know what’s around the next corner.
From where I sit, this Spring and Summer home buying season is going to be B-U-S-Y here in SoCal, so if there’s anything we can do to help you get ahead of the rush, I’d love to. As a buyer, the favor is swinging toward you. According to the LA Times, “The six-county region’s median price — the point where half the homes sold for more and half for less — increased just 1.2% to $512,500 last month, real estate firm CoreLogic said. Sales plunged nearly 12%.”
With lower rates and moderating home prices, you – as a buyer – are in a better place with more affordability and likely more inventory than this time last year. Yay for you! Let’s get to work on helping you get into a home this year.