Great news for the New Year! Mortgage Rates Hold 2-Month Lows
The rebounding real estate market was showing increases in average sales price as well as mortgage interest rate increases (which are both signs of a healthy market).
GOOD NEWS – Interest rates dipped during the winter of 2015 and have remained consistently low across the board into 2016.
According to Mortgage News Daily mortgage rates are holding their ground. In an article dated January 13, 2016 they stated that not only are they keeping their ground but they are “keeping them near the lowest levels in more than 2 months.”
Mortgage applications are also up almost 20% (for the same week period in 2015) which is yet another indicator of a healthy market. What this means to you: Its as simple as the supply and demand theory. There are more buyers looking to buy presently in the market. If you’re a buyer you’ll want to make sure you’re putting your best foot forward when you’re ready to make an offer. If you’re a seller this means more qualified buyers will be looking at your home now than if you had listed it at this time in 2015.
Get ahold of a HomeSmart agent today, our expert Brokers can recommend you to a lender that will fit your personal needs and get you on your way to a pre-qualification. Pre-qualification letters from lenders when accompanied with an offer on your dream home make you a much more desirable prospect to any seller.