According to CNBC.com; we opened 2019 with a sharp drop in KC mortgage rates to the lowest level since April 2018 – sparking a mini-boom in mortgage refinancing. Mostly due to a stagnant holiday season which, if you ask anyone in the mortgage business, is pretty normal.
What does this mean?
Mortgage rates can be difficult to pin down with precision, but most experts agree on one thing: rates will likely hover around 5 percent throughout 2019. The Mortgage Bankers Association forecasts the average 30-year fixed mortgage will hold at 5.1 percent for most of the year.
Considering the Long Term National Average to be 8.08% – if the predictions are right, we are still in great shape. Most current shoppers in the market today don’t realize how far we have come since the ’80s. I’m not talking about big hairstyles, shoulder pads, and talking cars, mortgage rates were actually in the double digits for over a decade.
What it means for you
As always, you want to get the most competitive mortgage rate offer possible. To do this, boost your credit score and prepare to make a down payment. Remember, a 30-year fixed mortgage can be refinanced anytime after the first 6 months. Therefore, if rates drop again in the future you could be in a great position to refinance a loan on a home that has actually appreciated in value. So don’t pass up your dream home because you are waiting on a particular rate.
Finding the perfect loan for the perfect home is no overnight task. It takes time and research. Contact us today to make the process as easy and convenient as possible.
Everybody’s situation is different and A1 Mortgage can help you navigate your best option.