Today I’m speaking with an expert to inform you of what to expect from interest rates in 2017.
It’s finally 2017, and one thing a lot of people are keeping an eye on is interest rates and how they will affect our real estate market. With that in mind, today I’m speaking with Jeff Ratanapool from Century Mortgage to get his perspective on this topic.
Jeff has an excellent record of predicting all things real estate. Over the past year, he’s made a dozen major predictions and only misfired on one of them. Regarding interest rates, he predicted they would drop for a little while and then come back up again and end around 4.25%, which is almost exactly what happened.
For 2017, from the standpoint of interest rates, Jeff notes that there is a lot of uncertainty because of the new presidential administration. There is also a lot of hope, though, because there should be some regulatory relief across all channels of business. This could mean that lending restrictions will loosen and allow for more people to get financed.
Jeff is excited about the number of people who could buy homes. The uncertainty in the financial markets will likely cause rates to inch upward, but not by a large margin. According to him, **we should stay in the 4% to 4.5% range, and may even dip below 4%, depending on what else happens globally. **
Overall, Jeff foresees a great year of volume and financing, and possibly the start of many great years to come.
If you’re thinking about buying or selling a home, now is the perfect time to give us a call. We’d be happy to help!