Mortgage rates have dipped significantly over the course of 2019, but what about the future?
Recently, we had the pleasure of vacationing on the cruise ship Nautica and sailing across the Celtic Sea, and we have some great highlights from the trip we want to show you today.
In between our travels, we also had a chance to talk about an important subject for buyers and sellers: mortgage rates.
Mortgage rates have dropped between 0.5% and 0.625% compared to where they were at the beginning of the year, which adds thousands of dollars to your buying power if you’re thinking of purchasing a home. The higher your FICO score, the better your interest rate.
Also, it might interest you to know that closing timelines for mortgage loans have dropped. One of the biggest things buyers dislike about the loan process is waiting for the loan to close. In years past, it took 60 days or more because of government guidelines. Now, however, loans for our buyers take just 30 to 45 days to process, and our refinances are closing in less than 30 days.
It’s tough to predict where mortgage rates will go in the future because they’re influenced by international economies and political climates. For now, though, you can refer to 2:45 in the video above to see how Fannie Mae, Freddie Mac, the Mortgage Bankers Association, and the National Association of Realtors predict rates will move for the rest of 2019 and into 2020.
If you have any more mortgage questions or you’re thinking of buying or selling a home in our market, don’t hesitate to reach out to us. We’d love to help you. In the meantime, stay tuned for more highlights from our trip.