*Click for mortgage interest rate information for April 2019
I received a fact-packed email recently from a local mortgage lender. This is someone I’ve worked with enough to know that their information is solid, skewed neither positive or negative but true and unbiased.
Andrew McCrossen, a Loan Officer at V.I.P Mortgage did a little digging into the logic behind the FED’s reluctance to raise interest rates, then broke down the data into a few relevant assertions.
Essentially what the facts indicate is that the current static or falling mortgage rates have little to do with a deliberate effort to balance the Real Estate market, but are to a greater extent, linked to declining oil prices, a vote of no-confidence in the stock market and uncertainty regarding the stability of our economy.
— Is Now the Time for Me to Buy? Check Home Prices Around the Valley —
In a nut shell, what this tells me is that the bottoming-out of interest rates is likely right around the corner and a course correction is close-at-hand and unavoidable. If this is not controlled with finesse the likely result will be economy-damaging inflation. With inflation comes inevitably higher mortgage interest rates as illustrated in this infographic prepared by The Mortgage Reports.
So what’s the take-away here? If you’re on the fence, get off! If you’re wondering whether now is the time to buy a home I would suggest you talk with a lender and get your rate locked ASAP. There is no telling what tomorrow will bring but I don’t anticipate it being lower mortgage interest rates. In fact I wouldn’t be at all surprised if they started inching up in just a minute.
— What do I need to know before getting pre-qualified for a mortgage? —
Barely-Budging Mortgage Rates: Will Home Sales Stir?
By RISMedia Staff
In general, mortgage rates remained unchanged this week, according to the latest Freddie Mac Primary Mortgage Market Survey® (PMMS®).
“Mortgage rates have stabilized during the last month and are essentially at the same level as last spring—yet the most recent home sales are roughly half a million lower over the same period,” says Sam Khater, chief economist at Freddie Mac. “Given that the economy remains on solid footing and weekly mortgage purchase application activity has been strong so far in 2019, we expect the decline in home sales to moderate or even reverse over the next couple of months.”
30-Year Fixed
- Averaging 4.45 percent, with an average 0.4 point
- Unchanged from the prior week, but up from 4.15 percent the prior year
15-Year Fixed
- Averaging 3.88 percent, with an average 0.4 point
- Unchanged from the prior week, but up from 3.62 percent the prior year
5-Year Adjustable
- Averaging 3.9 percent, with an average 0.3 point
- Up from 3.87 percent the prior week, and up from 3.52 percent the prior year
Source: Freddie Mac
Reprinted with permission from RISMedia. ©2019. All rights reserved.
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Bill Salvatore / Arizona Elite Properties
Your Valley Property Team
Residential Sales, Marketing, and Property Management
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