After rising during 2018 mortgages finally eased down about .10% in November. The benchmark 30-year fixed mortgage slid from 5.01 to 4.9 percent two weeks ago. These rates are influenced by volatility in the financial markets – things like the US-China trade deliberations and the agitation related the Fed’s future actions. However, the Federal Reserve meets again in December, and rates could rise.
Mortgage applications rose 2% over the last several weeks as well as buyers looked to take advantage of the new lower rates.
At the time this article was written the rates had moved down to 4.75% for a 30 year fixed rate mortgage. Forecasted mortgage rates for 2019 are tentative and show a possible dip down to 4.51% in February before rising throughout the year.
This is a good time to meet with one of our real estate professional and find your new home. Take advantage of the lowered rates. Also, this illustrates why it’s such a good idea to work with a real estate professional – someone who can guide you in quickly and effectively finding the right home to maximize your money.