Mortgage Rates - What does it mean?

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Real Estate

What’s next?

Experts largely predict mortgage rates to remain steady for the remainder of the year. Fannie Mae predicts 2019 to finish out at 3.7%, while Freddie Mac and the Mortgage Bankers Association expect a 3.9% rate. If the former rings true, affordability could be at its highest point in nearly 20 years, according to Mark Fleming, chief economist at First American.

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What does it mean for us?

The seemingly-small decline in interest rates can have a big impact on home affordability since it means a lower monthly payment. 

Recent rate drop indicated that homebuyers could effectively buy $45000 “more house” with same monthly payments as compared to last fall. Buying power to buy an average priced home will increase by the equivalent of 15%.

Black Knight Data & Analytics.

Affordability

Data from realtor.com show nearly three-quarters of the 100 largest U.S. metros -- including some of the most expensive -- are more affordable than at this time last year, even though home prices have continued to rise.

How to compare Mortgage rates?

There are many online options for comparing mortgages from different banks. You can compare mortgage rates on websites such as Compare Mortgage Rates, Bankrate, and Mortgage Rates Current.

For any buying, selling news about your local Real Estate market, Check my website: www.GreatTriValleyHomes.com.