Mortgage Rates Down 1% in 2019. Fed Is Signalling Even Lower Rates Ahead
No one, not a single pundit, predicted in
2018 that we would have falling interest rates this year. But truth is often
stranger than fiction. Today we have rates that are, on average, one point
lower than they were just seven months ago at 3.85 vs 5.05. To make matters
even more interesting, the market currently believes that the Federal Reserve
is going to cut rates once or twice before the end of 2019 or early 2020. We
could be on our way to 3.5%, 30-year fixed rates.
How might this effect you and your plans:
1.
If you are planning to buy a home, this may be a
really good time. We have just found out how inexact the science can be when it
comes to predicting future rates. Many are now predicting that rates will stay
low for quite some time, but it doesn’t take much to turn that corner again.
2.
If you are planning to sell your home or other
residential property, the buyers have more buying power, by a lot. You are much
more likely to have more traffic, and your traffic will qualify for more home
than they would have six months ago. This means you are likely to get more for
your home.
3.
If you bought a home between January of 2018 and
March of 2019, you may be able to refinance that purchase and save. Generally,
if you can shave even ½%, you can benefit from refinancing your loan.
4.
If you have current debt from credit cards,
cars, student loans, Hero loans, or other debt with an interest rate above 7%,
it may be to your benefit to consolidate your debt in a refinance of your
entire loan, rather than using a HELOC. This will be especially true if your
current mortgage interest rate is above 4.25 and you have outstanding debts of
$25,000 or more.
5.
If you are over 62, you may want to consider a
reverse mortgage on your current residence and eliminate future mortgage
payments. You might also consider a reverse mortgage for the purchase of a
smaller retirement home, also with no future mortgage payments.
If you are planning to buy a home, now is the time to pick up the phone and get a fully underwritten loan approval before you even start shopping. Bill Rayman can help you with that. Just call (424) 354-5325
If you are planning to refinance your home so that you can get a lower interest rate, add on or remodel, consolidate other debt, or start a business, Bill Rayman can help you get that process started and have the money to you fast! Call Bill at (424) 354-5325
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