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Mortgage Rates Approach Year Low

Since the peak of the housing market in 2006, homeowners and investors have been subjected to the worst financial crisis since the Great Depression. However, the housing market has been gradually improving. This past week was quite a surprise to many when we saw mortgage rates drop below 4% for the first time in months. This is a great time to take advantage of the low rates that are not expected to last past the end of October.

Mortgage rates reflect global patterns in trading, and the overnight trade practiced in Asian and European markets resulted in the lowering of interest rates to nearly 4.0% last week. In a surprising and thrilling turn of events, rates continued to drop to 3.875%, which makes this drop the lowest rate the market has seen since June 2013. These rates are not expected to last for a long time so people looking to purchase or refinance are in luck.

Many economists and investors believe that rates will continue to rise as the economy continues to recover. Which in turn means that the housing market is continuing to strengthen.

According to many mortgage professionals, this is a perfect time for first time homebuyers and people looking to refinance to take advantage of these low rates before they begin to rise. Contact your local Hancock Mortgage Home Loans Loan Officer to discuss your options.

Past Blog Posts

Proposed Changes To Mortgage Rules
The Fading of Foreclosures
Buyers and Sellers not on Same Page
Money Mistakes To Avoid
Millennials, Baby Boomers Will Help Determine Housing Future
Purchase Origination Higher Than Refi’s
Building Home Equity
How to Save Money Cooling Your House This Summer
6 Tips To Help Save Money at Home
Memorial Day Facts
Landscaping That Adds Value To Your Home
Housing Recovery Due To Help From Economy