Current Mortgage Rates and How They Impact You

After dropping for seven of the last nine weeks, mortgage rates have hit their lowest point since November of 2016. International uncertainties are proving to be a benefit for consumers at home. But the real question is, how do you take advantage of this?

If you are looking to relocate, this presents itself as an ideal time to list your home, lower rates give buyers greater purchasing power, which expands the number of people qualified to purchase your home than at any other time in the last two and a half years. This can translate to a quicker sale and a smoother escrow. 

That greater buying power is also beneficial to you if you are in the market for a home, as it increases the number of prospective properties you can afford. It also translates to the lowest possible payment after you close the deal. For those of you staying put, this is an ideal time to refinance, as it may translate to a reduction in your monthly payment if you purchased recently. If you are looking to take cash out for improvements, this is an opportune moment to look into whether that makes financial sense to do. 

If you have more questions on how interest rates are impacting you, or if you have additional questions about the current real estate market and how it impacts your property, your neighborhood, or even in general, please feel free to contact me at NelsonBussRE@gmail.com or call (805) 368-3419. 

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