Mortgage rates were projected to rise in 2019, but they continue to defy all of the projections put forward by industry experts at the end of last year. In fact, as of this writing, rates are at their lowest levels in a long time. Thirty-year fixed rate loans are currently running around 3.75%, and 15-year fixed rate loans are trending around 3.25%.
This chart from Freddie Mac shows how mortgage rates have fluctuated over the last year. As the graph shows, rates have improved by more than a full percentage point since last November.
How do lower mortgage rates impact you?
For starters, if you've purchased a home or condo in the last couple of years, now is a good time to check with your lender and see if it makes sense to refinance. Ask your lender if a lower monthly mortgage payment will justify the cost of a new mortgage. If so, then it's time to pull the trigger on a lower interest loan.
Also, it's a good time to revisit your real estate goals if you've been thinking of buying in 2019. Reach out to your favorite Mad City Dream Homes agent and ask for a complimentary consultation. We'll help you get better acquainted with the market in your preferred location and price range, and put a home-buying plan in place for you.
Last, keep your options open if you've been planning to sell this year but haven't gotten around to it yet. Lower rates are helping sellers this year, too. Contact us, and we'll put together a market analysis and a marketing plan for your home.
Who should you choose to be your lender in 2019?
We always encourage our clients to go with a local, service-oriented mortgage lender. We've seen too many loans go bad when buyers choose a big box or internet lender. Fortunately there are many excellent lenders to choose from in the Madison area. Here are just a few of them: