What happened this week with rates?
“Following a month-long rise, mortgage rates effectively stayed flat this week,” said Sam Khater, Freddie Mac’s Chief Economist. “Recent rate increases have yet to significantly impact purchase demand, as history demonstrates that potential homebuyers who are on the fence will often enter the market at the start of rate increase cycles.” Khater continued, “We do expect rates to continue to increase but at a more gradual pace. Therefore, a fair number of current homeowners could continue to benefit from refinancing to lower their mortgage payment.”
THE ECONOMY -
Expect out today the ISM National Service Index and the next European Central Bank meeting. Friday finishes things up with the monthly Employment report which focuses on job numbers, the unemployment rate and wage inflation.
WHAT SHOULD YOU DO-
regarding buying or refinancing? Well that will be different for each of you! I recommend you make a quick 10 or 15 appointment for us to discuss.
It is still a great time to be in the market for a mortgage! Rates are still very low and the economy heating up. Don’t let the media or friends scare you. Owning at any rate is better than renting. You’ll want to make sure to take advantage of this great time to buy! And if you have not refinanced you still have time!