Record Lows, Once Again
Mortgage rates hit yet another record low. The stock market is up one day and down another, causing investors to move to bonds, and pushing mortgage rates further down.
30-year fixed mortgage rates are now averaging at 2.72% and 15-year fixed rates are averaging at 2.28%. This means a mortgage payment today at these rates would cost hundreds of dollars less a month compared to the mortgages home buyers got last year.
What does this mean? It could mean a lot of things. Unfortunately, predicting the future, even for experts is still just that.
This could mean that the mortgage rates are either hitting the final bottom before a correction, or it could mean the economy may take a much longer time to recover than we expected. If the economy remains volatile mortgage rates remain low. It could mean that real estate prices will continue to go up and buyers become extra motivated with the lower rates.
It means construction will have to get even more supercharged to try to keep up with a possible increase in demand. A further gap between supply and demand may start happening.
It means if you hesitated the last time the mortgages rates dropped, you probably shouldn’t hesitate again, since homes were already flying off the market in record time. It means that the sellers market could keep getting hotter by the day.
It could mean that the real estate market, the shining light of the US economy during the pandemic, will shine even brighter than it ever has during a holiday season.
The most important thing is that buying a home just became more important because of the thousands you save on interest rates.
Talking to Amin Vali and the professional at Amin Vali Real Estate Investment could provide you with more answers about what this means for you, your next home, your next investment and your steps.
Civil Engineer, MBA, Real Estate Agent
Amin Vali Real Estate Inc.
Persian Realtor,Persian Real Estate,
Cell phone: +1 (949)220-1000
Phone : +1(310)300-0011
Web : www.aminvali.com
E-mail : firstname.lastname@example.org
Realtor in Zutila Inc.