If you haven’t refinanced lately, it is time to consider taking advantage of low rates. According to an article on Mortgage News Daily there were over 8 million properties that are considered to be refinanceable in June 2019.
Fannie Mae’s Home Purchase Sentiment Index (HPSI) hit a record high in July 2019, according to an article on FannieMae.com. They state that the increase results from “Confidence About Not Losing Job” as well as other factors.
An article on HousingWire.com provides detailed information on the 2019 California Wildfires devastation: “According to the California Department of Forestry and Fire Protection, a total of 96,949 acres were burned down over the span of almost two weeks. In that time, three died and over 1,500 structures were burned to the ground.” The article continues with information on how many affected properties are being rebuilt, and how many are not. Read the full article here to learn how fire zones can impact property values:
Debates about the future of our national economy have always involved many different viewpoints and opinions. Economic advisors and experts build their opinions on a variety of factors, and it is interesting to read their diverse projections. One thing they cannot debate is the fact that our nation has had a decade of low interest rates.
If you purchased a home in the 80’s it likely included a double-digit mortgage interest rate. According to an article on ValuePenguin.com “over the past 48 years, interest rates on the 30-year fixed-rate mortgage have ranged from as high as 18.63% in 1981 to as low as 3.31% in 2012.” You can read the complete article including historical graphs here:
A cash-out refinance provides you access to the increased equity value of your home. With low interest rates this can be an attractive option to many homeowners.
Many key factors affect mortgage rates, with global financial market trends leading the indicators. Rates dropped quickly this week according to this article: Mortgage Rates Drop Quickly as Market Panic Sets In, written by Matthew Graham, dated May 23, 2019.
What makes a residential property interesting to you may be quite different than what makes a property interesting to your friends, family, neighbor or co-worker. We aren’t talking about your typical home, we’re talking about uniquely interesting homes. Maybe who owns it or owned it makes it interesting, like the homes of the rich and famous. Maybe the original architect is notorious. Or maybe there is some other surprise that makes a home unique.
Federal Reserve Chairman Jerome Powell announced at a press conference in April: It’s “a great time to be patient”. This statement followed the Federal Reserve vote to hold interest rates steady.
In many US cities home price increases have outpaced wage growth for several years. Recent months have shown lower increases, creating a buyer’s market as we enter the Spring home buying season.