Well, it is pretty simple math to know that rising interest rates are not good for our homebuyers. However, everything that goes up eventually comes down. 2019 is shaping up to be another great year for home buying, with our January home sales coming in slightly higher than our January home sales in 2018.
Now the interest rate is starting to drop. Below an article discussing national averages. I would caution anyone who is researching interest rates to avoid looking at averages. These can be misleading on the type of rate that you can expect.
Focus on the current rate and those are pretty standard across various mortgage companies. Our area is affected by the changing interest rates. Local markets, the type of loan, term length, and credit score all weight into what a loan can look like.
A quick glimpse at some current rates
additionally, you can check out what’s happening with Alabama interest rates here: https://www.mlcalc.com/mortgage-rates/alabama/
As always, If you want to discuss anything real estate hit me up or follow me on facebook:
Mortgage Rates Rise for First Time in 2019 but Are Expected to Fall From Here
Rates for home loans ticked up slightly, but look set to fall in the coming weeks as investors gird for a slower-growth economy.
The 30-year fixed-rate mortgage averaged 4.46% in the January 31 week, mortgage guarantor Freddie Mac said Thursday. That was up just one basis point compared to the prior week, and marked the first time in 2019 that the popular product had charted an increase.
The 15-year fixed-rate mortgage averaged 3.89%, also up one basis point. The 5-year Treasury-indexed hybrid adjustable-rate mortgage averaged 3.96%, up from 3.90%.