What’s going on? Slight dip in mortgage rates; home supply of larger concern.
The industry average interest rate on a 30-year fixed rate mortgage dipped slightly lower last week and was at a three-week low yesterday. Even so, mortgage application volume was unchanged last week from the previous week.
Applications to refinance a home loan, which usually rise when rates fall, did just the opposite, falling 1 percent for the week on a seasonally adjusted basis.
Purchase applications also remained unchanged after rates went down, suggesting potential homebuyers are less worried about interest rates and more concerned with the low supply of homes for sale and rising prices.
Why should you care? Now could be your mortgage moment.
Mortgage rates were at their lowest since September yesterday, yet demand for homebuying has yet to increase as a result of this. On top of all this, three Fed funds rate hikes are still being predicted for next year. This could be your perfect time act on a new (or existing!) mortgage.
Ready to take advantage of these low rates while they last? Get a quote in just a few minutes through our easy online process.
Curious what your rate could be? Find out in just a few minutes through our easy online process.