Interest rates for a 30-year fixed rate mortgage climbed consistently throughout 2018 until the middle of November. After that point, rates returned to levels that we saw in August to close out the year at 4.55%, according toFreddie Mac’sPrimary Mortgage Market Survey.
After the first week of 2019, rates have continued their downward trend. AsFreddie Mac’s Chief EconomistSam Khater notes, this is great news for homebuyers. He states,
“Mortgage rates declined to start the new year with the 30-year fixed-rate mortgage dipping to 4.51 percent. Low mortgage rates combined with decelerating home price growth should get prospective homebuyers excited to buy.”
In some areas of the country, the combination of rising interest rates and rising home prices had made some first-time buyers push pause on their home searches. But with more inventory coming to market, continued price growth, and interest rates slowing, this is a great time to get back in the market!
Even a small increase (or decrease) in interest rates can impact your monthly housing cost. If buying a home in 2019 is on your short list of goals to achieve, meet with a local real estate professional who can help prepare you to take action.
Author:Liz Abrams Phone: 757-644-3800 Dated: January 9th 2019 Views: 448 About Liz: Liz Abrams is co-founder and CEO of Abrams Realty. She and her Husband, Jim, Abrams, own and manage ...
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