Helping You Find Home
Helping You Find Home
Selling a home in today's market can be a complicated process with so much technology at our disposal. At the same time, your home can reach a much broader audience than ever before. In other repects, selling a home has not changed...the basics must still be right:
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Frederick Real Estate Blog
Mortgage rates have been up and down between the high-3% and low-4% numbers recently. We often hear the question from potential buyers (and those refinancing) asking what the near future is for mortgage interest rates. Disclaimer: Neither Chris nor I are mortgage experts. But we know a few people who are, and like to pass the question on to them. I reached out to one of our favorite lenders for some info:
“We have seen mortgage interest rates reach new historic LOWS this last two years,” explained Bob Drake, Branch Manager of Integrity Home Mortgage in Frederick, one of our preferred lenders. “Thanks in part to world events like Brexit, we watched rates bounce around in the mid-3% ranges last year, unheard of since rates have been tracked.”
And how does that affect the market?
“Due to historically low rates, we’re seeing a continual stream of buyers enter the market. We’re doing our best to educate buyers, especially Millennial home buyers, on how low these rates really are,” says Bob. “We haven’t seen rates this low in 60 years…and then, our grandparents were paying 4%, which is still higher than today’s 3.7% rates. People need to understand that their buying power is the highest it will probably ever be.”
The Fed raised the benchmark interest rate at the end of last year, and we’ve been hearing for months that the Fed is going to raise it again, that we should be ready for higher mortgage rates. But it hasn’t really happened, at least not significantly. And when rates have moved up, they’ve come back down again.
What can we expect for the near future? Most experts agree that there are reasons why rates are not higher and probably won’t be going up significantly for the remainder of 2017: “Even if the Fed raises rates,” explains Bob, “it most likely won’t raise mortgage rates. Rates will remain low until the international market becomes stable. Honestly, predicting mortgage rates is nearly impossible these days because so many factors influence our financial system today.”
Internationally, things are not resembling stability.
Here are several sources of information on mortgage rate activity:
Bankrate.com has an interactive graphing tool that shows you what rates have done over a period of time. When you compare rates to several years ago…wow, you see what Bob was talking about above!
In most years, rates rise in the summer, and drift lower in the fall and winter. Without big economic news, this holds true, according to the writers at The Mortgage Reports Blog. One has to admit, we’ve had some big economic news recently and often.
Generally, mortgage rates go down when the economy is performing weaker than expected, and they go up when the economy heats up.
Some news that will affect mortgage rates:
Frederick County Real Estate Market Update Provided by The Highland Group ~ April 2017 Real Estate activity in Frederick County is picking up and the spring market is here…and it’s HOT. Here is a snapshot of Frederick County real estate statistics in April: Real Estate Trends in Frederick Md Average Home Sales Price: $313,859, up 10% from last year in… Continue Reading
Making a move is a serious decision, and it can be an overwhelming task even when you’re prepared. For many seniors who decide to downsize and move into a smaller home, the planning stage is the most important. Knowing what you want, what you don’t want, and how to find help when you need it… Continue Reading
In many towns and cities across America right now (Spring 2017) the market is hot… meaning the demand is high and the inventory is low. It can be a tough market for buyers, so here’s some advice for homebuyers in a hot market from industry veterans: Setting the Stage for Homebuying Advice Before I even begin,… Continue Reading
The month of April marks the anniversary of the landmark Fair Housing Act of 1968. The Fair Housing Act protects people from discrimination in any situation involving housing. The Act was a follow up to the Civil Rights Act of 1964 and 1966, which prohibited discrimination but had no federal enforcement. For the real estate… Continue Reading
Home improvement ROI is an important subject for homeowners to research. Frederick homeowners are renovating their homes for several reasons in today’s real estate market. Many owners who purchased since the early to mid- 2000’s have been resigned to stay in their homes because they owe more than the house is presently worth. They realize… Continue Reading
What is “Absorption Rate”? The Absorption rate is roughly how long it will take the current homes on the market to sell. It’s an estimate, based on the current number of listings and current sales. Because those two factors fluctuate from month to month, absorption rate is a rough estimate. It’s an average of how… Continue Reading