As a potential homebuyer, are you looking at what is happening in the world of home loans? There’s good news for you in the form of low mortgage rates. Mortgage rates are the lowest they have been in a decade and that surely is news to celebrate. It might also be an indication that the last signs of the economic slowdown are behind us. The fact of the matter is that, if you’re in the market for a home loan, in Ogden, this might be the right time to go for it.
Reliable industry sources say that home loan applications have seen a sharp rise since mortgage rates fell. The average rate for a 30 year FRM has fallen as low as 3.6% in mid-March and that is definitely good news for the homebuyers. You also need to keep in mind that as a result of falling mortgage rates, property rates are slowly but surely rising. There’s no need to push the panic button yet, but you need to be informed on this trend. This could also possibly drive up the cost of borrowing but they will be marginal.
The growth has not been just in the mortgage industry; refinancing has also seen a resurgence the likes of which have not been seen for a long time. Strong growth in the last quarter of 2015 saw growth in the job market and kept the financing and refinancing rates low. That trend could be continuing into this quarter and well beyond if we are to look at current indications.
There you have it; falling mortgage rates indicate that this might be the right time to acquire an asset. So, if you’re contemplating making an investment, get in touch with a certified mortgage advisor in Ogden to enquire about that home loan. The industry shows signs that you will not regret it.