On July 23, the Los Angeles Times lamented that after home mortgage interest rates climbed above 4%, homeowners who wanted to refinance their mortgages would be “out of luck for quite a while.”
Just one week later, the U.S. Federal Home Loan Mortgage Corporation, which you probably know better as Freddie Mac, issued its Primary Mortgage Market Survey. The latest Freddie Mac survey revealed that home mortgage interest rates on 30-year fixed-rate mortgages dipped back below 4% to reach 3.98%. Plus, home mortgage interest rates on other professional loans dropped, too.
If you’re looking for the best mortgage rates or trying to sell your home in 2015, here’s a quick rundown of reasons for optimism:
- Home mortgage interest rates have been reaching “historic lows” so far in 2015
- In the summer of 2015, home sales have reached “historic highs”
- Regional banks and credit unions have been issuing more home equity loans
- Although overall home prices have failed to meet some experts’ expectations, they continue to inch upwards
- The number of Americans underwater on their mortgages is continuing to drop
Of course, not everyone’s celebrating just yet. Volatility in the Chinese stock market, signals from the Fed that interest rates are going up, and continuing uncertainty over debt crises in Puerto Rico and Greece have many investors feeling nervous, rather than celebratory.
But for U.S. homeowners looking to sell their homes, and for the first or second-time buyers looking to make a purchase, 2015 and 2016 are looking good. So if you’re looking to buy or sell a home, then it might be time to find a mortgage company and hunt down the best mortgage rates you can.
It’s been a stunning turn around from the Great Recession and housing bubble that rocked the U.S. economy in 2008 and the following years. Just how far has the economy come since the recession inched to a close? This summer, Metro Detroit was named one of the hottest real estate markets in the country. And if Motor City can turn things around to that degree… Read more. This is a great source for more.