Considering Your Mortgage Options:
Mortgage rates are near their one year low as we finish out the month of February. 30 year fixed mortgage rates and 15 year fixed mortgage rates remain the most attractive. There is a sense amongst mortgage professionals that March 2019 mortgage rates will be at similar levels to February 2019 mortgage rates. Keep in mind; anything can happen with mortgage rates and nothing is set in stone. If the economy gets better in the coming weeks; mortgage rates will move higher and back towards the highs from September - October 2018. On the opposite side; what if the economy doesn't get better and what if there is no deal between the US and China - will mortgage rates move lower? We'll have to see what happens and the best thing you can do as a consumer is stay informed.
Reasons To Consider A Refinance:
If you are considering a refinance we always suggest you obtain 2-3 quotes from well respected mortgage companies. Companies that have at least an "A" rating with the Better Business Bureau. Here is a list of reasons why a homeowner may want to consider refinancing their current mortgage:
- Your current 30 year fixed mortgage rate is higher than 4.50%
- Your current 15 year fixed mortgage rate is higher than 3.875%
- You need cash out to renovate your home
- Educational expenses
- Medical expenses
- You have an adjustable rate mortgage and want to lock in a fixed rate mortgage
FHA Streamline Refinance:
Do you have a FHA home loan and want to refinance? You're in luck because there is a great "streamline" refinance program mortgage companies offer that are only for those that currently have a FHA home loan. We offer one of the best FHA home loan guides on the internet and if you are looking to refinance your current FHA mortgage I highly suggest you take the time to read it; especially the information about the streamline program. Let's just say it's supper fast, and super easy.
Could The Fed Change Things:
What the Fed says and does is an important to the mortgage industry and mortgage rates. Let's be clear; the Fed does not set mortgage rates however they can/do influence mortgage rates. Mortgage Backed Securities (MBS) are where mortgage rates originate from and what the Fed says and does can influence MBS price levels. So will the Fed move mortgage rates in a different direction in March? Difficult to say however I think it's unlikely based on comments made by various Fed members about the economy and what the Fed might do moving forward.
JB Mortgage Capital, Inc.:
If you are looking to refinance your mortgage, purchase a new home or just want to stay informed about the mortgage industry you should visit koloans.com. Loan Officer Kevin O'Connor provides daily updates throughout the website and is the author behind our most popular section "today's mortgage rates".