Mortgage Industry Updates:
It's been a great two months for mortgage rates. As we head into the spring we'll be keeping an eye on how mortgage rates react to a possible resolution to the trade tensions with China and what the economic reports say about the economy in January and February. March 2019 mortgage rates will most likely start the month within the recent range however that could change depending on what happens next week.
Fixed Mortgage Rates:
The most popular fixed mortgage rate is generally the 30 year fixed mortgage rate followed by the 15 year fixed mortgage rate. For those looking for the best current mortgage rates information you'll want to visit koloans.com. The website is updated daily with current mortgage rates; news that may affect mortgage rates and moving saving tips for your next purchase or refinance. Mortgage loan application volume for the first eight weeks of 2019 has been below expectations despite mortgage rates being near their one year low. Mortgage companies, lenders and banks are doing what the can to attract new business however their efforts have only had limited success. Other fixed mortgage rate options include:
- 25 year fixed mortgage rate
- 20 year fixed mortgage rate
- 10 year fixed mortgage rate
You might be asking "What about adjustable rate mortgages?" Right now Adjustable Rate Mortgage (ARM) terms are not as attractive as fixed rate mortgage terms. That may change later in 2019 however right now we're seeing mortgage companies price their fixed mortgage rates very aggressively. And a fixed mortgage rate provides the added security of never changing. Most home owners and home buyers prefer a fixed mortgage rate.
The Latest Home Sales Report:
For the most part the real estate industry is having a hard time selling homes; especially in California. Most major markets have seen a decline in sales however home values remain elevated. When mortgage rates moved higher in September - October there was a significant pull back in purchases. With the most recent sales data you're starting to see some buyers re-enter the market however the move higher was somewhat small. It will take a few more months of increasing sales before someone could declare an end to the recent downturn.
Refinancing Your Current Mortgage:
If you are looking to refinance your current mortgage you'll want to make sure you stay on top of current mortgage rates. Being well informed about current mortgage rates might save you thousands of dollars in interest. You'll want to make sure you obtain at least 2 - 3 quotes from top rated companies that offer both low mortgage rates and a high level of customer service. Stay away from those companies that over promise and under deliver; those companies have bad ratings for a reason.