What are Current Interest Rates and What Does That Mean for Buyers?
When it comes to purchasing a home, 2019 has been the year to remember. Interest rates are good, now sitting at a 14-month low. But what everyone wants to know is will rates stay this low or can you expect them to rise again?
The bottom line: If you are wanting to sell your home this year, you’d better get moving.
Freddie Mac forecasts that April and May will represent the lowest interest rates of the year and that we can expect them to partially rise over the next few months. There will most likely not be any dramatic jumps in rates, however. Looking at specific numbers (shown below), we see that interest rates are sitting at 4.14% with a 30-year average.
Does this mean that if you haven’t started getting your home ready you’ve missed the opportunity? Absolutely not! It is forecasted that for the remainder of 2019 (moving into 2020) the market will be strong and interest rates will remain lower.
Something to keep in mind is many homebuyers want to be planted in their new homes before the start of summer. With interest rates low and the desire to expedite house shopping, be sure to start the process of selling your home now if you are interested.
Another thing to consider is refinancing. Because rates are slowly increasing, we recommend that if you are looking to purchase a home or refinance, you lock it down now.
Want to Learn More?
Have any further questions regarding interest rates? The Shaffer team is here to help! Our team consists of real estate professionals in Southern Utah, specializing in selling homes. Call us today to get started at (435) 703-8885.