Interest Rates Continue To Drop

Mortgage rates had ascended over 7% just previously, but since today they have fallen half a percentage point. This has caused an increase in mortgage applications recently for both buying and refinancing. The recent drop in mortgage rates has caused a massive gain in purchase power for estimated 220,000 people according to Black Knight.

An average 30 year conforming loan has dropped to 6.6% from 6.9% last week. For example, a 500K conventional loan would set you around an extra $100/month or $36,000 in savings over the lifetime of the loan. These recent rates drops in this shifting economy has opened up the opportunity for many people to finally make offers they can truly afford.

Mortgage apps have grown 3% from last week, which lays out proof that many buyers are back active in the market. If you are interested in purchasing your first home or an investment property, contact me today to get started.