Saturday, May 5, 2018

How Will 5% Mortgage Rates Impact Buyers In 2018

Mortgage rates have not been 5% since 2011 and we are starting to see rates getting close to 5%.
The 30-year mortgage average rate is now about 4.5% for most borrowers but if your credit scores are low making you a higher risk, get ready for a higher rate closer to 5%.

For the first time in years we will see buyers with less buying power, they will qualify for less as we see increasing housing prices.  On the brighter side, I always look for a silver lining. Lenders are scrambling to provide new loan programs and guidelines to adjust to the raising rates.

Even with rates on the increase we are still seeing more buyers then housing inventory on the market. Making it a seller’s market and increasing prices.  If you are a buyer and thinking about buying this year you should be planning and preparing early, don’t wait to get pre-qualified, do it now. Your approval will be good for 90 days while you look for a home. If you go beyond those 90 days, it’s quick and easy to renew your approval for another 90 days. It’s very important you know how much you qualify for before you start shopping with your Realtor.  You can apply online on my secure website, you can upload needed documents making it very easy to get started.
I am offering a buyer’s mortgage coupon $1000 off your closing cost to help make purchasing a bit more affordable. Request your coupon by sending me an email;

The volatility in the market is due to the wide swings in the stock market. Mortgage rates tend to follow the 10-year Treasury yield. Yesterday’s bond market opened flat after economic data helped erase overnight lost. To get a full mortgage rate update each day you can visit my website,
This tool can be very helpful to know if locking your rate or letting it float is best.

If you would like my weekly mortgage rate update emailed to you, shoot me an email requesting to be added to my distribution list.
If you are a Realtor I can keep you informed on the market with this weekly mortgage rate update and my monthly newsletter that focuses on Real Estate trends and updates. Both allow for co-branding to help with your marketing efforts.

Thank you for visiting my blog, I encourage you to leave a comment or questions. Let me know if my blog has helped you. I would love to hear your thoughts and any ideas for future posts.

Roxy Redenbaugh
ACMC Loan Consultant
Mortgage Coach
Branch Manager
NMLS #269926

1 comment:

Josh Doyle said...

What is the process of mortgaging a home? Apartments