Interest rates for a 30-year fixed rate mortgage were increasing consistently throughout 2018. In November, rates fell back to what they were in August, 4.55%
In the first week of 2019, rates have continued to drop. This downward trend is wonderful news for home buyers! The new year started with a mortgage rate of 4.51%. A low mortgage rates and decreasing home price growth should cause excitement for home buyers!
In many areas of the country, rising interest rates and rising home prices caused buyers to halt their home search. With an increasing inventory, price growth, and slowing interest rates, now is the perfect time to get back into the market!
According to a variety of forecasts, mortgage rates are predicted to increase over 2019, however not at the same rate as in 2018. Even the smallest increase or decrease in interest rates will impact your monthly costs. If buying a home is on your 2019 goals list, meet with one of our PorchLight agents! It's the perfect time for us to find the perfect home for you!