they are not available in Hawaii or Alaska. Chase also offers a rate discount of up to 0.25% if you have at least $1 million in deposits and investments there.Ĭhase mortgages are offered in 48 states and Washington, D.C. Borrowers with $500,000 or more will get a $1,500 reduction from the processing fees. For example, customers who have combined assets in Chase deposit and investment accounts totaling between $150,000 and $499,999 will get $500 off the mortgage processing fee. Eligible DreaMaker borrowers may also get $500 after completing a homebuying education course.Ĭhase also offers relationship discounts for eligible existing Chase customers in the form of reduced processing fees and lower rates. The DreaMaker mortgage, a low down payment option with flexible credit and income requirements, is geared toward buyers on a budget who might have lower credit scores. Though you may have missed getting the lowest mortgage rate ever offered, you can still get a better interest rate than your older brother or sister did ten years ago a lower rate than your parents did twenty years ago and a better rate than your grandparents did forty years ago.Chase is one of the top mortgage lenders because of its competitive interest rates, loan programs for borrowers with smaller down payments and relatively speedy closing times. Here is a chart showing the average mortgage interest rate over the last several decades. However, we must realize that current rates are still at historic lows. This has caused some purchasers to lament the fact they may no longer be able to get a rate less than 4%. Along with Freddie Mac, Fannie Mae, the Mortgage Bankers Association and the National Association of Realtors are all calling for mortgage rates to continue to rise over the next four quarters. Mortgage interest rates, as reported by Freddie Mac, have increased over the last several weeks. If you are thinking of selling in 2017, now may be the time. Here is a chart showing the decrease in inventory levels by category:ĭemand for your home is very strong right now while your competition (other homes for sale) is at a historically low level. The recent jump in mortgage rates has forced buyers off the fence and into the market, resulting in incredibly strong demand RIGHT NOW!! At the same time, inventory levels of homes for sale have dropped dramatically as compared to this time last year. However, this winter is not like recent years. Many will decide that it is smarter to wait until the spring “buyer’s market” to list their house. Click here to save your spot!Īs we are about to bring in the New Year, families across the country will be deciding if this is the year that they will sell their current house and move into their dream home. We will have to wait and see what happens as we move forward, but a decrease in home prices should rates go up is anything but guaranteed.Īttention Agents: For more on how mortgage rates will impact the housing market going into next year and what opportunities will dominate housing in 2017, please join us this afternoon at 2PM ET for our free webinar: The 3 Major Opportunities That Will Dominate Real Estate in 2017. Last week’s jobs report was strong and the Conference Board just reported that the Consumer Confidence Index was back to pre-recession levels. “rices weren’t especially sensitive to rising rates, particularly in the presence of other positive economic factors, such as strong job growth, rising wages and improving consumer confidence.” Last week, in an article titled “ Higher Rates Don’t Mean Lower House Prices After All, ”the Wall Street Journal revealed that a recent study by John Burns Real Estate Consulting Inc. Here is a graph showing what actually happened: However, history shows us that this has not been the case the last four times mortgage interest rates dramatically increased. If mortgage interest rates increase, fewer people will be able to buy, and logic says prices will fall if demand decreases. Intuitively, this makes sense as the cost of a home is determined by the price of the home, plus the cost of financing that home. There are some who are calling for a decrease in home prices should mortgage interest rates begin to rise rapidly. Mortgage Interest Rates Just Went Up… Should I Wait to Buy?
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