24 Sept 2019
The Latest on Refinancing, Loans, and Interest Rates
Today I’m joined by Bay Equity Homes team members Erika Gabrys and Chris Krupar to discuss what’s been happening in the market this year. Want to Buy a Home? Search All Homes Want to Sell a Home? Get a Home Value Report Before we begin today’s topic, we’d just like to say thank you to all of our clients and referral partners who took the time to vote for us; We are grateful to be the winner of the Albuquerque Journal’s Readers’ Choice for this year, and we’ve also been named the winner of Rio Rancho Observer’s Readers Choice for 2019. That makes this the second year in a row that we’ve won this award, and we couldn’t be more excited. Now, back to the topic: This year, our market has been pretty wonderful. For those who are looking to refinance their homes, now is still a good time to do so. Interest rates are still very low; they were even lower at one point and have since come up, but not too much. Because rates are still at historic lows, it’s also a great time to purchase a home in lieu of renting. For those interested in a home purchase, just know that Bay Equity Homes offers all the standard loan types—conventional, FHA, VA, and USDA. For jumbo loans on larger purchases, we have a variety of products and ways to go about firsts and seconds on jumbo loans. In addition, investment money is also available. Our team members Erika and Chris are both veterans who have plenty of experience not just in providing VA loans, but also using them as buyers. They’re both anxious and eager to help any veterans make a home purchase. Additionally, we also help those in the community by providing first-time homebuyer assistance programs in conjunction with the Mortgage Finance Authority. “ It’s a great time to refinance your home or leave the world of renting behind to become a homeowner. ” There has been talk of the federal government cutting rates at some point in the future, and many assume that automatically translates over to mortgage interest rates. However, the Fed actually cuts the overnight interest rate, which could certainly have a positive effect on mortgage interest rates, but that often depends on how the Fed talks about the rate cut itself. If the Fed announces the rate cut and has positive things to say about our economy, then there’s a chance that rates could go down further in the mortgage world; however, if they have negative things to say about the national economy, then it could have the opposite effect. There are a lot of factors at play right now, including Saudi Arabia cutting back on their oil production and the fact that our current administration has cooled off a little bit regarding the tariff dispute with China—that has actually improved stocks, which in turn, has caused rates to go up. We’ll continue to keep an eye on interest rates, as we know most are very interested in future developments. For now, though, it’s a great time to refinance your home or leave the world of renting behind to become a homeowner. If you have any questions about interest rates, the market in general, or about purchasing or refinancing a home, please feel free to reach out to us. We’ll be glad to speak with you. También, hablamos español. Si necesitan ayuda, por favor llámenos hoy al numero (505) 220-1763. ¡Bienvenidos a todos!
