How is the mortgage market shaping up in 2016?
Posted on Sunday, April 24, 2016 at 3:48:25 PM
The residential real estate and financing markets are among the most accurate economic indicators out there, helping analysts better understand the health or ailments of the nation's financial sector. Although mortgage rates have been somewhat erratic thus far this year, it appears as though American consumers continue to be relatively confident in the acquisition of new houses through loans and financing programs.
Bankrate's latest data revealed that mortgage rates did indeed fall in March thanks to the Federal Reserve's decision to maintain the same rates. The source pointed out that there currently appears to be no sign that this particular matter is going to change any time soon, meaning that mortgage rates might remain relatively low through the end of the year and beyond.
Notably, Bankrate pointed out that applications for mortgages decreased by 3.3 percent, but that there is still not much fear over the current track of the market. One analyst argued that now might be the best possible time to lock in a mortgage, though, as the rates will eventually begin to rise.
Homeowners can often turn to local community banks to cover their residential financing needs.