Time is now to lock down a mortgage [Video]
Posted on Thursday, October 6, 2016 at 12:57:15 PM
The American housing market has remained resurgent for several years now, and this has largely been because of the Federal Reserve's decision to keep interest rates as low as possible. This, however, cannot continue on for long, and it appears as though the hikes are right on the horizon.
The Washington Post recently reported that due to a range of factors, including a steadily increasing 10-year Treasury yield and stronger employment performances, are combining to push the issue on the Fed to raise rates.
However, the 30 year fixed-rate interest on mortgages is still at an incredibly low figure of 3.42 percent. This means that now is about a good a time as any to either get a new mortgage or refinance an existing one.
Homeowners or prospective buyers who are considering looking for a loan program should do so as soon as possible, with all signs pointing to hikes within the next two to three months. Work with a local, community bank to ensure that the program best-suits the unique needs and objectives of the family.