Mortgage rates fell across the board last week.
This spiked a 17% rise in mortgage applications to purchase a home (4% higher than this time last year). There’s no doubt that many home buyers were inspired by the recent drop. The good news is that the Fed does not predict another rate hike until May or June. There has been some disconnect between the economic forecasts and financial market. The economic forecasts are showing that the economy will be performing well while the financial market is predicting a larger slow down. The Fed intends to take some time to review this disconnect and see how everything plays out in the next couple of months before determining what kind of rate hike we will see and when.
This means if you wanted to buy a property this year we highly recommend that you get pre-approved and start looking for your dream home. Oh, and did we mention that we can help with that