So, you've just taken the plunge and secured a 30-year fixed-rate mortgage. But the thought…
It’s time again for Mortgage Minute with D&G, and by D&G, that means Daniella and Gabriella if you guys don’t know.
We are at a time when mortgage demand is actually going up. In fact, It’s up 2.2% per CNBC as rates come down.
Right now, it seems like the Fed may have actually done its job with the inflation. The Fed may have curbed the inflation and as that happens, the market realized that the Fed potentially is going to stop the rate increases, and the rates on the mortgage side have slowly started to come down.
In terms of prediction, we’re not going to quote a specific interest rate, but we’re seeing the number starting with 5– 5 point something or other has seemed to be the 30-year fixed rate both for conventional and for FHA, which is super exciting and is definitely something we need to watch out for.
So, friends, the question here is, “where do we go from here?”
We’re going into the month of December and typically, the month of December is not the best month for interest rates. So if you’re going to buy a home, and you’re planning to refinance, then my advice is to definitely lock as soon as possible, but as far as interest rates go, it’s very unpredictable. It’s a ride where we never know what happens next.
Make sure you tune in next Monday for our Mortgage Minute with D&G!