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Real Estate Property Mortgage
The window for mortgage loans with below 5% interest rate is closing fast. The week of Jan 7, Freddie Mac reported that the average 30 year fixed rate loan closed at 5.09%, which is significantly higher than the 4.71% it was averaging before. Many economists are forecasting that interest rates are creeping up slowly and will not go down below 5%.
Many refinancers are jumping at these rates and are locking into the low rates. One of the reasons the rates are creeping up is that Federal Reserve’s program of buying mortgage-backed securities is expiring on March 31 of this year. Now private financial institutions have to step in and buy these real estate mortgages. These private financial institutions are going to demand higher rates for home mortgage loans from homebuyers or refinancers of real estate loans.
Some economists are predicting that real estate home loans will reach 6% before of the end of the year. If the rate of your current loan is 1% to 2% higher than the market rate it is time to refinance. Hurry before rates cross 6%.
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This blog post is brought to you by SimplifyEm Pay Rent Online and Property Management Software
This is a blog post for Real Estate Professionals, Investors, Landlord, Property Manager, and Property Management Companies. Last Chance to Refinance at Below 5%. Take Action Today is brought to you by SimplifyEm Pay Rent Online and Property Management SoftwareYou might also want to read:
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