Homeowners and buyers benefit from mortgage rates dropping


The Mortgage Bankers Association reported the average rate on the 30-year fixed mortgage fell at the beginning of the month, the lowest level since November 2016.

Cypress certified mortgage planner Chris Nooney said two weeks ago rates were down, but already last week, there was a slight increase in interest rates. If you are considering buying a house or refinancing, now is the time to look at releveraging a loan--even if you bought last year when interest rates were low fours, high fives.

"The expectation is that interest rates are not going to continue to drop. The reason that we had the drop was because of the initial reaction to potential trade war with China, but the markets have since setttled," said Nooney.

The average rate for 15-year fixed-rate mortgages dropped to the lowest since September 2016, the MBA reported.

Nooney said mortgage rates should stay in the high threes, low fours.

"The benchmark 30 year should be right in the 3.875% range, but we have seen a little bit of a fluctuation where it looks like they may begin to increase slightly, but stay within these ranges," said Nooney.

Even lower rates are expected when the MBA releases its next report tomorrow.

New homeowner signing contract of house sale or mortgage papers

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