There has been a lot of movement in the market over the last week, we saw rates drop lower in a single week then we saw them in almost 10 years. There is a lot of speculation why such a drop may have occurred, but many believe it has to do with the federal reserve not raising rates (and possibly lowering them) in 2019.
Over The Past 7 Days
Rates began dropping in the middle of last week, and continued to fall until the market closed on Friday. Monday, 4/1/2019 the market opened strong with an increase. We will keep an eye on the trend and see which direction they continue to climb (or fall). Without a doubt that people who bought a home between January 2017 and May 2018 are experiencing a refinance boom, with rates being lowered as much as a full percentage point.
Home Values and Interest Rates
Usually these two things are interconnected, when one rises the other follows. But with such a short and sudden refinance boom the housing market didn’t have time to catch up. This created an unusual temporary housing market where home values were exceptionally high and interest rates were low; the result was anyone who bought between 2017-2018 could potentially be refinanced into a lower interest rate or a shorter term.
This will not last for long, and if you’re into saving money you might want to contact me right away to get the process underway. These rates won’t stay down for long and it could save you thousands.
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Green Bay WI 54301