This is another "Stop Dragging your Feet post".
On March 31st, the 1.3 trillion that the Fed has dumped into the housing market comes to an end.
Two things are certain to happen.
Mortgage rates will rise. If you're considering a refinance, today is a great day to apply to replace your current mortgage. Rates are still at historic lows.
I predict that home values may slide back a bit. With higher rates approaching soon, the buyer's dollar will not stretch as far and this weakened spending power will be very clear with lower offers and also evident in the eventual selling prices on many properties. This further decline in selling prices will have a direct and ugly impact on current homeowners with limited equity who may be looking to refinance. Some will be denied on application based off of loan to value and others may get an approval but with mortgage insurance and with potentially higher rates which may both wipe away any real benefit or incentive to refinancing in the first place. Why wait and take this chance?
If you are in Rhode Island or Massachusetts and recognize where the market is today and where it is unfortunately going, call me so we can complete an application and lock in a low fixed rate.
Jason
401-437-2008
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