Rates: pay attention now

By
Mortgage and Lending with Fairway Independent Mortgage Company 385907

Whether you like the election results or not, it's hard to argue that the markets don't,

 

Because they do.

 

In my life the simpliest way to look at rates is that strong economic behavior is not good for rates, meaning they will increase; and weak economic behavior is good for rates, meaning they will decrease.

In our current situation I'm not so sure it's a big pickup in the economy, as much as it's a substantial increase in

 

Consumer Confidence

 

So where am I headed here, you may ask?

 

Actually there is a point, I'd like to make, and I'll make it very simple:

 

Jumbo Buyers;

 

You need to start taking a hard look at 5/1, 7/1, and 10/1 ARMS.

There are guaranteed savings here over the locked payment period, and the premium that you are paying for the security of a fixed rate mortgage, may no longer be a very good investment.

 

Conforming buyers;

 

You may want to do the same. The closer that you get to the FNMA maximum loan, the more substantial the savings.

 

Finally, you don't have to make these decisions on you own. Find yourself an honest, knowledgable, and experienced mortgage professional, and take the time to have all of your questions answered. 

 

 

 

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Rainmaker
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Joe Jackson
Keller Williams Capital Partners Realty - Columbus, OH
Clintonville and Central Ohio Real Estate Expert

The increase in rates may get some buyers off the fence soon!

Dec 17, 2016 07:30 AM #1
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Rainmaker
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Jay Beckingham

"I love first time homebuyers"
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