Mortgage Bankers Association April 2019 Forecast

By
Real Estate Broker/Owner with EXIT Real Estate Associates RB-19372

Mortgage Bankers Association April 2019 Rate Forecast Mortgage Bankers Association April 2019 Rate Forecast Report

With the first quarter of 2019 behinds us, we can take a look back at the 2018 forecasts and see that those historic forecasts were aggressive for 2019. We closed out quarter 4 of 2018 with the expected 4.8 percent average for the 30-year fixed rate mortgage however we did not sustained the 4.8 percent average through quarter 1 of 2019. Instead we closed out quarter 1 with of an average percentage rate  lower than originally forecasted. To that end, the 30-year fixed mortgage rate throughout 2019 is only forecasted to meander around 4.4 percent. Even the out year forecasted average rate does not reach 4.8 percent.

Looking back to the 2017 forecast predictions, the forecasted average quarterly rate was actually higher than the average quarterly rate we have today suggesting that the anticipated rate increases have remained suppressed but not by a significant margin. None-the-less, the rates are still forecast to meander upward slowly at least through 2019.  Expect fluctuations around 4.4 percent for the 30-year fixed rate mortgage as we progress through 2019. Keep in mind the forecast can change quickly but for now that change has stable mortgage rates for the near term.

Depending on market demand, the mortgage rates can pave the way for an increase in home values as mortgage rates remain relatively stable with not much deviation in the quarters ahead. The flip side is that when the real estate market becomes stagnant, buyers are not as pressured by rising mortgage interest rates to make a purchase. However supply or available inventory also cause changes to home prices.  Complacent buyers may get out priced if the real estate market continues its record level upward trend.

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So what do these rates mean if you are seeking a Veteran's Assistance or VA home loan? The rates one actually qualifies is based on several factors including the loan program, credit score and credit worthiness. The forecast rates are only intended to provide you with insight into what the market considers as the overall average rate for the given period. You must check with your financial institution to find out what rate you qualify and in some cases that rate may be lower than what you see forecast by Mortgage Bankers Association. VA home loan is a home loan guaranty program offered to Veterans, military service members and eligible surviving spouses.

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Aloha and Mahalo,

Theresa Harden
Principal Broker e-PRO, SFR, Realtor

Direct: (808) 223-0429
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EXIT Real Estate Associates
Waikiki Sales Office
2463 Kuhio Ave. C1
Honolulu, Hawaii 96815

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