Did you know we have seen some of the HIGHEST mortgage rates in YEARS at the onset of the pandemic?
Rates were moving so fast that they would change as we were on the phone with our clients and we briefly had rates well into the 5's this spring as the market struggled to gain it's footing. Thankfully the Fed stepped in to help.
Since the dust has settled we have spent the majority of the time with rates at or near record lows. We anticipate to see rates stay low into 2021 with strong potential for rates to climb in the second half of the year, but likely will stay in the 3's depending on the strength of the economy as we put some distance between us from Covid worries.
Yesterday alone The Federal Reserve purchased $5.4 Billion in Mortgage Backed Securities bringing the total purchases since April to $1,386 TRILLION (The Fed now owns an estimated 35% of the mortgage market with each day the step in to stabilize the market increasing that percentage)
Current interest rate levels are likely to hang around for the next quarter or two and have the potential to erode quickly with any positive news for the economy moving forward.
Call me for all your residential lending needs!
Mortgage Loan Originator NMLS# 248937
or my blog: http://activerain.com/blogs/rrauf
Office: (732)908-4868 Cell (732)740-0175
Since 1987 I have been helping my clients fulfill their dream of home ownership! HomeBridge Financial Services, Formerly REMN, HomeBridge Financial Services is located at 9 Grand Ave, Building 2 Suite A Toms River, NJ 08753. NMLS #6521. New Jersey Licensed Lender and Mortgage Banker #L041053. Visit www.Homebridge.com for more information. NJ Mortgages, New Jersey Mortgages, Mortgages in NJ, mortgage in New Jersey, Mortgages in New Jersey, Toms River NJ 08753, Toms River NJ 08755, Brick NJ 08723, Brick NJ 08724 Mortgage in Ocean County NJ, Mortgage in Monmouth County NJ, Jackson NJ 08527, Howell NJ 07731, Lacey 08731 08734, Beachwood 08722 Bayville 08721,