Interest Rate Outlook: Continued Uncertainty.
High levels of inflation in the post COVID era prompted the Federal
Reserve to sharply raise short-term rates, which drove mortgage rates to their highest levels in 20 years. Over the last few months of 2024, the Federal Reserve cut short-term rates 1.0% but mortgage rates remain elevated.
Continued high levels of inflation, a resilient economy, and uncertainty around future government policy have prevented long-term rates, such as mortgages, from dropping.
Conventional 30-Year Fixed Rates are currently in the low 7’s, while
VA/FHA rates are in the mid 6’s. While a slowing economy or lower
inflation could cause mortgage rates to drop this year, many expect rates to remain at current levels or potentially move higher. Regardless of what happens with rates, I am always available to advise and guide you with your home financing needs.
Have you Been Waiting To Buy a New Home?
If you’ve been waiting for lower rates to buy a house, you may want to reconsider. With the uncertainty about the future direction of interest rates it is unclear when the “best time” will be.
Here are some of the benefits of buying today:
- Seller-paid rate buydowns for lower payment.
- Get ahead of a drop in rates that could lead to an increase in housing prices.
- Vertex automated tracking for lower rate opportunities after closing.
- Start building equity today.
- Inventory is up in most markets – more homes to choose from.
As your personal Vertex Loan Advisor, I can guide you through
your purchase financing options and preapproval.
To learn more about Buying A Home, Click Here
Looking to Access Equity From Your Home?
Good News – With a new Fixed-Rate 2nd Mortgage or Home Equity Line of Credit (HELOC), you can keep your current 1st mortgage and still access cash from your home. You can take cash out for any reason, such as:
- Consolidate High Interest Credit Cards and Lower Your Monthly Payments
- Complete Home Improvements or Remodeling Projects
- Purchase A New Home or Other Property
From Sea to Shining Sea.
We at Vertex want to serve you no matter where your life takes you. Whether that’s a second home, or putting down new roots, call us for help in starting the next phase of your life in any of these 14 states:
- Arizona
- California
- Colorado
- Connecticut
- Florida
- Georgia
- Idaho
- Illinois
- Maryland
- Oregon
- Texas
- Utah
- Washington
- Wyoming