Just because it's the biggest family holiday of the year doesn't mean people don't want to apply for a mortgage right? The truth is application volume for both purchase and refinance transactions drops significantly between December 24th - January 2nd but there are people who do find that special home and need to get their application going.
And we're here and available!
Overall mortgage rates are just above their recent lows as we inch closer to 2020. The big scare heading into December was a possible trade deal resolution with China. Well that happened and mortgage rates barely budged. Some industry experts were claiming that once a deal was reached mortgage rates would shoot back above 4.00% (for 30 year fixed programs).
Well that didn't happen.
Where are mortgage rates:
As mentioned today's mortgage rates are just above their recent lows as fixed rate mortgages remain very attractive. Adjustable rate mortgages are not as attractive as they were 12-24 months ago.
- 30 year fixed mortgage rates (refinance and purchase) are generally below 3.875% and in select cases at or below 3.50%.
- 15 year fixed mortgage rates (refinance and purchase) are generally below 3.125% and in some select cases at or below 2.875%.
It is important to remember that some mortgages include points and most mortgages include regular closing costs (underwriting, title/escrow and recording - along with an appraisal fee is an appraisal is needed).
Here Comes 2020:
The mortgage industry is ready for 2020. Mortgage rates are low, processing times are fast and doing a mortgage is much easier than it was 2-3 years ago. If you are looking to refinance your mortgage you should check out our top ten list of mistakes when refinancing a mortgage.
The article is packed with great tips and useful information to better prepare for your next refinance. I'm here to help so if you have questions please don't hesitate to ask.
Super busy and don't have time to read through the tips right now? Not a problem; here is one of the most important tips anyone looking to refinance should follow:
- Always get your rate lock in writing!
Thanks for taking the time to read today's article; have a great afternoon!
Loan Officer Kevin O’Connor
JB Mortgage Capital, Inc.
CA BRE #01499872 – NMLS #247447