Is now the right time to buy?

    Shared from the Plainfield Patch…September 29, 2017

    Mortgage rates across the country ticked lower this week after edging higher the previous two weeks. Even though they remain fairly steady, that means if you’re looking to buy a home, you can still get a mortgage at a fairly low rate. Homeowners can still find refinance opportunities, too.
    That’s good news. But here’s better news: Since little seems to have changed when it comes to the number of people choosing to make a move, lenders are sweetening mortgage deals. They’re lowering down payments, cutting certain mortgage costs and even easing up on requirements for buyers willing to budge.
    What does this mean for the housing market in your neck of the woods? Take a look at local mortgage rates, then learn more about how lenders are luring potential home buyers.

    Why Lenders Want You
    Government-backed mortgage company Fannie Mae reports that the level of mortgage lenders who say they have eased their credit standards has reached a record high in a quarterly survey that began in March 2014.
    Meanwhile, smaller banks would be able to lend more in the coming years under a rule regulators proposed on Wednesday to ease the capital requirements for community banks. Money now tied up as capital would be freed up to make loans.

    Lock Into A Low Rate Today
    Why exactly? Lenders are getting more competitive partly because fewer people are buying homes or applying for a mortgage. Sales of new single-family homes fell 3.4 percent in August compared to July, according to Commerce Department data. And, mortgage applications were down 0.5 percent last week compared to a week earlier, according to a Mortgage Bankers Association survey.

    This Week’s Breakdown
    The benchmark 30-year fixed-rate mortgage slipped this week to 4.03 percent from 4.04 percent, according to Bankrate’s weekly survey of large lenders. A year ago, it was 3.54 percent. Four weeks ago, the rate was 3.97 percent. The 30-year fixed-rate average for this week is 0.41 percentage points below the 52-week high of 4.44 percent, and is 0.47 percentage points greater than the 52-week low of 3.56 percent.

    The 30-year fixed mortgages in this week’s survey had an average total of 0.30 discount and origination points. Over the past 52 weeks, the 30-year fixed has averaged 4.10 percent. This week’s rate is 0.07 percentage points lower than the 52-week average.
    The 15-year fixed-rate mortgage rose to 3.27 percent from 3.25 percent.
    The 5/1 adjustable-rate mortgage was flat at 3.52 percent.
    The 30-year fixed-rate jumbo mortgage rose to 4.15 percent from 4.09 percent.

    Now what?
    If your thinking about buying or selling, give me a call I would love to sit down and talk with you to help you through the process. Please feel free to visit my website at as well to see what is currently on the market.

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