Everyone in need of lending for a home benefits from low mortgage rates. If you’ve got great credit and are looking for a property, you can shop for the very best rates from lenders. If you’re a first-time buyer, you can get a better deal on your first mortgage, making it easier for you to make the move from renter to buyer.
What the Experts Are Saying
Freddie Mac noted that mortgage rates are at a 14-month low right now and, for FHA, USDA, VA, and Conventional mortgages, their rate predictions have gone down by almost a full point. Because of this, mortgages in the 4-5 percent range are readily available. Between the summer being the busiest real estate season and the low rates, this means it’s a very good time to be looking for property in Smyrna.
If you’ve been following rates and rate predictions over the years, you’ll notice that this is a much sunnier scenario than experts were predicting earlier in the year, when rates were forecasted to climb throughout 2019. Nothing is ever set in stone, of course, and that’s good news for those who might have felt that rates would be too high for them to get into their first home, or to purchase a new property.
Mortgage Rates Since 2018
Financial reporting had predicted that rates would climb up to around five percent by the end of 2019. Over the course of the year, however, those predictions have gotten better all around, and most venues are predicting that rates will remain below 4.5 percent until the end of 2019. While rates are expected to increase a bit over the rest of the year, June is forecasted to be much lower than predicted, and the increase over 2019 to be less severe than initially thought.
Getting a Mortgage
If you qualify for a VA loan or another government program, that might be your best bet for getting into a new property. If you’re not eligible, however, remember you can still take the time to shop around and figure out who’s going to give you the best rate on your property loan. Most lenders will prequalify you for a mortgage, which is non-binding, but which gives you an idea of how much you can expect to have available to you from lenders. This is a good first step when working with a Realtor, as it allows you to set a price range, making it easier to narrow down your options to the best Smyrna properties out there.