The Fed notched up interest rates during June but, according to current economic forecasts, this shouldn’t cause mortgage rates to go up much. Thus far, they haven’t gone up at all and that’s expected to hold true for the near future.
The Economy Looks Good
The Fed is anticipating that the economy will pick up a bit this year, hence the rise in interest rates. Over the past eighty months, the US has consistently seen job numbers tick up and, between that and a lowered prediction for inflation, the Fed is confident in the economy.
The US economy has been growing at a steady pace since 2009. According to CNN, this is one of the longest periods of growth in American history and the Fed’s actions reflect a belief that it will continue.
If you’re shopping for real estate in Smyrna, seeing interest rates go up can be worrisome. Keep in mind, however, that mortgage rates are still at historic lows and that they’re not expected to go up immediately. If you want to take proactive action to make sure you lock in the best rates, you can do the following.
Talk to us
We can give you an idea of how much you should expect to spend for a property that suits your needs. They also tend to know mortgage lenders in their area, so they’re a good resource if you’re a first-time buyer and have no idea what your first steps should be.
If you’re a first-time buyer or you’ve lost track of your credit score, you should take a look at it to make sure you know where you stand. Fixing any issues on your credit report can make it easier and less expensive to borrow for a home purchase.
Smyrna real estate is diverse and comes at a range of prices. If you’re worried that the market is unaffordable for you, again, talk to us before you make any decisions about looking elsewhere. Between their knowledge of the market, their connections within the community and, of course, the fact that mortgage rates are very low right now, it’s an excellent time to be shopping for a home in Smyrna. With the economy improving as it has been for years now, those looking to get into a new home have good reason to move quickly rather than holding off.