For much of the year, mortgage rate experts have been predicting that rates would hit five percent by the end of the year. That’s been modified recently, with forecasters lowering the expected rates. This and other recent developments make May a promising month for those who are looking for financing options for Smyrna real estate.
Rates Lower than Expected
At the beginning of April, mortgage rates fell more than they had in the past ten years. While rates have started to move up again, they stayed just north of 4 percent for most of April, defying expectations and staying quite low.
Mortgage predictions are always subject to change and revision, but this particular outcome is good for home buyers who want to purchase a home in Smyrna this year. With the busy summer real estate season getting underway and mortgage rates being unexpectedly low, those seeking financing are likely to have more and better options than they may have anticipated.
One of the factors that played into mortgage rates becoming more favorable to borrowers was the Fed opting to not raise interest rates. Experts don’t expect this to change, but remember that it’s always worth it to move fast when rates are favorable, as they can go up unexpectedly, resulting in a missed opportunity if one waits for too long.
Getting Good Predictions of Rates
There are plenty of good, authoritative sources where you can get information on mortgage rates, but one of the best things you can do is start working with a lender who can give you the latest information and, just as importantly, give you information that’s specific to your situation.
Improving your credit score is always advisable before seeking mortgage lending. Even if rates are favorable, if you have a spotty credit history, you’re not likely to get the best rates out there, and any effort toward resolving issues on your credit report is worth it when you’re looking to finance a house.
If you’re not sure about your price range, get in touch with a Lender for a mortgage information and you’ll have a good estimate of how much you can borrow. Your Realtor can take that information and help you find options for Smyrna real estate that fit your budget and your particular needs for a house. Remember that rates can go up fast, however, so moving while they’re low is highly advisable if you’re looking to buy a property in Smyrna this summer.