Last month mortgage rates continued to fall, with 30-year-fixed-rate loans falling below the four-percent mark. This marked the lowest rate since 2017. If you’re looking for a property in Smyrna and you’ve got good credit, 2019 is turning out to be very favorable for borrowers. If you’re looking to refinance, the low mortgage rates this year present a perfect opportunity to explore whether you’d be able to get a better rate that you have at present.




If you’re interested in shorter-term lending, there’s good news, as well. The rates for 15-year fixed-rate mortgages also went down during June, hitting 3.34 percent toward the end of the month from 3.38 percent at the beginning of the month.




Economic forecasts predict that mortgage rates should remain at low levels through the end of the year. At the moment, while the economy has been going well of late, there’s a perception that it’s likely to slow down. Economic experts are predicting that the Federal Reserve will cut interest rates by the end of 2019, which could provide even more favorable conditions for those seeking a mortgage.




Good for First-Time Buyers




Lower mortgage rates are always good news for first-time buyers, since they tend to get hit with higher rates than average. However, you’ll still want to work with a Realtor, even if you find yourself, as a first-time buyer, able to get a loan on very good terms. Realtors can be of enormous assistance with another major complicating factor for first-time buyers: price.




First-time buyers are generally looking at the less-expensive end of the market and, if you don’t have someone working with you, finding a house at the right price can be a tall order. Affordability is always a big concern for first-time buyers, but your Realtor can help you find a good price on property in several ways. Aside from their detailed knowledge of the inventory in the Smyrna housing market, Realtors are also expert negotiators and they use those skills to make sure you get the most for your money. In some cases, that might mean you can get the property you want by borrowing less, or that you can get a property you didn’t think was in your price range because the Realtor can work out a fair price with the buyers.




To figure out how much you can take, consider getting pre-qualified for a mortgage by a lender. This isn’t a commitment to giving you a loan, but it gives you and your Realtor a price range to work with, making it faster and easier to find a suitable property.