Just as everyone returns back to work from the biggest summer holiday, mortgage rates are taking their own vacation. Last week, mortgage rates hit the lowest levels of 2017. This comes at a time when homes are in high demand while supply is low.
Economists were predicting mortgage rates to rise by the end of the year, but as legislative agendas and tax reform has slowed, rates have remained low.
Low rates provoke refinance activity, but since rates have been at historical lows for so long, there are limited numbers of homeowners who can refinance to an even lower number.
The demand is expected to increase even though there is a lack of for-sale supply.
Economists believe there is very little chance of rates bouncing back in the near future. If you’ve been thinking of buying a home, now is the time to do so. Call us today: 562.424.0333