The stock market was quite a roller coast ride last week. Jerome Powell announced that rates are going up 3-4 times this year beginning in March, which was a factor. He also indicated that there is a possibility that the first rate increase could be as high as .50bps (.50%). The announcement did send mortgage rates up to 3.99% that day, but it has calmed down since. Seeing rates back down to 3.50% for 30 year conventional and 3.375% on jumbo 30 year fixed.
Adjustable rates are becoming more attractive. Right now, you can still get 7/6 ARM at 2.75% and 10/6 ARM at 2.875%.
If you are considering refinancing, now would be the time.
If you are thinking of selling your home, now would also be the time – before increasing interest rates depress prices.
Michelle Lane Real Estate