Tag: 2013 mortgage rates

WHAT TO EXPECT FROM MORTGAGE AND HOUSING in 2013

House made out of cash.Here we are already into the halfway point of February.  My how time flies when you are having fun.  Now that we have one and half months of data we can start to figure out what is going on in the 2013 housing market.  Are we picking up steam or are we losing ground.  This is what everyone wants to know.  One thing we do know is rates right now are on fire and this is sure to change at some point in 2013.  After all, rates cannot stay at historic lows forever can they?  Industry insiders hope they do.  Loan officers have written about 8.6 million loans in 2012 which is a 34% increase from 2011!  This is the highest total of number of loans since 2007 were things were really going crazy.  Will these numbers continue to rise or level off.  I think it all depends on rates.  If rates continue to stay low there will be plenty of homeowners looking to save money by refinancing.  Potential homeowners may also finally get off the fence and dangle their hard earned money in front of home sellers.

As long as rates stay low and mortgage guidelines do not get any tighter 2013 should see as many total loan written by loan officers as the saw in 2012.  Another element that may help the mortgage market numbers are the invention of new loan programs.  The HARP refinance program has been an overwhelming success.  This program has helped homeowners who have been underwater on their mortgage be able to refinance without an appraisal.  This has really opened up the mortgage market to the next level.  Other mortgage programs such as FHA Streamline loans have also helped in this capacity

What is our prediction for mortgage rates in 2013?

It is always hard to predict the general direction of mortgage rates.  One thing is for certain that they have been so low for so long that they are bound to go up at some point.  It is safe to assume that later this year rates will start to go up.  As the Fed starts to ease off their gas pedal that is sure to send shockwaves in the mortgage rate market.  It is very possible for rate to be one or two percent higher then where they are on.  The time is now to refinance your home.  You need to call the experts at Riverbank Finance today (800-555-2098) before rates start to rise.

THE FISCAL CLIFF AND MORTGAGE RATES

An mage depecting falling off the fiscal cliff.EXPERTS CONCERNED ON WHAT FISCAL CLIFF MEANS FOR MORTGAGR RATES

We can’t get through the end of the year without more drama coming from Washington and there more financial market drama.  The talk of the Fiscal Cliff has put shock waves in the markets and caused much uncertainty.  Whenever there is financial uncertainty rates start to spike almost uncontrollable up or down.  The low rates that we have all enjoyed have really help spearhead our countries way back from the Great Recession.

Our housing market is one of the pillars to our economy.  Housing is a huge industry employing many people and the stronger it is the more people are working.  Some are afraid that there may be job layoffs if the mortgage market slows down.  House values may also take a plunge if higher rates force potential homeowners to stop buying.  This affects our countries overall wealth because as we all know one of the best way to build wealth is to buy a house.  If our home prices go down as well that could really hurt the consumers overall outlook toward the economy which is dangerous.  There are already signs all this Fiscal Cliff talk may be slowing the housing market.

All experst seem to agree that the Fiscal Cliff will have some type of impact on rates.  What that impact will be is still be studied.  Keep vigilant if you are in the middle of a home loan.  Don’t allow your interest rate to go up and not be propared.

You may want to think today about Locking in your rate for the future!

Call the professional at Riverbank Finance today to go over your loan details.  We would love to help you figure out your best options and go over your personal rate today 800-555-2098!

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