Mortgage interest rates have been extremely volatile in behavior over the past few weeks making it harder for customers to lock in the rate that they desire. The past week brought rate declines for both 30 year and 15 year fixed mortgages and interest rates still remain in historically low territory which is the positive news we need in today’s market. When applying for a mortgage, it will be important for borrowers to ensure that they will be able to verify their assets and employment right up until closing. Regulations and new guidelines as a biproduct of the pandemic that we are facing have made it important for individuals who are thinking about applying for a mortgage to make sure that they are in a stable employment position that will not change during the approval process. Borrower’s will also want to pay closer attention to their credit scores as certain loan products have tightened their qualifications. There has not been a more important time for individuals to reach out to their mortgage lender and obtain total transparency with the movements of the market and guidance on how to be approved for the best loan product and interest rate for their scenario. Refinance demand has increased as individuals are wanting to make sure they are experiencing the most savings possible by lowering their current interest rate with a rate and term refinance or leveraging their equity with a cash out refinance. Projections for the mortgage industry and interest rates seem to follow the curve of the virus and as we flatten the curve and approach the normal that we once knew, as will the mortgage market and interest rates which will hopefully provide for a more stable and predictable environment.
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