Is it worth it to refinance a mortgage now?
Mortgage rates have cooled off from their Spring highs and have dipped a bit over the past week. Is it a good time to refinance a mortgage? CBS News reviewed the current rate environment and offered a few takeaways.
First, rates are lower than they were. Recent rates are almost a 1.0% lower than they were just a few months ago. If your mortgage rate is over 7.0%, it may make sense to start looking into a refinance, according to CBS News.
However, rates could cool further when / if the Federal Reserve starts cutting rates in the late summer or early fall. While market watchers are predicting a rate cut, that doesn’t mean it’s a guarantee. A hot jobs report or inflation report could send rates back up into the 7.0%-range.
The bottom line is, if you need to refinance, it’s a good time to start looking, but if you can afford to wait, it may be beneficial.
Are you looking to refinance your mortgage? Learn more about the available mortgage refinance options from Rate and contact our team to get started on the process.
Where are the most popular markets in the country?
Which markets have stayed hot through the summer? Realtor.com crunched the numbers and the results were a bit surprising. The entire top 10 most popular markets in the country are east of the Mississippi River, and are either in the Sun Belt, the Midwest, or the Northeast.
Realtor.com economist Jiayu Xu stated, ““It is interesting to find that none of these top markets are traditional big cities such as New York and Los Angeles. Instead, many are midsize markets with relatively high affordability. While people move for different reasons, housing affordability is a key consideration for today’s homebuyers when choosing where to live. In addition, warmer weather is also a major draw as 5 out of 10 markets are located in the warm South.”
The top market so far this year? Columbus, OH is the most popular housing market in the U.S. Recent investments from major tech firms, a growing jobs market, and a major university have spurred growth in the area and made it one of the most sought after areas for homebuyers to buy into.
What’s the outlook for the Chicago housing market?
A recent article from NBC Chicago detailed what’s currently happening in the local market. Rates have fallen off their peak, and mortgage professionals are starting to see the housing market heat up.
Danny O’Donoghue, a real estate broker with Compass, stated, “We have two really different types of markets. Downtown condos, there’s still a decent amount of supply. Once you get away from downtown, into the neighborhoods, or especially the suburban markets, it’s very much still a seller’s market.”
When asked about market activity levels, O’Donoghue said, “We’re seeing multiple offers still, even during the summer. July and August historically are slower months as far as showing activity, offers written.”
Todd Williams, a senior vice president at American Community Bank, is still concerned about available home inventory. He said, “There’s not enough supply out there because people are staying put. If rates were at 3% tomorrow, you’d see a glut of properties for sale.”
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