For the second week in a row, mortgage in Delray Beach, and across the United States, continues to rise. Fixed-rate loans are jumping from 4.54 percent to 4.60 percent. In seven years, this is the highest long-term loan rate! May rates of last year were not nearly as high, standing at 3.93 percent. What do these rising interest rates mean? How is this impacting the buying market?
Understanding the Rise of Mortgage in Delray Beach
Unfortunately, the increase in home prices paired with high mortgage rates has decreased the number of homes bought this summer. Though the economy is steady, people can’t seem to keep up. In many ways, this is frustrating for homeowners who are trying to sell. Naturally, their resale prices are excellent, but with the mortgage rates also increasing, it’s making buyers reluctant to push through to a sale.
During such an interesting time, it’s crucial to hire a professional to assess the best options and the best mortgages. It doesn’t mean that home buyers should stop searching. It merely means that home buyers need to genuinely understand which mortgages are best for their current situation. A professional mortgage loan corporation can assist homeowners in understanding the fluctuations in the market. They can give their best advice that is based on their superior knowledge of the industry.
If you’re considering buying a home, but aren’t sure which mortgage is right for you, you’ll want to talk to Ace Mortgage Loan Corp. today. Their team offers years of experience. What makes Ace Mortgage Loan Corp. so unique is that they’ve managed to stick around, while watching their competitors fizzle out. The world of home buying and mortgages is vast, and it changes often. For a team that changes with the times, call 954-777-4774 today. Mortgage hunting isn’t easy. Allow their team to help you find a mortgage in Delray Beach that will be your best option for years to come.