The housing market has been steadily gaining steam over the past year with home prices seeing a large jump. Throughout this recovery period. Average interest rates on mortgages was historically low until just last month, when the average 30-year mortgage rate topped 4% for the first time in a year. Many in the business expect rates to continue to rise over the rest of the year, eventually settling somewhere between four and five percent. Those looking for a mortgage in Boca Raton have been benefiting from low interest rates for the past year and many people have found the perfect home with the mortgage to match.
What does this upward trend mean for potential buyers? Well obviously a higher interest rate is not ideal, so many are scrambling to secure a loan while rates are still low. When you’re talking about a home, a one percent difference in interest rate can translate into thousands of dollars you’ll need to pay the lender. Home ownership is widely considered a great deal for people these days because of low rates and low home prices, but as the market rebounds, it’s going to cost more. Don’t expect people to stop buying homes however, as strong economic growth means people have the assets and confidence to make home ownership seem like a real possibility.
Navigating the world of mortgage loans isn’t for the faint of heart. The constantly shifting landscape means that the average person doesn’t have time to stay on top of everything. That’s where a company like Ace Mortgage Loan Corporation can help. The mortgage professionals at Ace Mortgage Loan Corporation closely follow the nearly daily changes to the housing market so you don’t have to. Our team of mortgage loan specialists track a variety of different loans including FHA loans, Fannie Mae and Freddie Mac, VA Loans and standard fixed rate mortgages. Call today to schedule an appointment with a mortgage loan expert who can help you find the perfect home loan to fit your situation.
Ace Mortgage Loan Corporation is now proud to serve the people of:
- Coral Springs
- Boca Raton
- Delray Beach
- Pompano Beach
- Coconut Creek