Have you heard that rates have officially hit their best levels since February? The strong move that was made in the bond market recently was more than enough to dictate lower rates. If we re-cap to February, the market was presenting a rate rise and hopes of returning to the same percentages were not predicted to happen. Since then Covid cases have been declining and property prices have been inflating (inflation is usually very bad for rates). Rates were not expected to be dialed back.
While there are many positive economic changes, there are just as many reports stating that it will soon level off. Inflation is expected to cool down since buyers are beginning to get fatigued about the housing, vehicle & stock prices along with the combination of growing fear of the Delta variant.
The next move?
So what should your next move be in the housing market? Let me give you the honest truth. If you are looking to purchase a home or refinance, now is the time. Refi rates continue to be slightly higher--especially cash-out refis. Give us a call to discuss your options!