Mortgage rates today 2021

Cheap Mortgage Rates Are Improving Home Affordability For Buyers

Gustan Cho Associates are mortgage brokers licensed in 48 states

This Article Is On Cheap Mortgage Rates Are Improving Home Affordability For Buyers

Cheap mortgage rates are one of the many factors of a booming housing market in the nation. Mortgage Rates hit a 36-month low. Home values have been increasing in the past few years.

Home affordability for homebuyers in July spiked 12% from a year earlier. The main reason for this is due to cheap mortgage rates and lower closing fees and costs. In this article, we will cover and discuss how Cheap Mortgage Rates Are Improving Home Affordability For Buyers.

Cheap Mortgage Rates Sparking The Mortgage And Real Estate Markets

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Cheap mortgage rates are adding fuel to the fire in both the mortgage and real estate markets.

  • Many home buyers who decided to stay on the sidelines due to high home prices are getting back into the home shopping market due to cheap mortgage rates
  • Not only is the cheap mortgage rates benefiting homebuyers but also homeowners
  • Any homeowner with mortgage rates higher than 5.0% can benefit from refinancing today
  • Mortgage rates are averaging under 3.0% nationwide
  • Most experts are expecting rates to fall further. Mortgage rates have been steadily declining since the beginning of the year
  • Fed Chairman Jerome Powell announced the Federal Reserve Board has cut interest rates to zero percent

Industry experts expect another 50 basis interest rate cut in the coming weeks. Interest rate cuts by the Feds generally mean lower mortgage rates.

What Experts Are Saying And Predicting

The bottom line is that the major change between June 2020 and June 2019 is that we have much lower mortgage rates.

Mortgage Rate Comparison And Housing Outlook

Any homeowner with a rate of 5.0% or higher can benefit from refinancing their home loans and get a net tangible benefit.

  • FHA and VA allow streamline refinances. FHA and VA Streamline Refinances are a fast track refinance loan program where there is no income required and no appraisal requirements
  • Most streamlines can be done in two to three weeks. Borrowers get to skip up to two months in mortgage payments
  • Credit scores are used to determining mortgage rates
  • Many borrowers who closed their home loans with Non-QM Loans should explore refinancing to traditional government and/or conventional mortgages

June Housing AffordabilityFor more information about this article and/or other mortgage-related topics, please contact us at Gustan Cho Associates at 800-900-8569 or text us for a faster response. Or email us at The Team at Gustan Cho Associates Mortgage Group is available 7 days a week, evenings, weekends, and holidays.

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