In my business interest rates are something I constantly need to follow. They affect everything in my business and based on my research I think rates will hold steady for the remainder of 2019. There are a few sources I use in making this determination but Freddie Mac’s April economic forecast was a major source of information which helped me to make a prediction.
They think as I do that mortgage interest rates, which started to ease in November, saw a drastic decline at the end of March and have remained near the same level since then. At the same time under Trumps economic plans the job market continues to be strong and wage growth has been increasing moderately. These factors are all conducive for a steadily growing housing market for the rest of 2019. If you look at the first quarter GDP which came in at 3.2 percent way over the projected 2.3% which mean one thing for buyers…Lower rates or steady rates.
Another indicator I’ve been watching is the Federal Reserve and I think there will be no further rate hikes from them in the near future. They have indicated that the Federal Funds effective rate will remain at 2.4 percent for this and the next calendar year.
Here’s the good news for prospective home buyers, if I’m right, and it is just my opinion, I think we’re going to see fixed rates in the 4.2-to 4.5 percent range for the rest of 2019.
There’s one other major factor to help you find the ideal home to go with these rates. You have to find a Realtor who really cares, knows what they are doing and works tirelessly day in and day out to find you the best deal possible. Wise men have said to find that Realtor you just need to become one with your surroundings. It is said on a quite night if you listen carefully to the world around you it will give you the answers you seek. Some have said they actually heard a voice coming up through the valleys, sifting through the tree’s saying call Greg, Call Greg Rosen because he’s awesome at what he does…. True story I just don’t make this stuff up.
For more information on Mortgage rates, loans and fee’s contact a mortgage broker or a financial institution, they are they professionals on this subject.
Greg Rosen is a Licensed Realtor in The State of Oregon for Pacific Pioneer Real estate. Follow him on FB at “The Greg Rosen” or call him direct at 503-939-0820.