Neighbor News
Mortgage rates drop to lowest since election
Mortgage rates have dropped, great time to buy or refinance. Down payment assistance mortgages great option for 1st time home buyers.
"Last week, mortgage rates dropped to their lowest level since the week of the November 2016 election as investors sought safety given the tense geopolitical environment, especially the concerns with respect to North Korea," said Mike Fratantoni, chief economist for the Mortgage Bankers Association.
Adjustable rate mortgage volume now stands 13 percent higher than a year ago. In addition, FHA loan applications to purchase a home are only up 4 percent from a year ago. FHA loans are a favorite among young, first-time buyers with less money to put down on a home. Besides FHA there are down payment assistance mortgages that can help a buyer reduce the amount of money needed to close.
For more information contact Todd Probasco Mortgage Banker 708.205.2983 toddprobasco@gmail.com www.toddprobasco.com
