Lenders are very anxious to begin lending during the current upswing of the housing market as rates might never be this low again. Everyone is taking advantage of the current rates in fear that they will only keep rising, and that has been a huge factor in the markets slow recovery. This buying frenzy might be good for the economy, but it could also mean an end to the record low interest rates. Buying a home now will save you thousands in the next several years by locking in a great rate as low as 3%.
Homeowners whose equity was affected by the markets crash are just now beginning to recover and some are even starting to see positive equity. But will property values increase faster than interest rates? Tthat’s a question many homeowners who are still underwater are asking them selves in hopes to refinance into an extremely low rate. Most lenders will only refinance your home if you have positive equity, which has borrowers in a panic.
With the economy climbing out of a recession. This might just put a halt to the lowering rates. On the bright side lenders are extremely eager to loan and refinance home loans with low interest rates while they are still available, and government programs have been extended to assist those homeowners with negative and positive equity.Interest Rates on a rise by firstname.lastname@example.org