If you were a home shopper, or wanted to refinance your home this fall, you were probably in for sticker shock. Not at higher home prices, but higher home-mortgage rates. Mortgage rates through December rose to the upper 4’s and lower 5’s. Combine that with escalating home prices, and some people all of a sudden got priced out of the market.
The good news in 2019 is we may have stabilizing mortgage rates. The Fed announced last month they may be easing the rate hikes they had planned for 2019. In 2018, the Fed had 4 increases to the benchmark lending rate. On January 17, 2019, the Fed said they are going to be more careful of rate hikes in 2019 as to not to interfere with the economic growth the country has been experiencing.
All of this means that consumers, at the moment, have a brief interest rate respite…
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Good Morning Gloucester 