New Year Mortgage Market Outlook
As we enter a new year our mortgage outlook sees pressure on rates to increase. The Mortgage Bankers Association expects an increase from records lows but rates should still remain historically lower. The fed is likely to raise rates as it faces inflationary pressure for the first time in decades. Of course things are extremely fluid and subject to change. For those looking to refinance, we recommend acting now to lock in low rates. Cash-out refinances will still be attractive for some with moderate rises in interest rates as many have seen a large rise in equity. Purchase loans will likely be an increasing portion of mortgages overall. Check with us to see how all this affects you and we will recommend the best course of action based on your…