Have you been planning to apply for a home loan here in Lake Oswego, but you have not taken out a home loan because of the high rates? Now may be the perfect opportunity for you to review your mortgage options as mortgage rates decreased for the week.
The 30-year fixed, 15-year fixed, and 5/1 adjustable-rate mortgages all decreased in interest rates.
The 30-year fixed mortgage fell 8 basis points from 3.77 percent to 3.68 percent. The 15-year fixed mortgage, on the other hand, slid down 5 basis points to 2.91 percent. Finally, the 5/1 adjustable-rate mortgage fell 5 basis points to 3.06 percent.
Grab the Opportunity
Rates have only been this low now ever since the beginning of the year. You can immediately approach Lake Oswego lenders to lock in a home loan with the low-interest rate available. Take your time, nonetheless, and shop around to find the best deal around.
Consider which mortgage you will take as well.
Driving Forces of Decreases
Rates have been sliding down for six weeks already. Experts tie the decreases to the current events racking the country. As Hurricane Irma hits land and tensions continue to climb between the U.S. and North Korea.
These events affected investors and drove long-term bond yields down significantly. Mortgage rates fell, as they tend to follow the path of long-term bonds.
Experts Say: No More Decreases
Again, you can grab the opportunity to lock in a low mortgage rate now, especially while the rates last. Experts suggest mortgage rate decreases will come to a halt, in spite expectations of more bad news to come. Mortgage rates fall because of bad news that shakes up investors.
Mortgage rates will likely flat line in the next week, however, even if more bad news comes.
With this piece of information, you can alternately take your time to find a good mortgage. It will be good to stay alert, however, as things may make a turn and the rates can go up if you take too long in deciding on a mortgage. You can consider all options to make the best decision.