Mortgage Update: July 27

With many varying speculations on what’s next for mortgage interest rates, what’s the best move for buyers?

It's one day after the expected Fed announcement of a quarter percent rate hike for short-term interest rates. What does that mean for mortgage interest rates moving forward? Many are speculating what's going to happen and the projections have been all over the place. One says rates are going to decrease, the other says rates are going to increase. One says there's going to be a soft landing, and another says there's not going to be a soft landing.

Now, we are starting to see the projections come into focus a little bit better and a soft landing does look doable. Though, there is still some uncertainty on what's going to happen with interest rates. When there's uncertainty, the best thing to do is be prepared and to be prepared, you need to speak to experts. Those experts are loan officers. Our loan officers do a great job at counseling and getting buyers into the right program for them, not necessarily just the program that the loan officer knows the best. This is a very important factor to consider when choosing the mortgage professional you're going to work with.

We have a lot of different programs from first-time buyers, state bond programs, all the way up to Jumbos and Non-QM. Buyers, be prepared. Realtors, have your buyers get prepared for whatever might happen in the market. If rates go up a little bit or rates go down a little bit, be prepared. The first step is to reach out today to get pre-approved. This way, when your buyer finds the house that they want, they're ready to go immediately and can act fast.

Please email mortgages@johnadamsmortgage.com.