Nothing like a bug in Asia to send our rates lower. The interest rates were already substantially lower than they were a year ago, because of economic weakness in Europe and the China trade malfunctions. Now since the China Phase 1 trade deal has been signed, the Corona Virus is replacing trade as the conduit to drop the rates.
Mortgage rates correlates with the direction of the 10 year note.
When looking at a chart of the 10 year note we can visually see how low the rates are relative to a year ago. Presently rates are great with the 10 year at 1.47%. We’ll see what happens next week, but the lows of 1.32% from 2016 is only a fraction away.
Even though the property values have appreciated over the past year, the affordability index is up 11% thanks to the rates being lower.
Aside from it being a great time to purchase a property, if you are interested in lowering your monthly payment, paying off a mortgage faster, getting cash out of your equity, consolidating your debt or earning more from an investment property, you should consider refinancing. I have great rates and numerous loan programs in place… including reverse mortgage, if you want to eliminate your monthly mortgage payment entirely. Just give me a call, and lets crunch numbers and discuss options.
If you are in the Los Angeles area, have any questions or real estate sales or financing needs, feel free in contacting me
Ron Henderson GRI, RECS, CIAS
President/Broker
Multi Real Estate Services, Inc.
Gov’t Affairs Chair – California Association of Mortgage Professionals (2017-2018)
Chairman – OutWest Marketing Meeting (Real Estate Education)
BRE #00905793 NMLS #310358
www.mres.com
ronh@mres.com
Specialist in the Art of Real Estate Sales and Finance
Real Estate market, mortgage rates, Los Angeles, San Fernando Valley, Conejo Valley, Simi Valley, Woodland Hills, West Hills, Calabasas, Chatsworth
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