Strike While the Real Estate Iron is Hot: Mortgage Rates for 2017
By and large, we saw a healthy housing market last year – but what should we expect as we embark on a new real estate journey in 2017? For home buyers, this is your que to strike while the iron is hot! If you’ve been waiting for the right time to buy your new home – your wait is over! Increase your buying power by taking advantage of these lower mortgage rates before we see an increase between 2017 and 2018. As Bill Dallas, CEO at Cloudvirga explains, “We expect GDP [gross domestic product] to increase 2.1% in 2017 and 2.0% in 2018, which in turn would cast an upward pressure on mortgage rates”. Alternatively, sellers are also at an advantage. For those with changing household sizes, moving up or downsizing may be a motivating factor for selling your home. Our current seller’s market, combined with buyers seeking low interest rates, makes for a swift and profitable seller transactions! As Theresa Williams-Barrett, Vice President of consumer lending and loan adminis...