Summer is coming to an end and while it may be sad, it has brought some pretty nice changes in the market. Ok, we’ll be the first to admit that the start of Summer brought some very unpleasant changes including a drastic spike in interest rates. But with Summer winding down and Fall starting on the 22nd of this month, we did see some improvements.
Wednesday the Federal Reserve announced that they would continue to make the large $85 billion monthly asset purchases. The market had already made adjustments assuming they would announce that they would stop making these purchases, so we immediately saw the market re-adjust and mortgage interest rates dropped.
The month of August was a big month for home sales. The best month since 2005 according to some sources. The total number of home sales were up to 5.47 million! It’s been speculated that the main reason purchases were up is because rates appear like they’re on the incline. So homebuyers were eager to get into homes before the rates got too high.
With all these mortgage market improvements flushing out the rough start to summer, we’re excited to announce that it’s a fantastic time to get a home loan. Rates have dropped enough to make more people eligible and we’re seeing the market start to shift again. We highly recommend speaking with a loan expert soon so that you can begin the mortgage process now.