Mortgage Rates Get Crushed After Election
The day after the election serves as a great reminder that the Fed does not need to hike short term rates for mortgage rates to increase. Mortgage backed securities saw a severe sell-off and closed 97 basis points lower.
This resulted in a one day increase of .375% to the 30-year fixed rate. And, experts predict the Fed will raise interest rates with three .25% increases by the end of 2017, which could increase mortgage rates by another .50% to .75%. As rates continue to creep up, at the very least take a look at your current mortgage and overall debt structure to ensure you have the lowest possible rate. Contact us here or at 708-531-8388 for an honest assessment on whether or not you should purchase or refinance.